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Camel Spit Panics Investors
Djibouti, North Africa
At exactly 3:22 P.M. (local time) Thursday, a nasty camel named Charley spit in Djibouti’s only remaining oil well. The event, Twittered around the world in seconds sent American investors into a panic.
In an unprecedented move, President Obama ordered the Oil Futures Markets closed at noon today. It was too late; by 2:00 P.M. New York time gas prices had shot up an average $0.20 per gallon around the country.
This is the single highest increase since fears that most of the world’s oil reserves had gone down with the Titanic in late 1915. Adjusted for inflation, the price of gasoline rose by approximately $0.225 on November 13th of that year.
More as the situation in North Africa develops
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