Wartime Presidents Almost Always Get Re-Elected

Price of oil was up as much as $3.00 in futures yesterday before the market opened; of course, it pulled back, but it finished up and is up again today, flirting with $100.

I didn't talk about it much yesterday, but when oil goes up $3 or $4 in one day, and CNBC tries to explain it away on European economic issues or rebounding US economy, that's a bunch of bunk. "They've" been talking about a rebounding US economy for over a year, and the CNBC talking head this morning said there is no end in sight regarding the European debacle.

So, when oil goes up in price by three or four dollars, you have to look for another reason. Early yesterday morning, Drudge Report linked the Kuwaiti story and, no doubt, what that story represented was the reason for the spike in oil futures. Rigzone agrees.

Oil futures jumped Monday, touching $100 a barrel for the first time in more than a week, lifted by unrest in Syria and the prospect of additional sanctions against Iran.

Futures ended the day higher following news of geopolitical unrest on several fronts. The European Union signaled it will recommend additional sanctions on Iran, including a possible oil-import ban, during a meeting of foreign ministers set for Thursday in Brussels.

Meanwhile, the Arab League on Sunday approved economic sanctions on Syria as punishment for the regime's crackdown on protesters.

Rioters stormed the British Embassy in Tehran (Iran) today and chanted "Death to America" -- they need to learn to read or get a new map -- and that's part of the Arab spring that the president catalyzed. More to come, I'm sure.

A wartime president almost always gets re-elected.

LBJ was a notable exception.