Oil Up 60% in 2007

Crude oil prices closed at nearly $96 a barrel on the New York Mercantile Exchange today for an increase of $35 per barrel in 2007.

Iran has the world’s second largest crude-oil reserves, estimated at 138 billion barrels, valued today at more than $13 trillion (with 12 zeros!)

Iran’s oil export revenues increased by more than $30 billion (9 zeros) in 2007 alone to sit at close to $80 billion for the year.

It is ironic that the government is so incapable of managing the extra cash on hand. Its cash-flow policies have created a seemingly out-of-control inflation, with a rate reaching the 25% danger mark.