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well, the United States was the primary invader of Iraq.
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This was after September 11th
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and this disrupted oil supplies again.
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All these times were periods of backwardation in the oil market
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because people saw them as crises
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that were limiting the supply of oil for now,
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but would eventually correct themselves.
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What's happening now?
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This is just an amazing spike of oil right now.
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There isn't--we have this war in Iraq,
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but it's not a sudden, intense thing that--
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it's not disrupting oil supplies.