Another Casualty of War: Oil Prices

Oil prices continues to climb, with serious implications for the economy. The stock market plunge of recent weeks had to do with the problems with the housing market. Housing in turn had to do with climbing interest rates. Higher oil prices means higher inflation, which means higher interest rates. All of this was caused by Bush's catastrophic war in Iraq:

Crude oil futures' sharp price rise to an intraday record above $80 a barrel Wednesday has a more solid footing than the surge to similar levels a year ago, indicating prices this time may stay above $70 a barrel for a while.

A U.S. or Israeli invasion of Iran/Lebanon/Syria would drive up prices in further:

Concerns that fighting between Israel and Islamic Hezbollah militia could spill over to include Iran, the Persian Gulf's second-biggest oil exporter, and forecasts for an active hurricane season spurred buying. When neither failed to materialize [in 200], prices started a steady slide that eventually bottomed at below $50 a barrel after a mild winter stymied seasonal demand.

An attack on Iran, a major oil producer country, would have a further catastrophic impact on oil prices, thus the economy. Then again, maybe that's what the oilman Bush wants.