[fhayek]

1. No obvious source of oil except perhaps Iran or Libya.

One might assume that even Iran or Libya would want to be paid for their oil.

[Cincinatus' Wife]

Bump!

[Cincinatus' Wife]

Venezuela syncrude challenging Mideast oil in U.S.--[Excerpt] The first shipment of Sincor will go to TotalFinaElf's refinery in Port Arthur, Texas, this month. Sincor is expected to hit full production by the end of the year.

U.S. refiner Ultramar Diamond Shamrock Corp., a unit of Valero Energy Corp. has signed a three-year contract to take 45,000 bpd of the new ``Zuata Sweet'' crude to its Three Rivers refinery near Corpus Christi, Texas.

While analysts and oil companies warn that new oil terms put in place under Venezuela's new hydrocarbon's law may prevent further heavy oil investment, the Ministry of Energy and Mines said the tar belt would provide stable supply for decades.

``We have oil in the Orinoco to last for the next 35 to 40 years,'' said a Ministry spokesman. [End Excerpt]