Sunday 10 April 2011

Upheaval in Mideast means gusher for oil companies | Seattle Times Newspaper

If you're in the oil business, chaos pays.

With allied warplanes bombing Libya, Saudi troops in Bahrain, and fleets of Japanese nuclear reactors idled by earthquakes and a tsunami, the price of a barrel of West Texas Intermediate-grade crude oil has soared in the past three months.

"The rising tide lifts all ships. All oil companies will make more money than anyone estimated just two months ago," said Fadel Gheit, oil analyst with Oppenheimer.

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