World events are on the brink of worse than chaos. Revolution in countries that the world economy relies on for its life-blood is anything but good. Libya generates a relatively small amount of the world supply of oil but the instability there and elsewhere in the area has given rise to speculation that Saudi Arabia could experience a revolution ala-Libya and Egypt. If that happens (and this is where the fear comes) all hell breaks loose. Between the fear of things that may or may not happen and the fear of things that are actually happening the price of oil is going to keep going up. Combine this with increased demand as a result of marginal improvements in the world economy (not so much in the USA...but elsewhere) and we have a real chance of things getting out of control. I recently saw an article saying we could see $15 a gallon gas. While I'm not sure about the idea of "peak oil" I do believe that the markets respond to world events.
So the next question...is this still Bush's fault?
