April 22, 2012, South Sudanese military officials say they’ve withdrawn forces from Sudan’s Heglig oil fields.

U.S. puppet South Sudan took the Heglig oil fields on April 10, claiming Sudan was using the fields as a military base (gee, if they were it wouldn’t have been so easy to capture them).

On Friday, April 20, Sudan claimed they liberated the oil fields.  But now, April 22, Sudan has invaded South Sudan.  There are reports that Sudanese forces launched at least three attacks, as far as nine kilometers (six miles) into South Sudan’s territory.

The Spanish company Repsol is exploring for oil and natural gas off Cuba’s north coast. However they say progress has been slow.

It’s estimated that just off the Cuban coast line there is at least 5 billion barrels of oil and 10 trillion cubic feet of natural gas.  So far attempts to get at it haven’t paid out.

Mexico has made it clear that its PEMEX oil company wants to be part of any Cuban oil production.

The irony is that Cuba is supporting Argentina’s nationalization of Respol’s operations in the South American country.

April 20, Cuba announced its support for Argentina’s nationalization of Respol YPF.  YPF was originally a state owned company anyway.  Venezuela, Nicaragua and several other Latin American countries support the move.

While Mexico wants in on Cuban oil, it opposes the Argentine nationalization of Respol YPF.

The reason Argentina nationalized its YPF oil production is that the privatized oil industry spent most of its profit on paying off stockholders, the result was an oil industry that fell behind in production, to the point that Argentina now has to import oil!

During the 1990s, Argentina privatized their oil industry.  The obsession with profits at any cost resulted in Argentina being left without enough of its own oil for its own use, which cause fuel prices to skyrocket: “That led to a lack of reinvestment in utilities, little exploration and dwindling reserves, as oil fields dried up and productivity fell.”-Eduardo Fernandez, oil industry consultant

That’s Corporate America and Corporate Europe for you!

In the United States, oil traders are hoping a reverse flow from the Seaway pipeline will increase the price per barrel of oil!

On May 17, a glut of oil from Cushing, Oklahoma, will begin flowing through the pipeline to the Gulf of Mexico.  U.S. oil traders say the bottle neck of oil in Oklahoma is one reason U.S. oil prices are low (if you call $100 per barrel low).  They hope that by getting the oil to the Gulf of Mexico, and therefore to the world oil market, that the price of U.S. oil will go higher!

A week ago India had become the number one buyer of Iranian oil.  Now, Indian officials say they’ve had to cut back because of the high price of oil: “Of course, the high price of oil has caused immense problems for the Indian economy…But actually we have to pay the average price of $100-115 per barrel…”-Pranab Mukherjee, Finance Minister of India

India is currently buying 14 million metric tons of oil from Iran (the report didn’t specify if that was per day, week or month). Indian officials said they had hoped oil would be at $90-95 USD per barrel by now.