Some weeks ago I was taken to task by a reader when I mentioned the word "embargo" with regard to Mideast oil.
For time-date stamp purposes: 9:24 a.m. EST, CNBC talking head says the sharp jump in the price of oil is due to .... well the crawler said: "Iran oil embargo."
Hmmmm.......
This could drive gasoline to $5.00/gallon.
Whether it does or not is open to speculation, but two certainties:
-- at $4.50/gallon, the EPA ain't gonna shut down fracking
-- at $5.50/gallon, we'll see a new president in 2013 (and a recession, if not a depression)
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