NEW YORK, July 22- Oil prices settled lower on Friday, losing 4 percent on the week, after the fourth weekly rise in the U.S. oil rig count added to worries about a global crude glut. More than ample inventories and upcoming refinery turnarounds and maintenance have the bulls on the defensive, "said Pete Donovan, broker at Liquidity Energy in New York. » Read More
Reports of police firing on protestors in the Saudi Arabian city of Qatif evoke a possible nightmare scenario for the disruption of oil from a country that sits atop the world's largest proven oil reserves.
The unrest in the Middle East is coming in waves. The tidal wave it has created at the pump is taking a big bite out of consumers wallets. We hear about our nation's untapped oil reserves but with the "no new wells" policy there is no hope it can be explored.