The Iraqi government owned South Oil Company said they are about to increase oil flow from a new floating oil platform in the Persian Gulf.

The new platform is one of four to be built by an Australian company.  Each platform can flow 22,000 barrels per day.  Recently the Iraqi government said their oil production hit three million barrels per day.  This backs up the CEO of Exxon Mobil who said there is plenty of oil in the supply system.

Another proof of plenty of oil in the system; North Dakota has passed up California, as the number three oil producing state in the U.S.

Most of the oil in North Dakota comes from the controversial fracking of shale oil.  In January 2012 North Dakota’s oil production hit 546,500 barrels per day. That’s a 59% increase from January 2011!  By the way, crony capitalist Mitt Romney has hired a CEO, of one of the companies working the oil fields in North Dakota, to be his energy adviser.

Western media blaming recent increase in oil prices on Greek bailout news.  They say prices went up because (once again) a new deal has been reached, on the old deal.  It’s strange ’cause the media sometimes blames an oil price increase on the Greek deals being held up or falling through.

By the way, the Western media hasn’t really explained why the so called Greek debt problem is affecting oil prices.  Greece is not a oil producing country, and they don’t use that much petroleum compared to bigger European countries. In fact, Greece gets a lot of oil from Iran.  Maybe that’s it, they don’t want to play the sanctions game, along with my speculation about their non-compliance with Leviathan.

Western media also blaming reduction of Iranian oil bound for Europe on the price increase.  One Western source even said it was proof the oil sanctions against Iran are working.  One problem with that; Iran says they’ve made up for their cuts (note: “their” cuts, not the sanctions imposed by U.S./Europe) to Europe by increasing sales to other countries.  So who’s really getting hurt by those sanctions?