“In response to evident repudiation of a ‘democratically elected’ government (long story there…), the well-fed Egyptian military guys answered the call by removing the clerical fascists who were and are, by most metrics, utterly incompetent to govern. Here’s a look at just how this ‘Middle East Effect’ has played out. Each time the market heads lower toward the $85 threshold, a Middle East event spurs prices higher. I won’t get into conspiracy theory in this write-up, but OPEC has all the incentive in the world to keep the threat of volatility alive and well. After all, the $10-20 bump in prices since mid-April is nothing but money in the bank for OPEC producers.”
