for the last several days--since we have been following the Mideast crisis--clearly I think we are all aware that what was a tinderbox has now ignited into a firestorm. This chart gives us an update of what happened while we were out for our Easter recess. It is a memorandum to the American people. Let me identify the urgency because over the last few days Saddam Hussein of Iraq has imposed a 30-day oil embargo on the United States. We have seen the price of oil jump about $3 a barrel. We have seen Saddam Hussein offer to pay the families of the Palestinian suicide bombers up to $25,000. If that isn't an incentive to stimulate those who are inclined to give up their life for the cause of Saddam Hussein, I don't know what is. Further, Iraq and Iran call on countries to use oil as a weapon against the United States and Israel. And Libya agrees. Think of that--using oil as a weapon. When was the last time we talked about a weapon around here? It was on September 11th when we were confronted with the first reality that an airplane would be used as a weapon. Obviously, we saw that at the Pentagon and the two towers of the World Trade Center. This goes beyond our previous comprehension of what weapons are. But Iraq and Iran are calling on countries to use oil as a weapon.
Editor's note · Context
Discussing the Mideast crisis and the implications of Saddam Hussein's actions on U.S. oil supply and security.
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