Wall Street Journal Reports:
http://online.wsj.com/article/BT-CO-20110309-711419.html
Of significance:
Saudi Arabia has said it is increasing production to make up for at least some lost Libyan crude oil. The kingdom's oil minister, Ali al-Naimi, on Tuesday said there is enough crude oil and spare capacity in the market to meet demand.
and.....:
"The inventories are weighing a little bit," said Dominick Chirichella, an oil analyst with the Energy Management Institute. "But we're still in the Libya mode."
We're still in "Libya mode". Yes, yet another "mode" in addition to the 100s of other "modes" that we use to speculate and excuse raising gasoline prices.
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