1/ If Saddam takes out the oil fields, there are reports from OPEC & Merril Lynch that oil may range betwen $50/bbl to $75/bbl for a short period of time.
2/ Such atrocity has not been factored in.
3/ Any terror attack on western soil will cause oil hikes.
4/ Oil is overbought but it is cushioned from buyers in this nervous market.
5/ Venzuela is still a mess
6/ US reserve stockpiles is diminishing, Venezuela is a stretgeic oil supply source to the US where it takes three weeks to import oil from Venezuela. It takes over two months to import oil from Arab nations.
7/ Russia being the world's third largest producer ? requires further study.
