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Running out of oil, my ass!

The corporatocracy is selling you the myth of "peak oil" and oil "scarcity". It's all about justifying gluttonous profits and robbing consumers at the pump.

Will the oil disaster in the Gulf Of Mexico spark even higher prices? You bet it will. Washington is banning any new drilling in the Gulf of Mexico for six months and delaying several projects off Alaska.

“The ultimate outcome, we believe, will be slower development of deep water prospects and higher costs, supporting higher oil prices in the longer term,” said Helen Henton of Standard Chartered Bank.

The Gulf of Mexico accounts for 19 percent of US oil reserves, of which most lie in deep water, and contributes 29 percent of US national oil production, she added.