Oil prices near $74 on Bolivia, Iran fears

[NNN0LHI]

http://sify.com/finance/fullstory.php?id=14195348

New York: World oil prices approached $74 a barrel as Bolivia’s announcement that it is nationalising its energy industry added to jitters over Iran’s nuclear drive, traders said

New York’s main contract, light sweet crude for delivery in June, surged $1.82 to close at $73.70 a barrel yesterday. It is back within sight of its record high reached a week ago of $75.35. |Sebi comes down on IPO scamsters.Check out|

James Williams, an economist at WTRG Economics, said the oil market remained consumed about jitters over Iran with the United States and its allies pushing for UN sanctions against the major crude producer.

"When you add that on top of the loss of a fifth of Nigerian production, Bolivia’s move toward the Venezuelan model of total control over oil produced by foreign companies, and the (US) summer driving season staring us in the face, it is easier for prices to go up than down," he said.

[rkc3]

1. Why is nationalizing your natural resources a big deal?

Putin has done it in Russia and occasionally makes runaway republics suffer with shortages.

So Morales and Chavez are trying to do the same and (may) pass the profits to their people - and this is a problem?

People in this country put a dumbass into office on the premise that he would lower taxes (i.e., keep what we have earned), yet we have a problem with a country keeping its resources under their control - and not for the profits of a corporation who could give a shit about economic standing of the country they are ruining with drilling and transportation.

It's awfully strange to me.

[jsamuel]

2. Because it makes you a "commie"

nevermind that energy is just as natural to supply as water and electricity... but people can't gouge you...

[acmejack]

3. As the dollar turns to shit a barrel of oil is going to cost more

irregardless. Gold just now $663.30 an ounce... OUCH $700 by the 15th

[jsamuel]

5. screw gold, invest in Latin America...

they are going to be doing well soon...

[kestrel91316]

4. Bolivia????

WTF?

I guess I have been asleep at the wheel. I didn't even know Bolivia HAD an oil industry.

What, is Bush going to attack them, too?????

[Tesha]

6. They have a natural gas industry.

But NPR reports that they mostly export to
their neighbors so Bush hasn't needed to
threaten to attack them yet.

Tesha