If disagreements between the U.S. and Venezuela persist will Venezuelan President Hugo Chavez cut oil exports to the U.S.? Phil Flynn, an analyst with Alaron Trading Corp., says this is more than a possibility. If the OPEC member nation were to cut the U.S. off from direct exports the U.S. would likely still receive Venezuelan oil through middlemen. Nevertheless, oil prices would certainly soar. In the meantime crude oil prices are continuing to rise and break records. $126 a barrel was the new record set on Friday May 9th. As the price per gallon of gasoline in Vermont inches toward $4, the price per barrel of crude oil is tinkering around $125. People in some regions of the U.S. including parts of California are already experiencing gas prices above $4 a gallon. [Source: Washington Post]
U.S. Confrontation & the Price of Oil
If disagreements between the U.S. and Venezuela persist will Venezuelan President Hugo Chavez cut oil exports to the U.S.? Phil Flynn, an analyst with Alaron Trading Corp., says this is more than a possibility. If the OPEC member nation were to cut the U.S. off from direct exports the U.S. would likely still receive Venezuelan oil through middlemen. Nevertheless, oil prices would certainly soar. In the meantime crude oil prices are continuing to rise and break records. $126 a barrel was the new record set on Friday May 9th. As the price per gallon of gasoline in Vermont inches toward $4, the price per barrel of crude oil is tinkering around $125. People in some regions of the U.S. including parts of California are already experiencing gas prices above $4 a gallon. [Source: Washington Post]
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