[Cincinatus' Wife]

Chavez strikes back at protesting oil execs - tankers unable to load

[Cincinatus' Wife]

FARC: Rebel-camp allegations fuel tension in Venezuela

Chavistas Attack Venezuela's Congress - Bolivarian neighborhood groups inciting wholesale violence

[MississippiMan]

I thought Iraq was long since barred from exporting oil anyway other than in limited cases.

/SARCASM OFF

MM

[finnman69]

Here come the $3.00/ gallon proce tages this summer. This will have huge implications for the 2002 election. Watch California.

[CaptRon]

Fine. We should embargo any and all types of aid to countries participating in this stoppage.

[Fresh Wind]

Be sure to write Senator Dashole to thank him from blocking all efforts to expand our domestic oil exploration and production.

[MeekOneGOP]

http://www.reuters.co.il/news2000/N2S8IG40.HTM

UPDATE 3 - Oil soars on export halt by Iraq and Venezuela

    (Updates price in paragraph 2) 
    By Tom Ashby 
    LONDON, April 8 (Reuters) - World oil prices soared on 
Monday when Iraq announced an immediate suspension of oil 
exports in protest at Israel's incursion into Palestinian 
controlled areas of the West Bank. 
    The news prompted a frenzy of buying by traders already 
spooked by a halt in shipments from the world's No. 4 oil 
exporter Venezuela. 
    International benchmark Brent crude oil jumped $1.28 to 
$27.27 per barrel by mid-afternoon in London, resuming an 
assault on a six-month high of $28.15 seen last week. 
    U.S. crude futures rose 99 cents to $27.20. 
    Iraqi leader Saddam Hussein said all oil exports were 
suspended from Monday for a month or until Israel withdrew 
unconditionally. 
    Sanctions-bound Iraq is the sixth largest oil supplier to 
the United States, and its two million barrels a day of exports 
account for four percent of oil traded worldwide.  
    Israeli Prime Minister Ariel Sharon vowed to press ahead 
with its sweeping military offensive in defiance of U.S. demands 
for a withdrawal. 
    Venezuelan shipments to the world market were at a 
standstill on Monday after halting over the weekend, and 
refineries reduced their processing rates. 
 State oil company executives in Latin America's top oil 
exporter, another key supplier to the United States, are 
protesting the government's choice of a new board of directors. 
    "I'm surprised markets have taken this so calmly," said Paul 
Horsnell of investment bank J.P. Morgan. 
    "Certainly there is potential for spike up to $30." 
    Prospects of higher energy costs also hit global equities 
markets, as traders fear damage to the world economic recovery. 
But oil company shares bucked the trend, rising sharply. 
    U.S. Energy Secretary Spencer Abraham said the U.S. economy 
and national security were vulnerable to the Iraqi export halt. 
    OPEC Secretary-General Ali Rodriguez said he will consult 
with cartel oil ministers on Tuesday and the group could hold an 
emergency meeting to decide policy. 
    The Arab dominated cartel controls two-thirds of world oil 
exports and could easily replace lost Iraqi and Venezuelan 
barrels after cutting five million barrels of daily production 
since January last year. 
     
    EMBARGO CALL 
    Saddam has already called on other Arab producers to embargo 
the West for its support of Israel, and Libya and Iran have 
backed the call. 
    However, OPEC heavyweights Saudi Arabia and Kuwait have both 
said they would not join any Iraqi stoppage. 
    Both these countries rely heavily on the United States for 
their defence. 
    Oil market traders said as many as 25 empty oil tankers were 
at Venezuelan ports waiting to load, and one source said 
production was already cut by 40 percent. 
    Venezuela supplies about 15 percent of U.S. oil imports. 
Latest U.S. government data shows it accounted for about 1.4 
million barrels per day of crude imports and another 300,000 bpd 
of refined products such as gasoline and diesel. 
    President Hugo Chavez announced the sacking of seven 
dissidents from the state oil company on Sunday, labelling them 
"saboteurs." 
    The Organisation of the Petroleum Exporting Countries has 
cut production by five million bpd since January 2001 to buoy 
prices, and in March agreed to extend output restrictions until 
at least its next meeting in June. 
    Russia and Norway, which both agreed to join OPEC in crude 
supply curbs, said on Monday it was too early to reconsider the 
policy now. 
    ((London newsroom +44 20 7542-8185, fax +44 20 7542 4453, 
london.energy.desk@reuters.com)) 
 
