First Venezuela (an OPEC member) strikes and now a second OPEC member goes on strike? Hhhhhmmmm. Loss in the continuous supply needed by the US has caused the fuel price inflation here of abut .20 to .30 cents per gallon.
Now with the interruption in the continuous supply of Nigerian oil to the US estimated at about 700,000 barrels per day. How LONG will this interruption in the supply last? How much of an impact will it have on our fuel driven economy?
You would have to be a FOOL if you think that this is good news for the US economy! It is the worse kind of news for the PTB. Oil reserves in the US are now at 28 year lows.
We are burning up our reserves with fuel guzzling aircraft transporting thousands and thousands of troops and supplies across the Atlantic to the middle east and back. Maybe the members of OPEC are trying to give geedubya a message? Can oil be used as a weapon?
Meanwhile at the pumps across the US looks like another guaranteed minimum price hike of 20,30,40,50, or ____ cents. If that dog of an SUV you drive needs filling it will be about $40.00/tank now, OUCH!, with substantially higher prices before memorial day!
"Reuters, Sunday February 16, 11:07 am ET Nigeria oil union says set for total strike Monday LAGOS, Feb 16 (Reuters) - The world oil markets faced a turbulent week ahead as Nigeria's white-collar oil union PENGASSAN said on Sunday it had fully mobilised for a "total" indefinite strike targeted at exports.
The Department of Petroleum Resources (DPR) branch of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) called the strike on Saturday after talks with government over pay arrears and autonomy collapsed.
The strike has raised supply fears in global crude oil markets which are already tense at the prospect of a war against major exporter Iraq.
Nigeria exports around two million barrels per day (bpd) of crude oil with a third or more heading to the United States, which is yet to fully recover from the loss of Venezuelan supply due to a protracted strike."
_________________________________ Steven