OPEC AND ENVIROS ARE VILLAINS, AGAIN

More gasoline news from one of the TOP energy traders in the business: The blackout in the East that shut down 7 refineries stressed an already stressed supply situation. The pipeline outage in Arizona stressed supplies even further. To top it off, reduced production from OPEC who feared the promised Iraq oil that was to come back on the market, BUT IRAQ OIL HAS NEVER SHOWED UP due in large part to the blown up pipeline and the looting at Basra by Kuwaitis.
OPEC lied. Leading up to the Iraq war, the IEA and the US Dept of Energy had a quid pro quo with OPEC. There was a general agreement between the parties that the US and the IEA would not release reserve oil and OPEC would supply the market with plenty of oil. OPEC may have during the war but they sure aren't now! OPEC is perfectly happy about oil being above $30.00 per barrel and it's discouraging us from building inventory. This lack of build means our supplies are tight and leaves us vulnerable to price spikes. OPEC's lack of cooperation to step up oil production is putting our economic recovery in danger. They need to step up pumping and do it now!
An Exxon cat cracker in Joliet, Illinois was shut down over the weekend due to unscheduled repairs. This will add a few more pennies per gallon for Illinois drivers.
Terror threats are causing us to put oil INTO the strategic reserve. The FBI warned yesterday that petroleum and power plants are targets in New York, Los Angeles and San Francisco.

Traders think that after Friday, prices will ease. The short squeeze is looking better as NYMEX is reporting most sales now matched. Lots of recommendations to go long Natural Gas again because environmentalists are fighting natural gas drilling, this will kill people in low temp areas.

Above notes are from HUGE traders who are friends of mine. they think all the BAD NEWS is now in the market. Short squeeze is less of a fear at 3PM EDT.