oil vey!

7-8-08—High oil prices are producing a massive transfer of wealth from US pocketbooks into the hands of bad actors around the world, most notable Iran, Venezuela and Russia. ... Between 2004 and 2007, the report notes, foreigners bought 80% of all newly issued [US] Treasury bills.... Oil-producing countries are accumulating piles of excess cash that they can use—and are using—to buy pieces of American companies. WSJ A2