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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction -- Ignore unavailable to you. Want to Upgrade?

To: Lazarus_Long who wrote (59038)	5/9/2007 4:29:06 PM
From: Elroy	Read Replies (1) \| Respond to of 90947

The same friend indicated that the US is the only country that has the refineries that can process the heavy oil found in most of Venezuela's fields, so we probably get a load from them. Politics doesn't often stop the flow of oil. Someone pointed out that during the 8 year Iran-Iraq war the two countries never attacked each other's oil facilities. Not sure if it is true, but there ya go.

To: Lazarus_Long who wrote (59038)	5/9/2007 5:23:27 PM
From: Oeconomicus	Read Replies (2) \| Respond to of 90947

"I doubt we get any from Veneczela currently. Nigeria is so unstable next week is uncertain." Laz, Elroy, as of February, Venezuela was the third leading supplier of US petroleum imports at 1.36 million barrels per day. Canada and Mexico are first and second, Saudi is fourth, and Nigeria, at 1.10 million barrels per day, is fifth. That said, it doesn't really matter, in the event of a major ME supply disruption, where we get our oil. Oil is fungible. We import close to 60% of our oil, BTW. Out of the world's top oil producing nations - the 14 with over 2 million barrels per day of output in 2005 - about 1/3 of production comes from the ME. Clearly, any major disruption there would be painful.