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Iran receives the majority of its foreign currency earnings through oil exports and has vehemently resisted calls from consumer countries like the United States for a hike in the OPEC output quota.

The Islamic republic has also been at odds with the West over its nuclear programme, which it says is only aimed at producing electricity but the West fears could be used to produce nuclear weapons.

Oil prices struck record highs above 147 dollars earlier this month, boosted by weakness in the US dollar and simmering tensions over the nuclear standoff.

Iran, which borders the Gulf and the Strait of Hormuz through which around 40 percent of the world's oil supply crosses, has not ruled out blocking the passage in case of an attack.

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PENSACOLA, Fla. (AP) -- Oil companies once viewed drilling in the deep waters off Florida as cost prohibitive. Politicians feared even the slightest sign of support would be career suicide.

No more. Record crude oil prices are fueling support for oil and natural gas exploration off the nation's shores. In Florida, movement was underway even before President Bush called on Congress last month to lift a federal moratorium that's barred new offshore drilling since 1981.

The early activity here stems from a 2006 Congressional compromise that allows drilling on 8.3 million acres more than 125 miles off the Panhandle - an area that had been covered by the moratorium, which was enacted out of environmental concerns. In exchange, the state got a no-drilling buffer along the rest of its beaches.

Florida may turn out to be a prelude for other coastal states. If oil or natural gas deposits are found in the newly opened region, experts say it could further the push to explore other once-protected areas everywhere. It also could be a rallying point for critics, who say the new exploration isn't a license to expand exploration.

With gas topping $4 a gallon, recent polls show Americans, Floridians included, more supportive of drilling in protected areas. Some politicians - including Gov. Charlie Crist - have switched sides.

"We think the public is way out ahead of the politicians on these issues. People are more open to (offshore drilling) now," said Tom Moskitis, spokesman for the American Gas Association, a trade group.

At the same time, oil companies, driven by the record energy price, are more willing to risk $100 million or more to begin exploring new regions. The Interior Department estimates there could be 18 billion barrels of oil and 77 trillion cubic feet of natural gas beneath the 574 million acres of federal coastal waters that are now off-limits.

Drilling activity off the Florida Panhandle has started and sputtered for decades. Some companies had leases to drill off the Panhandle before the 1981 moratorium. They were grandfathered in when the moratorium passed because they were already actively exploring in their lease areas. They continued their activity off and on into the early 1990s.

In March, four companies - Australia-based BHP Billiton Petroleum Deepwater Inc., Houston-based Anadarko E&P Co., Shell Offshore Inc. and Italian oil and natural gas company Eni SpA - purchased leases on 36 Gulf of Mexico tracts under the 2006 compromise.

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About Jay Hawk Resources LLC: Orlando Garcia, a Miami engineer, didn't even look at the TV screen as it broadcast a Norwegian Cruise Lines ad at the Shell station on a recent workday. He was too busy pumping $75 into the tank of his Range Rover.

"It doesn't bother me, but I'm not really paying much attention to it," shrugged the 37-year-old Garcia, a Miami engineer. "$4.15 gas, now that bothers me."
Jay Hawk Resources LLC - oil and gas investments
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The widely watched government report also showed U.S. oil products demand running 2.0 percent below year-ago levels, another sign that soaring prices are cutting into consumer demand for fuel, and as the U.S. economy was going through a rough ride.

Adding to pressure on oil prices, a senior U.S. official said on Tuesday the United States planned to send an envoy for talks this weekend between Iran and major powers over Tehran's nuclear program.

Jay Hawk Resources LLC - Oil and Gas Industry
Jay Hawk Resources - Oil and Gas Industry: Petrobras, one of the world's largest oil companies that pumps an average 1.6 million barrels of crude a day, said it has enacted a contingency plan to ensure output is not affected by the work stoppage.

Oil prices early this week soared in part because of the strike, but have retreated since then. However, analysts and investors are watching the strikes closely because they could still affect international petroleum prices.

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TV programming at the pumps varies by location and provider. PumpTop TV, for instance, provides real-time traffic maps, local sports scores, headlines and weather. Fuelcast carries trivia and NBC content. Gas Station TV broadcasts CBS programming and carried an American Idol-type search earlier this year for a host who will anchor some segments. All offer heavy rotations of 15-second ads — oil companies are staple advertisers — and all pump "networks" say they will roll out more screens in new markets later this summer. None have released revenue figures, but all say they are growing. These companies pay gas station owners "rent" in exchange for placing the flat screens above the pumps, and the retailers also can advertise specials or products inside the convenience store. http://www.jayhawkresourcesllc.com/about_jay_hawk_resources_llc.html http://www.jayhawkresources.com/about_jay_hawk_resources.html http://www.jayhawkresources.com/contact_jay_hawk_resources.html http://www.jayhawkresourcesllc.com/ http://www.jayhawkresources.com/ http://www.jayhawkresourcesllc.com/contact_jay_hawk_resources_llc.htmlhttp://www.jayhawkresourcesllc.com/services_jay_hawk_resources_llc.html http://www.jayhawkresources.com/services_jay_hawk_resources.html

24.7.08 22:50

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