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Chemical Bill Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-22-06 12:49 PM
Response to Reply #94
333. Minimum?
>He's also said oil should have a minimum price of $50.00 per barrel.

That's not the way I read this:

Chávez seeks to peg oil at $50 a barrel

· Price could see Venezuela producing for 200 years
· Country's reserves may exceed Saudi Arabia's

Mark Milner
Monday April 3, 2006
The Guardian


Venezuelan president Hugo Chávez 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.

<snip>

The price proposed by Mr Chávez is about $15 a barrel below the current global level but a credible long-term agreement at about $50 a barrel could have huge implications for Venezuela's standing in the international oil community.

<more>

http://business.guardian.co.uk/story/0,,1745467,00.html

I'm having trouble with the BBC link, BTW.

Anyway, Chavez has proposed a locked in price that's at least $10/barrel less than the current price. That would help American consumers. Bush ignored him.

Bill
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