LIBYA ON THE BRINK OF collapse, political and economic turmoil in Venezuela, a pipeline contamination crisis in Russia, renewed economic sanctions on Iran, declining production in Mexico and Kazakhstan – a bevy of supply disruptions from North America to North Africa to Asia should be driving crude oil and gasoline prices to new highs, especially at the height of the U.S. summer driving season. Yet while worldwide oil production was down 2% through the first quarter of this year from a recent peak of 84 million barrels per day last October, Brent crude oil – the benchmark for the global oil market – on Tuesday ... (full story)