Oil Price: the effect of triple whammy pushes the price up
The price of crude oil, which went down yesterday, rose again today, perhaps due to the fact that the yesterday’s optimism about a quick solution for getting the stricken tanker on track in the Suez Canal was grossly misplaced. That means the global oil supply are going to be affected in the short term, as Egyptian authorities implied that getting the traffic back along the narrow waterway could take weeks. Of course, the tankers that have piled up carry other goods to the West as well and the ripple effect will be felt beyond crude oil markets, unless the salvage operations show a bit more dynamism than what we witnessed in the last two days. The slow pace of rescue operations has triggered off a wave of online-memes, which could potentially hurt those who are in charge of the task as much as the tidal wave did to the stricken tanker. The presence of a medium-sized digger in the shadows of a super tanker, for example, more or less, reminds us of the proverbial squirrel that