Breaking News Note: This morning -- after I'd done the cartoon during the night -- Russia decided against stopping the sale of Yukos oil. No doubt a result of bending to the pressure of The Illustrated Daily Scribble. Click here to see the Reuters report. Below are my notes based on the Reuters story yesterday about stopping the sale of Yukos oil.
The Russian oil giant Yukos is in serious trouble in Russian courts. Yesterday, bailiffs ordered Yukos to quit selling its property including oil. With the lack of a supply cushion because of a fear of attack on Middle East oil production facilities, oil prices shot up to a 21-year high of about $43 under heavy buying by big money speculative funds [per Reuters]. Regardless, it makes it harder to drive a Hummer and more attractive to drive a Prius -- if your macho self-image allows, that is. 07.29.04