Oil is in a SURPLUS!

World oil is in surplus!!

May 23, '08 4:30 PM for everyone

We're using 85 million barrels a day but producing 86 million barrels... OPEC's April report...

Total global usage http://www.eia.doe.gov/emeu/international/RecentPetroleumConsumptionBarrelsperDay.xls

Oil outlook... LOOKS PRETTY GOOD TO ME...
http://www.eia.doe.gov/oiaf/ieo/oil.html

Iraq, nigeria, brazil and a couple other countries are now set to come online raising the production by 1.8 million barrels a day...

Feb 2008 world oil production 86.92 million barrels a day... usage 85 million... We have a surplus PEOPLE!!!!
http://www.worldoil.com/INFOCENTER/STATISTICS_DETAIL.ASP?STATFILE=_WORLDOILPRODUCTION

Listen to a 2 hour discussion on oil...