Hugo Chavez wants to lock us in for oil at $50 a barrel? And, OPEC is whining about regional instability and getting ready to up their price to $70 a barrel ?
I'd say we need to get off Chavez's ass and start negotiating a nice long-term contract with Venezuela. Or does that seem too practical of an idea?
Chavez seeks to peg oil at $50 a barrel "Venezuelan president Hugo Chavez is poised to launch a bid to transform the global politics of oil by seeking a deal with consumer countries which would lock in a price of $50 a barrel. A long-term agreement at that price could allow Venezuela to count its huge deposits of heavy crude as part of its official reserves, which Caracas says would give it more oil than Saudi Arabia. "We have the largest oil reserves in the world, we have oil for 200 years." Mr Chavez told the BBC's Newsnight programme in an interview to be broadcast tonight. "$50 a barrel - that's a fair price, not a high price."
