That's correct. As I understand there is sooo much crude out there with land based storage full, oil is being pumped into ships at port and then not going anywhere. This is why even with OPEC cutting - oil keeps sinking. I've been thinking of a way the US could topple Hugo with the current oil situation. All the US needs to do is STOP buying oil from VZ. There is more than enough lowcost suppliers out there with better oil that produces more products at less cost. One or Two months of NO sales, NO revenue, NO $$$ for running VZ and Hugo would know what a real revolution is. He can't sell it anyplace else with no refineries to handle the Extra Heavy crude other than the US. Why hasn't the US embarked on this policy within the past month. $35/B oil world wide has turned the playing field upside down. The greedy oil producing countries are getting hurt very badly because that's all the produce. The industrialized countries are back to profits at the expense of the Bad guys. It's beauutiifuul. The Cherry on Top is eliminating the dictatorships in VZ, Iran, Russia, Nigeria ETC. and the US doesn't need to invade - perhaps supply some weapons, but the indigeonus people will take back their countries. Now that's what I would call Great Foreign Policy. Unfortunately our Congress. led by Pelosi & Reid, is more interested in the micro infighting, Bush can't wait to go chop wood, Nobama is consumed with looking in the mirror and saying "I did IT" and all of industrialized Europe is munching on Brie and drinking Mouton de Rothschild. This could be a Pivitol turning point in global economic's and the NitWits in DC and Europe can't see it.