Tuesday, June 15, 2004

Labor Unions called an end to a three day long general strike that halted oil production in Nigeria, Africa's largest producer of crude. The strike as were other protests in Beirut and Los Angles was in response to rising gas prices. The Nigerian government complied with labors demands, lowering prices at the pumps. Global markets breathed a sigh of relief which may prove to be short lived now that sabotage of Iraqi oil pipelines has cut oil exports by over two-thirds. On top of that offshore oil workers in Norway are threatening to strike on Friday over a pension dispute.