Oil

Once upon a time, with oil prices climbing up near $4, the US would have reacted to this, but with the loss of stature and influence in Latin America and the world and the US tied down in Iraq, there are no resources left to throw at this problem.

President Hugo Chavez's government took over Venezuela's last privately run oil fields Tuesday, intensifying a power struggle with international companies over the world's largest known single petroleum deposit.

This is what happens in the vacuum when an empire overextends.

(Side Note: Venezuela mostly has very "dirty oil" which involves a lot of high tech processing and refining, so it's not just a matter of them taking over. However, if another major force such as the Chinese partnered with them, they can get around that.)

Also, although 15,000 bpd is relatively small potatoes, the news that the Nigerian Delta Militia's continuing violence has gotten Chevron to shut down a facility shows that the MEND is getting more effective.

Gasoline is now nearing post Katrina highs and looks to go past them into the summer.