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Truth is in favor of you and me; for the truth of our enemies whom we have been serving here in the U.S.A. for over 400 years (whom we did not know to be our enemies by nature) is the truth that the Black Man must have knowledge of to be able to keep from falling into the deceiving traps that are being laid by our enemies to catch us in their way which is opposed to the way of righteous of whom we are members. ~ The Honorable Elijah Muhammad

Monday, August 6, 2012

Gas prices rise in the US as Iraq Crude Production Overtakes Iran as OPEC Trims Output

Note: The excuse for rising gas price is always tensions in the Middle East.  When has there not been tensions in the Middle East?  The war with Iraq that has taken hundreds of thousands of American and Iraqi lives has thus far only benefited American and European oil companies.

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Iraq Crude Production Overtakes Iran as OPEC Trims Output

 Iraq’s crude production overtook Iran’s last month for the first time in more than two decades as Iran led a decline in OPEC output ahead of a European Union ban on purchases from the nation, according to the producer group.

Iraq pumped 2.984 million barrels a day in June, outpacing Iran’s 2.963 million, the Organization of Petroleum Exporting Countries’ Vienna-based secretariat said today in its Monthly Oil Market Report. That’s the first time Iraq’s output has exceeded Iran’s since 1988, when the countries ended their eight-year war, statistics compiled by BP Plc (BP/) show.  - Bloomberg

Iraq: Oil and Economy

Importance of Iraqi Oil to the U.S.
During December 2002, the United States imported 11.3 million barrels of oil from Iraq. In comparison, imports from other major OPEC oil-producing countries during December 2002 included:

Saudi Arabia - 56.2 million barrels

Venezuela 20.2 million barrels

Nigeria 19.3 million barrels

Kuwait - 5.9 million barrels

Algeria - 1.2 million barrels

Leading imports from non-OPEC countries during December 2002 included:

Canada 46.2 million barrels

Mexico 53.8 million barrels

United Kingdom 11.7 million barrels

Norway 4.5 million barrels

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