Iraqi Oil For Israel

The U.S. is apparently looking at shipping oil from Iraq to Israel through a pipeline that’s been shut down for decades. That should make things in the Middle East even more interesting than they already are.

The current steel market will have some impact on this proposal. We’re having a devil of a time pricing quotes for steel pipe lately because the market is more volatile than we’ve ever seen. The price of scrap, an ingredient when you make new steel, is at an all-time high. Adding demand for hundreds of kilometers of 42 inch pipe is likely to stress the markets even more.

Maybe that’s part of the master plan–drive demand for steel, raise prices, deliver oil to Jordan and Israel, boost economies. But I’ll bet that pipeline, if it’s ever built, will be like flypaper for terrorists.

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