08 APR 2002 14:50:16
UPDATE 3-Oil soars on export halt by Iraq and Venezuela

[GuillermoX]

As Daschle continues his obstruction to decreasing our demand for foreign oil...

[Osinski]

Ping

[Bill Davis FR]

its time to stop buying middle east oil...

[biblewonk]

I'm watching the news to see if Iran and Lybia join in the embargo. This is getting interesting.

[biblewonk]

I seriously doubt that Saudi will backfill any oil production cut by their fellow muslim countries. Saudi gave us the taliban. The oil princes love american money but the rest of the people of Saudi don't like us at all. If the oil family tries to backfill they will be stabbing their own people and all the rest of the muslims who hate us in the back.

[biblewonk]

Does anyone think Bush will continue to back Israel? He is trying to babysit the economy and not make the mistakes his dad did. Supporting Israel is counter productive to our economy and the media knows it. Watch the Media turn on Isreal and try to force Bush to do the same.

[Redcloak]

Time for Russia to step in and fill the gap. That would be good for them and good for us. They get hard currency and we get a more reliable source of oil. We also get to stick it to the Arabs.

[Willie Green]

Related threads:

Venezuela President Fires Oil Execs
US takes role in Colombia to new level
BP Cuts 500 North Sea Oil Jobs

---

U.S. Petroleum & Crude Oil Overview
(thousand barrels per day)

	1960	1965	1970	1975	1980	1985	1990	1995	2000
U.S. Crude Oil Production	7,035	7,804	9,637	8,375	8,597	8,971	7,355	6,560	5,834
U.S. Petroleum Imports	1,815	2,468	3,419	6,056	6,909	5,067	8,018	8,835	11,093
Total	8,850	10,272	13,056	14,431	15,506	14,038	15,373	15,395	16,927
Imports as % of Total	20.5	24.0	26.2	42.0	44.6	36.1	52.2	57.4	65.5

As North Sea oil production continues to decline, America's dependence on imported petroleum will shift even more towards OPEC. While drilling offshore and in ANWR may help, it would still be insufficient to dramaticly reduce our ever-increasing consumption.

The obvious solution to this dependency would be to begin construction of modern, efficient mass-transportation systems in our nation's most densely populated regions and urban areas. Electricly powered light rail, high-speed rail and maglev systems could be easily fueled by clean-coal and nuclear technology power plants.

Unfortunately, RINOs have been bought-out by Big Oil special interests. Alaskan representative Don Young, who chairs the House Committee on Transportation and Infrastructure, continues to sidetrack and delay implementation of energy efficient mass-transportation systems. A whole contingent of Nevada RINOs unite to obstruct our nation's efforts to utilize abundant nuclear power. And Dubya's own sibling, Jeb, brags about his obstruction on his re-election website:

Protecting Florida’s Coasts From Offshore Drilling – Thanks to Governor Bush’s hard work and leadership, Florida’s coastal and marine resources will continue to be free from the threat of offshore drilling. Protections secured by Governor Bush far exceed those agreed to by former President Clinton, former Interior Secretary Bruce Babbitt, and the late-Governor Lawton Chiles.

[backhoe]

Since my wife ( now me, since she can't drive... ) does a 50-mile commute to work, this will only hurt us.

For nearly 2 years I have lobbied those clowns in DC and Atlanta to "drill like crazy for more oil & gas, go nuclear, and slash taxes & regulations so business can do their job of employing more people...."

SamAdams76 has the right vision- when our neighbors like Mexico do better, so do we...

[rmlew]

Liberate Venezuala.