Thursday, July 07, 2005

Saudis warn of shortfalls as oil hits $61

Saudis warn of shortfalls as oil hits $61

Just what I wanted to read immediately after buying a car:

Oil prices hit new record highs above $61 a barrel on Thursday, driven by short-term supply fears as the first hurricane of the season threatened crude production and refinery operations in the Gulf of Mexico.

But private warnings also point to a worsening long-term outllook, with Saudi officials saying that the Organisation of the Petroleum Exporting Countries will be unable to meet projected western demand in 10 to 15 years.

All the more reason for my two point national security program: Manhattan Project of energy independence and get the hell out of the Middle East.

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