Oil price reaches 1-year high amid fears of political tension in Venezuela
The price of US light crude slightly exceeded USD 37 a barrel in morning trading and US refiners are preparing contingency plans because of possible disruption in Venezuelan supplies. Venezuela is the third largest producing member of OPEC.
They and several other OPEC producers are planning reduced output effective 1st April and with the increasaing competition for supplies from China, now the world's second-largest consumer of oil, I wonder if this is only the beginning of a period of major increases in energy costs. Maybe it really is time for me to go live in a warmer climate.