Local oil producers keeping an eye on Iraq and Venezuela

Monday, April 8th 2002, 12:00 am
By: News On 6

The reason for higher gasoline prices can partially be blamed on the happenings in the Middle East. Monday, Saddam Hussein announced that Iraq will cut all of its oil exports for 30 days. The move caused an immediate spike in oil prices.

Tulsa oil producer Dewey Bartlett says the industry is also keeping a close eye on all the power struggles in Venezuela. "Something could be going on down there, if they were to have a coup or something crazy like that, well that would certainly disrupt the world's oil markets."

Iraq has cut off oil exports until Israel withdraws its troops from Palestinian towns.

Dewey Bartlett runs Keener Oil in Tulsa.