Interesting "theories", Haim. Of course, not knowing exactly how these missile systems work, one might speculate that the Iraqis shut down the radar before the missile had a chance to find its target. But, no matter. Unless Bill is looking for reasons to stir the pot, this will be forgotten in a day or two. Sadam, as long as we keep the pressure on, will continue to test our resolve, but will back down before we have any chance of building consensus to do anything about him. Lunatic probably, stupid no. Kosovo is the hotter spot right now anyway and non-economic events like this rarely have any lasting effect on the markets anyway.
BTW, I think state and federal excise taxes on gasoline are on a cents per gallon basis (correct me if I am wrong), so a higher price in the barrel or at the pump would have no effect on those taxes. Income taxes are another question, but then higher pump prices during the summer driving season could reduce consumption and, thus, taxes.
Theories can be fun, though. Regards,
Bob |
