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http://www.vheadline.com/readnews.asp?id=22240

In this week's issue of INTERNATIONAL FORECASTER, editor Bob Chapman writes: (US presidential candidate) John Kerry has attacked Venezuela‚s elected president saying, “that he is a dictator … he is breaking the rules of Democracy, etc.‰

If so, then what is Mr. Kerry‚s view of “democracy‰ … is it to be in the service of transnational corporations.

This also means Mr. Kerry will not stay neutral on free elections if the candidate does not do as Kerry or Bush tell him to do. He, like Bush, supports democratic opposition via economic and moral … or if you may, immoral force.

There has been the veiled threat of withholding aid and business if the US-selected candidate failed to win.

John Kerry is America‚s richest Senator and a skillful maneuvered in the lobbyist game. His values do not include the poor or middle classes … only the rich. If you dislike George W. Bush, you hate John Kerry … that is why you should vote for a third party candidate.

In this week's financial newsletter, Chapman also says that Venezuela‚s Energy Minister, Rafael Ramirez has said that the Venezuelan government may suspend oil shipments to the USA in case of an eventual conflict or aggression … he said the suspension of oil supply is his country‚s right.

Venezuelan officials reacted sharply to a decision by George (W. Bush) and the neocons ruling via the Overseas Private Investment Corp (OPIC) which ruled that the Venezuelan state oil company had “expropriated” assets belonging to San Diego based Science Applications International (SAIC) …Venezuela is the USA‚s 5th largest exporter.

OPEC is operating at 95% of capacity and can do very little to further suppress oil prices by increasing the volume of production.

China‚s crude imports hit a record 2.8 million barrels a day in June as China built inventories … that is 47% above June 2003 imports while first half imports rose 39% above the first half of 2003. It is expected US consumption will rise 800,000 barrels a day (bpd) this year to over six million bpd.

China‚s growing military influence is driving it to create a strategic Petroleum Reserve even larger than that of the US … they are building refineries and the West is not. Both China and Japan are making new deals; China with Iran and Japan with Russia. The US has now fallen behind China in many commodity markets.

China is now the pace setter for many commodities, including copper, iron ore, aluminum and platinum .. their economic take-off and new role in the global-commodity market has occurred so quickly that the US and other countries have not yet fully come to terms with it.

Meanwhile Russia's Yukos says it is about to stop oil shipments outside the country … the most affected will be China … the world‚s 2nd, largest oil consumer. The week of August 1 should herald the termination of Yukos oil to China and elsewhere outside Russia.

You add the above to Venezuela‚s recent announcement that “there is a cost to American destabilization efforts in Latin American geopolitics and that is why we may suspend oil shipments to the US‰ and you have the makings of real problems.

The DOE reported a 1.2 million barrel rise in crude supplies for the week ended 7/23/04 for a total of 300.5 million barrels. API reported a 3.1 million-barrel fall to 298.7 million barrels. We believe the API figures. Refinery utilization was around 97%. Gasoline supplies were down 700,000 barrels to 207.7 million barrels. Distillate stocks rose 700,000 barrels to 119.1 million barrels. The problems at Yukos are likely to hit heating oil hardest. The current rally in oil has to drive natural gas prices higher.

US oil demand rose by 3.1% in the second quarter from the same period of 2003, the fastest rate for any three-month period in more than three years. Jet and diesel led demand. That is 20.3 million barrels a day.

THE INTERNATIONAL FORECASTER
P. O. Box 510518, Punta Gorda, FL 33951
International_forecaster@yahoo.com

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