Friday, November 12, 2004

Shades of Atlas Shrugged

The American Thinker:
"You might have a vague memory of five Western engineers killed last May in Saudi Arabia. They were shot dead in cold blood outside a vast ExxonMobil petrochemical plant in Saudi Arabia by al-Qaeda. The killers then ghoulishly dragged one of their bodies through the streets. After that, an exodus of expatriates from the Kingdom followed, including 90 Western petrochemical engineers from their company who were working on the same project. The project was shut down."
...
"The day after the engineers were killed, the price of oil shot up four dollars from $34 a barrel to $38."
...
"The five chemical engineers were doing a critical capacity expansion in Saudi Arabia in one of the world’s largest polyethylene plants, which already produced 1.36 million metric tons a year, and the world was depending on it. ... this expansion project was shut down after the attack ... It’s not been started up since. As a result, polyethylene prices shot up, going from about 30 cents a unit in May to 65 cents today. And analysts say it was a direct result of the attack."

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