misperceptions about current oil price

Too much irrational panic about the current oil price. So these are the facts;

1. The panic about the Yukos news is overdone.
Yukos is very minor in the whole scheme of things.

2. 80 Million Barrells a day need to be pumped in order
for there to be enough to meet the worlds needs.

3. Currently, 82 Million Barrells a day are being pumped,
which in fact means, the world is in surplus of
2Million Barrells a day, which is adding to oil already
stored.So there is a surplus rather than undersupply!

4. The problem lies only with the quality of oil on the
market, as a small proportion has too much Sulfur in
it, and can't be used for every purpose. The better
refineries (ie those in the western world) Have no
problem using this oil. So whats the problem? The
answer is there isn't one, only some wish to make
the perception that there is one, so they can make
a lot of money on the backs of ignorant investors.