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08/16/2004:

"1.3 billion reasons to worry about oil"

American leaders have good reason to worry about the price of oil. Oil price shocks can play a decisive role in ending a presidency, as in the cases of Presidents Jimmy Carter and George H. W. Bush. The Nov. 2 election may well hinge on the cooling of the economic recovery caused by sustained high levels of oil prices. But that's not really what the next president should be so concerned about. The real oil shocks -- much more damaging and sustained than ever before -- will come a bit later, but much sooner than anyone had expected, from a part of the world not even discussed seriously in the current campaign:

Full Article : smirkingchimp.com