Oil Prices Surge On Fears Of SurplusWashington--Oil prices took another step upward yesterday, as end-of-summer jitters brings fears that oil may see surplus supplies, as US vacations end and children go back to school.
"What we are witnessing is, while admittedly distressing--is still reasonably natural" said one middle-eastern economic expert. "If OPEC has an idea that supplies will increase, and that prices will drop in the wake of waning demand, they will naturally either need to blow up supply lines, or raise per-barrel prices. My money's on the latter."
Analysts say that the chances of refinery fires stabilizing an eventual drop is minimal.
"That would be an act of God, as we like to call it," said one independent economist. "And with Bush in power, he's liable to interfere with market forces like wanton Arab bombers and let the prices continue to spiral downward. For now, we can rejoice in the short-term crisis. Then we can reminisce about the bad old days."