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Tuesday, June 15, 2004

Biodiesel Looking Better All the Time

Remember when Wolfowitz was claiming that Iraq's oil could pay for Iraq's reconstruction? It looks now like oil revenues may not be enough to pay for the reconstruction of the pipelines.

From Reuters:
Saboteurs have struck a new blow to Iraq's vital oil industry, cutting exports to a third of their previous level, shippers said on Tuesday.

Oil Minister Thamir Ghadhban confirmed blasts at a pipeline feeding storage tanks at Basra oil terminal in the Gulf.

"There were two sabotage cases. We are assessing the situation now," he told Reuters.

Shippers in the region said export rates had fallen below 500,000 barrels per day (bpd) from about 1.7 million. Some later said exports from Basra were at a complete halt. An Iraqi industry official said repairs could take seven to 10 days.
I'm guessing that the Saudi's recent increase in oil production, clearly a Bush campaign stunt, won't keep gasoline prices from resuming their climb very soon. Three dollars a gallon nationwide by Labor Day!