U.S. crude oil production is falling while Iranian production is rising as we grow more dependent on Middle Eastern oil each passing day. The Energy Information Administration reported that U.S. oil production fell 200,000 barrels a day down to only 8.428 million barrels a day.
BP has been lifting more crude oil cargoes in the past couple of months as payment for its work in southern Iraq, and is comfortable with that level of shipments, a senior executive of the oil company said on Monday.
The chaos that one day will ensue from our 35-year experiment with worldwide fiat money will require a return to money of real value. We will know that day is approaching when oil-producing countries demand gold, or its equivalent, for their oil rather than dollars or euros.