Global oil vulnerability exposed this week

SUMMARY: This week, tensions between the USA and Venezuela have shown the global vulnerability of the supply of oil. Venezuela's Chavaz has been goading the US with Bush retaliating by stopping arms sales to Venezuela. Whilst Venezuela's President Hugo Chavez has described oil prices as "fair", the rest of the world is paying through the nose.

Here in Australia, our governments are starting to get serious about oil prices with grants to the car makers to investigate alternative fuels - as if that was needed with General Motors already producing multiple fuel vehicles around the world. The links below will give you a better understanding of our oil vulnerability.

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Full Tanks Put Squeeze on Working Class
Published: May 13, 2006
MIAMI BEACH, May 12 — Giving up the occasional rib-eye steak hasn't been the hardest part for Ana Lopez, although her husband is a red-meat man. More difficult are having to tell her 11-year-old son that he cannot go to the movies, and swearing off Sunday visits to her sister in Pembroke Pines or to her brother in Miami Lakes. These are the sacrifices required now that it costs $US60 to fill her aging Toyota 4Runner.

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Israeli gasoline supplier to Palestinians cuts supply
From Wikinews, May 12, 2006
Israeli company Dor Energy, the sole supplier of gasoline and cooking gas to the Palestinian territories, cut off all deliveries on Wednesday, citing US$27 million in unpaid bills.

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Australian senator to oppose petrol deregulation
From Wikinews, May 15, 2006
Australian senator Barnaby Joyce (Nationals, Queensland) has moved to oppose the government's planned changes to the country's petrol retail industry.

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Dementia and fuel to drive care
BY HOWARD JONES
A POSSIBLE cure for dementia and rising petrol prices were factors that would influence aged care in future, an expert told an Albury conference yesterday.

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Fuel rises spur new crop strategies
PETER HEMPHILL 10may06
GRAIN growers have cut back on fallowing and fertiliser in a bid to slash their costs as fuel prices skyrocket, according to farm consultants.

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Petrol excise cut bad policy: Minchin
Last Update: Sunday, May 14, 2006. 9:28am (AEST)
Federal Finance Minister Nick Minchin says it would cost the Government $3 billion to cut the excise on petrol by just 10 cents.

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Last Update: Tuesday, May 16, 2006. 3:14pm (AEST)
$50m in grants for Mitsubishi, GM Holden
South Australia's two car makers are to get nearly $50 million in Federal Government grants for research and development. "It allows us to look at introducing alternative power train and alternative fuel opportunities not only for local cars but potentially for markets overseas as well," he said.

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Last Updated: Sunday, 14 May 2006, 00:43 GMT 01:43 UK
Chavez to ignore Blair on UK trip
Venezuelan President Hugo Chavez is to arrive in Britain for a private visit. But he will not meet Prime Minister Tony Blair, whom he has called a pawn of the "imperialist" US. Mr Chavez controls a country with the world's fifth largest oil supply. On Friday Mr Blair urged Venezuela to use its energy resources responsibly.

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Last Updated: Sunday, 14 May 2006, 20:57 GMT 21:57 UK
Chavez warns US over Iran policy
Venezuelan President Hugo Chavez has warned the US that any attack on Iran will have devastating consequences and send oil prices soaring.

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Last Updated: Monday, 15 May 2006, 22:24 GMT 23:24 UK
US bans arms sales to Venezuela
The US is imposing a ban on arms sales to Venezuela. Venezuelan President Hugo Chavez said the ban "doesn't matter to us at all", saying it confirmed that Washington wanted to trample on smaller countries.
Bush bans arms sales to Chávez... The Guardian

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Last Updated: Thursday, 18 May 2006, 00:06 GMT 01:06 UK
Chavez talks oil on Libya visit
Venezuela's President Hugo Chavez has described oil prices as "fair" and said he would work to maintain them, during a visit to Libya.

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Chavez offers oil to Europe's poor
Sunday May 14, 2006 - The Observer
Venezuelan President promises fuel to the needy and proclaims 'final days of the North American empire' before visit to Britain today. This past winter, Venezuela delivered cut-rate oil to low-income Americans through Citgo, the Houston-based subsidiary of Venezuela's state-owned oil company.

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Chavez: Imprison 'genocidal' Bush
Monday, May 15, 2006; Posted: 11:58 a.m. EDT (15:58 GMT
LONDON, England (CNN) -- Venezuelan President Hugo Chavez has accused George W. Bush of committing genocide and said the U.S. president should be imprisoned by an international criminal court.

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Venezuela may sell U.S. jets to Iran, others
Tuesday, May 16, 2006; Posted: 1:17 p.m. EDT (17:17 GMT)
CARACAS, Venezuela (AP) -- Venezuela's military is considering the possibility of selling its fleet of U.S.-made F-16 fighter jets to another country, perhaps Iran, a Venezuelan military official said Tuesday.

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The current price of a barrel of oil ($US)

This chart is continuously updated by Yahoo with data taken from the New York Stock Exchange

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