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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (35544)	8/18/2005 4:58:32 PM
From: Knighty Tin	Respond to of 116555

Venezuela has the largest oil sands deposits in the world. It will take a huge amount of money to get them up to the standard currently in Alberta. Anyone who doesn't think that Bush will coup d'etat Chavez for that potential oil deposit hasn't been paying attention. That war we will have to call the war against democracy in Venezuela.

To: mishedlo who wrote (35544)	8/18/2005 5:06:13 PM
From: Elroy Jetson	Read Replies (1) \| Respond to of 116555

Its nice that VP Cheney visited the Canadian oil sands. Its a scenic area and everyone needs a vacation. It seems the Bush administration is willing to do almost anything the hide the reason for the current run-up in oil prices. Tight refining capacity and thus higher refining profits have added less than 6% to the current price of refined products. Increased demand from additional economic activity around the world pushed oil prices from $10.87 in 1998 to $22.51 in 2002. Since Bush announced the invasion of Iraq, oil prices have tripled. Iraq's production of light sweet crude has declined dramatically below the levels allowed by the "UN Oil for Food Program". The disaster in Iraq has caused a world-wide shortage of light sweet crude oil As a consequence Bush has proposed building new oil refineries on military bases and Cheney is visiting tar sands. Neither has anything to do with the increase in oil prices - but I think that's the point. No one is waking up to the fact that higher oil prices today have to do with the war in Iraq, not strategic issues or peak oil theories. .