Now Hear This: The surge is working! (No, really!)

[Jackpine Radical]

http://www.moneymorning.com/2008/03/27/oil-prices-surge-after-basra-bombings/

Oil Prices Surge After Basra Bombings

By Jason Simpkins
Associate Editor

After surging nearly $5 Wednesday, light, sweet crude for May delivery rose as much as $2.05 to $107.95 a barrel on the New York Mercantile Exchange yesterday (Thursday) as concerns about violence in Iraq compounded the effect of supply concerns.

A bomb exploded at the Zubair-1 pipeline in Basra, which transports crude to export terminals at the Persian Gulf, Wednesday. Basra is the third largest city in Iraq, and has been the staging ground of several clashes between Iraqi forces and militants loyal to Muslim cleric Moqtada al-Sadr.

Iraq’s average production in the month of February was 2.4 million barrels per day. Basra Rumaila South and North oil fields produce approximately 1.3 million barrels per day. The city is also the site of one of Iraq’s largest refineries, the Shuaiba refinery that has been operating at a capacity of 100,000 barrels a day, short of its full capacity. An average of 1.54 million barrels of oil day flow through the city of Basra each day.

Oil Minister Hussein al-Shahristani has said that escalating violence and clashes in the region would not affect oil exports and drilling operations but the Zubair-1 pipeline is the second such attack this week. On Tuesday night, a bomb damaged a domestic oil pipeline that links the Noor oil field in the southern Maysan province to the refinery in Basra. It was expected to take several days to repair the damage.

[redwitch]

1. You need to be spanked!

:spank:

[Jackpine Radical]

2. Ow Ow Ow Ow Ow Ow Ow Ow!

:crazy:

I'm usually not into that S&M stuff, but are you busy tonight?