Monday, July 14, 2008

Chronicles Of Depression 2.0: #153

Venezuela's Chavez says oil could reach $300
"If they freeze us there will be no more oil for the United States, and the price will go to $300," Chavez said during a televised meeting with Caribbean and Central American leaders as part of an energy cooperation scheme called Petrocaribe.

Chavez also said oil prices were being influenced by a "speculative bubble", the collapse of which could send prices as low as $70 per barrel.

Emphasis added by me.

Trust me, Chavez, if any full-scale assault is launched against Iran, we won't have to worry about you pushing oil to $300. It will get there on its own.

A price collapse to $70/barrel? If only!

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