$5 gas by the Fourth of July

Posted by Ian Cooper - Tuesday, January 4th, 2011

From Wealth Daily:

"In the early 1970s, the oil producing nations in the Middle East discovered the power in crude oil and began hiking the price. 

On October 6, 1973, Syria and Egypt invaded Israel. This action was the equivalent of throwing water at a grease fire.

It made a bad situation worse, and the price of oil jumped from $2 a barrel to $13.

This created a decade of economic malaise in the United States, destroyed the future of the American muscle car, and produced negative returns for the stock market...

world oil price
There are indicators that we are heading for a surge in the price of oil again. 

It's hard to imagine the price doubling to $184 a barrel — much less rising by a factor of five, like it did in the early 70s — but it could happen."

Read more here.


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