Pat Dollard | Young Americans

Chinas demand for oil is massive. they are purchasing our debt across the globe which means we now owe them.

Russia has nothing to lose, if the world economey (Eurostate & Dollar) falls.

“If the US happens to invade Iran, oil will not just reach $100, but $200 per barrel,” Chavez said. “Not one drop of oil will leave Iran” in an invasion.

“The same would happen here,” as the people of the country will halt exports, he (Chavez) said.

Granted, we have not invaded Iran, but they sure have invaded Iraq. Is this another “Proxy War” in the making? Could they hold the worlds oil supply hostage?

Why hasn’t OPEC production increased in the past 10 years? Iran claims to have the world’s third largest reserves of oil and the Venezuelan government said its proven oil reserves had risen to 100 billion barrels as of 2007.

How about this???

Oil prices of $80 to $100 a barrel are “fair” and Venezuela will seek to keep prices in that range, Chavez said.

“We seek stabilization at $100 a barrel for several years,” Chavez said at a press conference on Wednesday in Caracas. He said prices over the past 30 years were “very low” and that $100 oil today was, after inflation, similar to the $30 oil experienced in 1973 and 1974.
So what say you? Is Iran and Venezuela to blame? Could they be cornering the market in crude oil?