Petroleum hit $76.70 a barrel on Thursday, a record high price, in reaction to the new Middle East crisis. (Though in real terms, the 1980 post-Iranian revolution crisis price was probably $80 a barrel in today's dollars). To those of you in the Gen-X and younger generations, let me welcome you to the late 1970s. The only pleasures of that day of which you are now denied is standing in long lines just to fill up your tank and stagflation or combined high inflation with economic stagnation. If George W. Bush's wise stewardship of the world continues in this brilliant fashion, you may yet have those joys, as well.
Nicholas Blanford reports on Israeli bombing of Lebanon, which killed 50 civilians, including entire families. The Israelis also bombed the runway at Beirut airport, blockaded Beirut port, and bombed the road on the way from Beirut to Damascus. Ordinary Western tourists and Lebanese who were blocked from getting out by the airport (and who could have been killed there by Israeli bombs) were then endangered again by the Israeli air force when it blasted the only other way out of the country, the road to Syria.
--More Juan Cole ---
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