Tuesday, June 24, 2008

Nigerian Oil

There's going to be a lot less of it on the market.

Nigeria's oil production has been cut in half by recent attacks, with officials sizing up the situation as a rebel effort to cripple the African nation.

Shell Bonga Field, the biggest offshore oil platform in Nigeria, was hit by the Movement for the Emancipation of the Niger Delta last Thursday, causing a 200,000-barrel-per-day loss, This Day reported. The same day, pipelines belonging to Chevron Nigeria Ltd. were blown up by suspected militants, causing a 120,000-barrel-per-day loss, the Lagos newspaper said.

Those attacks brought the cumulative loss to more than 1 million barrels per day, about 50 percent of the nation's production.
Nigeria is the world's tenth-largest oil producer.

But according to George W. Bush, if we just start drilling right now off the coast of West Palm Beach, everything will be fine.

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