Country - Barrels per day - Share of world %

Arab League - 24,171,503 - 29.71%

1 Russia - 10,540,000 - 12.01%

2 Saudi Arabia - 8,800,000 - 10.06%

3 United States - 7,800,000 - 8.91%

4 Iran - 4,172,000 - 4.77%

http://en.wikipedia.org/wiki/List_of_countries_by_oil_production

Of oil

Mine is why the relatively smaller scale of Iranian exports should effect markets so much?

TEHRAN -- Iran is flush with huge oil reserves and cash, but a refinery shortage leaves it heavily dependent on imported gasoline and diesel to keeps its cars and trucks rolling.

That's one reason the country -- already beset with economic troubles -- is desperate to avoid UN sanctions over its
nuclear program.

``Oil is where Iran is most vulnerable," said Behzad Nabavi, a former lawmaker who also headed a state-directed oil
company, Petropars. ``It's one of the great economic paradoxes."

http://articles.boston.com/2006-06-01/news/29247574_1_iran-imports-behzad-nabavi-islamic-revolution



Apparently, Gruenspecht, and the other powers that be will say anything to obfuscate that it IS SPECULATION, that is keeping gasoline so high. That and it is a openly colluding cartel jamming the high prices up our collective asses for record profits, zero taxes, and record subsidies.

and is rarely (very, very rarely) done by taking physical delivery of the commodity. Put and call options have no effect whatsoever on the price of oil. Oil companies keeping tankers offshore and delaying deliveries can directly affect the supply of oil and therefor prices. Oil companies can also be purchasers of options and at the same time manipulate the market. It's the oil companies that are the crooked speculators and we give them tax breaks and subsidies to boot.

I believe he's fruitier than a nutcake.