Oil prices take biggest jump in history

Oil prices had their biggest gains ever on Friday, jumping nearly $11 to a new record above $138 a barrel, after a senior Israeli politician raised the specter of an attack on Iran and the dollar fell sharply against the euro.

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Oil Rises Above $134 on U.S. Supply Drop, Bank Price Forecasts

by Mark Shenk| Bloomberg.com

May 21 (Bloomberg) -- Crude oil rose to a record above $134 a barrel as U.S. stockpiles unexpectedly dropped and banks raised price forecasts because of supply constraints and demand growth.

Inventories fell 5.32 million barrels to 320.4 million last week, the biggest drop in four months, the Energy Department said.

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Iran completely stops conducting oil transactions in US dollars

A top Oil Ministry official says Iran, OPEC's second-largest producer, has completely stopped conducting all its oil transactions in U.S. dollars.
Iran has dramatically reduced dependence on the dollar over the past year in the face of increasing U.S. pressure on its financial system and the fall in the value of the
American currency.
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The rise of the new energy world order

Oil at US$110 a barrel. Gasoline at $3.35 (or more) per gallon. Diesel fuel at $4 per gallon. Independent truckers forced off the road. Home heating oil rising to unconscionable price levels. Jet fuel so expensive that three low-cost airlines stopped flying in the past few weeks. This is just a taste of the latest energy news, signaling a profound change in how all of us, in this country and around the world, are going to live...
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Saudi Arabia Prime Source of Terror Funds, U.S. Says

World
Saudi Arabia remains the world’s leading source of funds for al-Qaida and other extremist groups, according to the Bush administration’s top financial counter-terrorism official.

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Survey: Gas Prices on the Rise

Oil hits a high; some in U.S. see $4 gas by spring

Gasoline prices, which for months lagged the big run-up in the price of oil, are suddenly rising quickly, with some experts fearing they could hit $4 a gallon by spring. Diesel is hitting new records daily and oil closed at an all-time high on Tuesday of $100.88 a barrel.

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Chavez Threatens to Halt Oil Sales to US

President Hugo Chavez on Sunday threatened to cut off oil sales to the United States if Exxon Mobil Corp. wins court judgments to seize billions of dollars in Venezuelan assets.

"If the economic war continues against Venezuela, the price of oil is going to reach $200 (a barrel) and Venezuela will join the economic war," Chavez said.

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