The threat of oil jihad

unsuccessful terrorist attack in Saudi Arabia on the world`s largest oil processing facility was intended to bring jihad to the wallets of consumers around the world. It prompted nervous buyers to bid up the price of a barrel of light crude oil by $2.37, or roughly 4 percent, on the New York Mercantile Exchange.

With global oil consumption at 82 million barrels a day, almost $200 million will move from buyers to sellers for every day that prices stay this high. In the United States, it means an additional $47 million a day out of our pockets.

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