Kurdish rebels have claimed responsibility for an explosion on the pipeline carrying Azeri crude from the Caspian Sea ACG fields. Output is expected to drop by 80% pending repairs.
Prior to the explosion, the pipeline had been carrying around 850,000 barrels per day. The impact was felt immediately on the tightly integrated world oil markets, with crude oil prices on the NYMEX jumping over a dollar.
Of course, this does not mean that a certain breed of liberal Democrat will become convinced of the need to find more reliable sources of oil in the US and friendly countries.
The full story can be found on Platt's:
For perspective, see Oil and Glory