The Editor's Perspective: Oil exporters shrug off Iraqi call for embargo

04/15/2002
A panicky spurt in the price of crude oil this week showed how widespread re mains the fear of a politically inspired embargo on oil exports from the Middle East.Reality check: There will be no embargo of Middle Eastern oil exports unless delusional fools displace leaders of the region's oil-producing countries.Whenever bullets fly and bombs explode in the Middle East, there is reason for the oil market to worry, of course. The tragedy under way in Israel certainly puts oil supply in jeopardy. Warfare in Israel might spread to oil-producing countries. Risk of damage to production equipment, pipelines, and terminals therefore rises. So does the risk that delusional fools might indeed d...
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