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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (196001)	8/8/2006 11:23:35 AM
From: Hawkmoon	Read Replies (1) \| Respond to of 281500

btw, the BP Oil Pipeline situation contributes to a small amount of the current price of oil...it is a factor BUT it's nothing like the ongoing Iraq War. Actually, its the diplomatic conflict with Iran that has oil prices spiking, as WELL as the tremendous GDP growth in China. Iraq is pumping nearly the same amount it was at the beginning of the war, when oil prices were significantly less. All at a time when US oil stockpiles are at levels not seen since 1998. The oil markets are in a bubble right now. The Fed has overshot (look at the inverted yield curve on the 10 year Treasury bonds), and global GDP growth is due to slow in coming months. The question is whether what the Fed has done will throw the US economy from some of its highest GDP growth in recent history into recession, or merely a "soft landing". Hawk