Brent Falls, New York Oil Pares Gain as Egypt Protest Fears Ease

[frawin]

March-11 Crude is trading at $89.725, up $0.375, March-11 Natural Gas is trading at $4.39, up $0.065.
So far ship traffic in the Suez has not been interrupted, approximately 4 million bopd moves thru the the Suez and/or the the adjoining pipeline. The continued unrest in the Middle East is all the more reason we should be developing more of our own reserves. It is just a matter of time until the continued growth in China, Japan, India and the rest of the world creates a big shortage in the supply of oil.


http://www.bloomberg.com/news/2011-01-31/brent-falls-new-york-oil-pares-gain-as-egypt-protest-fears-ease.html

[frawin]

If we drilled more in the US we would create more jobs, have a safer source of supply and reduce our trade deficit by 1 Billion Dollars a day. We are currently importing  1 Billion dollars in Oil and Products a day.