June 28, 2004

RULE OF ECONOMIC COVERAGE: All good news is really bad news! (Both links via Bill Hobbs).

UPDATE: But this story seems to be good news:

Oil prices dropped sharply Monday as Iraq increased exports after mending sabotaged pipelines and as extra supplies from other OPEC members reassured international markets.
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Some additional pressure was taken off the market by the resolution of a labor dispute in Norway, the world’s third-largest oil exporter, late last week.
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“You have a lot of good news out there,” said Phil Flynn, an analyst at Alaron Trading in Chicago.

Even the antiwar folks can be happy: If oil prices rise, it’s proof that Bush is helping out his oil-industry buddies. But if they fall, it’s proof that the war was for oil all along. Win/win!