Jones wrote on 2-10-08: ... We, on vortex, especially moi, are often highly suspicious of the motive's of the Oil Companies.
I have even seen the derogatory term: "PetroMafia" being used. ;-) How callous! LOL ... Hi All, On this light-hearted note, it appears that Hugo Chavez is lowering the risk of a U. S, attack on the Iranian oil fields with his modest effort to maintain the price of oil. Jack Smith ----------- http://www.guardian.co.uk/feedarticle?id=7310511 NEWS ARTICLE from The Guardian, UK, 2-14-08, By Matthew Robinson ``Oil surges on supply worries, economic data NEW YORK, Feb 14 (Reuters) - Oil rose more than $1 on Thursday, spurred by supply concerns and strong economic data from giant consumers the United States and Japan. The rise added to gains earlier in the week as an escalating legal battle between Exxon Mobil Corp and OPEC nation Venezuela over the nationalization of a giant heavy oil project last year. U.S. crude rose $1.26 to $94.53 a barrel by 1:38 p.m. EST, after rising as high as $95.44 -- the highest level since Jan. 10 [2008]. Brent crude gained $1.50 to $94.82 a barrel. Venezuela, a top exporter of crude to the United States, cut off crude shipments to Exxon after the U.S. oil major won court orders to freeze over $12 billion in Venezuelan assets. The Exxon embargo came after Venezuelan President Hugo Chavez, a critic of U.S. President George W. Bush, threatened to cut off all shipments to Venezuela's main customer over the legal challenge, adding to a string of supply worries in the Atlantic Basin. "A number of supply-driven factors have reminded the market of how thin spare capacity of production really is -- Nigeria, North Sea glitches and geopolitical tension," said Harry Tchilinguirian of BNP Paribas. Exports from oil cartel OPEC were expected to begin sliding seasonally as well, with consultancy Oil Movements forecasting a 140,000 barrels per day (bpd) drop in the four weeks to March 1. Lloyd's Marine Intelligence Unit reported OPEC seaborne exports down 279,00 bpd in January versus December. Further support for oil pirces came from U.S. economic data showing fewer jobless benefits claims and a surprise rise in retail sales. Japan's economy expanded by 0.9 percent in the fourth quarter, more than double forecasts. Concerns that U.S. economic problems would cut oil demand growth in the world's top consumer knocked oil off record highs over $100 a barrel struck in early January. U.S. Federal Reserve Chairman Ben Bernanke told a Senate committee the U.S. economic outlook had worsened and that the central bank would act as needed to support growth.''
