The European Union has named Gaz de France and Germany’s E.ON in connection with alleged rigging of gas markets. BP Chairman John Sutherland has accused Vladimir Putin of damaging Russia’s reputation through failing to intervene in the escalating dispute over TNK-BP. “The leaders of the country seem unwilling or unable to step in and stop them. This is bad for us, bad for the company, and, of course, very bad for Russia,” he said. “He has put Medvedev on the spot,” says one UK reporter. Italian engineering group Maire Tecnimont and South Korea’s GS Engineering & Construction have signed a joint $900 million contract to build an oil refinery plant in Russia in connection with Tatneft. Slovenia will “probably” sign an accord this summer with Gazprom, to allow the proposed $16 billion South Stream pipeline to cross its territory. “President Chavez of Venezuela, Prime Minister Putin of Russia and King Abdullah of Saudi Arabia all might find their domestic power bases under threat if oil price fell back to, say, the $20-$30 per barrel level of the early 2000s.” Eni and Libya’s state-owned National Oil Corp have signed six exploration and production sharing contracts. ExxonMobil has offered Gazprom a role in a $1 billion liquefied natural gas regasification terminal off the coast of New Jersey. The Iraqi Oil Minister says that increased production from Saudi Arabia or other OPEC producers would not ease high global oil prices because they are the result of market speculation.
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One Comment
I mean, I wouldn’t go blaming everyone abroad for higher gas prices. It’s not as if our government has been steadily moving us toward HHO/hybrid/alternative fuels for the last decade.Imho, this whole crisis – much like the food crisis – is engineered to keep American consumers broke and working. I mean, who can afford to drive to DC to protest when its 100+ just in gas. That’s assuming you have a job where you can take a day or two off too.Another interesting piece of the puzzle is that when barrel prices of oil jump up – so do gasoline prices, yet when they fall gasoline prices stay the same….I also just read that senate republicans blocked a windfall profit tax against big oil… that’s no surprise.So while the supply side is one aspect, it’s the one the mainstream is harping on. They seem to conveniently ignore the fact that many senators, and party ‘insiders’ in Washington have ties to processing, shipping, and production companies that are making billions off of the crisis. Gotta watch that Mainstream Media – any story that shows up there comes with a hidden agenda.