Osama bin Laden is dead, gas prices up

By Bizclik Editor

 

Crude oil rose above the $114 mark on Monday morning, just mere hours after the government reported the death of Osama bin Laden by a navy seals agent. Friday’s oil price was at $113.93 per barrel, according to TheStreet, and has been around the $113 mark for the last few weeks. There’s speculation that the death of bin Laden could raise the premium of oil due to fear that al Qaeda will be targeting the production in a way to refute against the U.S.

However, analysts also believe it may be mere coincidence that oil prices went up today:

Ian Bremmer, the president and founder of Eurasia Group, which advises financial firms on Middle East politics and energy policy, said in a statement emailed to TheStreet, "Despite the initial market impact on oil prices, there's really no significant impact here on oil production or transit. Al Quaeda's prominence in Yemen and Saudi Arabia never meaningfully threatened Saudi oil production; so no change with Bin Laden's death."

See top stories in the WDM Content Network:
• Top Ten Biggest Brands
• Click here to read the latest edition of Business Review USA 

National security concerns and terrorist threats generally lead to higher commodity prices and this has definitely rung true in recent months – especially as the violence in Libya continues.

Matt Smith, commodities analyst at Summit Energy, tells the website that "the first week of the month is conducive to oil prices testing new limits, with the release of the ISM manufacturing data and, later in the week, the monthly jobs reports from ADP (on Wednesday) and the government (on Friday)."

Gas pump prices are still climbing with the national average for a gallon of regular rose by a penny on Monday to $3.95. However, if you’re living in California, you’re well aware that gas prices have gone far beyond the $4 mark, which is also up more than $1 than the same time last year.





 

Share

Featured Articles

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Q&A: China’s ecommerce innovator Jeff Li, CEO of Shoplazza

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

How hybrid work is revolutionising the physical office

As hybrid work models roll out worldwide, the purpose of the office is changing with collaboration, connection and networking taking centre stage

Trailblazer: Shanique Bonelli-Moore, DEI chief at Clorox

Sustainability

Dean Forbes – the Forterro CEO aiming for the moon

Leadership & Strategy

Why becoming a B Corp is good for business

Sustainability