Regards...
In other news today...
Crude climbs over 2% to close above $63 Tuesday, March 14, 2006 8:31:45 PM http://www.afxpress.com
SAN FRANCISCO (AFX) -- April crude climbed $1.33 to close at $63.10 a barrel. That's its highest closing level since March 3. April unleaded gasoline rose 7% to close at $1.866 a gallon to mark its loftiest level since Feb. 1 and April natural gas closed at $7.167 per million British thermal units, up 16 cents, or 2.3%, at a level not seen since Feb. 24. Energy traders looked ahead to this week's updates on U.S. supplies as well as ongoing tension surrounding Iran's nuclear program and a lower oil-demand forecast from the International Energy Agency
This story was supplied by MarketWatch. For further information see www.marketwatch.com
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
If Chavez wants an oil war we should make sure that Venezuela gets no food, medicine or financial assistance - other countries would take notice.
Thanks for the links to oil news.
Chavez just last week was saying to Chevron they have capacity and technology to boost their Venezuelan output 16%, that it would be a real good deal for both.
Wonder what Chevron thinks now? I think Chavez is mentally unstable thinking he can bully oil companies, especially trying to leverage with tar, not crude.
Looks like Chavez wants to drive his country to his knees.
This appeared on the local paper website late today:
Refinery snag may send gasoline prices up
Associated Press
WASHINGTON — Gasoline futures surged nearly 7 percent today on word of a large refinery snag, marking an almost 50-cent-per-gallon increase over the past month that is sure to send pump prices higher.
"We are looking at retail prices that will soon be above $2.50 gallon nationally, and could perhaps eclipse the $2.60 per gallon" level, said analyst Tom Kloza at Wall, N.J.-based Oil Price Information Service.
This little git is a sparrow who thinks he is an eagle.
Oil is how the commies will get us. When will we start drilling for oil in the Gulf etc.
And to think that we could tell these disgusting countries to go fly a kite if our stupid politicians weren't such cowards and would face the environazis down in order to develop our own energy sourses off the Pacific and Atlantic coasts and Alaska. Californians and Floridians should have to pay at least a $3/gal. gas tax just for being energy leeches. Do they really think they'll have a tourist industry if gas gets to the $5/gal. mark?
"The projects, four in total, collectively pump around 600,000 barrels a day of tar oil, which is converted into synthetic crude at special upgrading facilities,..."
This is not crude oil, but highly refined tar into synthetic crude, a very costly upgrade. This process is licensed by Chevron. If we pull out (I work for Chevron)they can't run the plant. Guess they get 100% of no profit.
By the way, 50 % of what? This garbage oil no one else wants isn't worth anything unless upgraded.
Venezuela already tried this about twenty years ago, IIRC. Oil production went to almost zero and they had to invite the oil companies back in...
Russia may have more crude than the Saudis, but they cannot bring it into production because of the lack of expertice. That is just who Venezuela needs to team up with...
I still remember the engineers I worked with coming back from Russia after being asked "what the leak allowance" was on a pipe line they were running in Russia. LOL! When they told the Russian contractor he had to pressure test the pipe and have NO leaks he told them that was impossible!
"[Insert developing country name here] will hike the tax rate on international firms operating in special economic zones. New rate will be 50% of value of goods and services exported to firms' home countries for sale to consumers. Other developing countries serving developed countries' consumers to hike taxes also. . .
"Not a trade matter says WTO. 'It will bring social and economic justice for developing nations' poor and low-wage workers,' says WTO official. Sustainable Development and Social Justice guidelines adopted by the Davos 'Third Way' Round of negotiations resulted in expanded responsibility for WTO beyond tariffs and trade. . . ."
Hugo will, in the future, be known as the dumb a$$ who killed the goose that layed the golden eggs.....................in the meantime, the leftists will hold him in higher esteem than their own Commander in Chief in time of war..........
50% is probably a little high, but oil produced in the US is probably taxed at that rate by the time the various proliferate levels of Gummint each take their cut.
Apparently Mr Chavez has already had an effect. Gasoline shot up 15 cents from 1800 to 0100 in my local area.