Watching the World: Bin Laden and oil markets

06/27/2005
Terrorist leader Osama bin Laden is out to upset the international economy and-judging by the reaction of world oil markets to recent events in Nigeria-he’s doing a good job (see story, this page).Oil prices soared close to $60/bbl on June 20 partly on the strength of reports that bin Laden’s al-Qaeda organization had threatened the US presence in Nigeria.Such threats can’t be ignored. After all, Nigeria is a key supplier of oil to the US-bin Laden’s archenemy-as well as to US allies in Western Europe, Asia, and Latin America.If Nigerian President Olusegun Obasanjo has his way, Nigeria’s exports to the US will increase to 15% of US demand. That is more than e...
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