Who benefits from high oil prices?

From the Financial Times:

Crude oil futures hit another record high this week on a series of factors including the death of King Fahd of Saudi Arabia, a coup in Mauritania, the death of Sudan’s vice-president, refinery problems in the US and concern about another tropical storm brewing in the Caribbean.

But probably the most important event this week was the move above $60 by all US oil futures dated until December 2011. This indicates that oil investors expect the current tightness in oil and petroleum product supply to remain in place for the foreseeable future.

I think I would add "possibility of civil war in Iraq" to that list above.

How much longer before "oil hits new highs" stops being news?

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