Crude oil prices have climbed in the last 48 hours. But at around $97 a barrel the black goo is still down $50 from its all-time highs of July.

Energy and oil expert Byron King says this fall seems less severe when put in a longer-term perspective; crude oil prices are still up around $20 from this time last year.

Byron says a terrible outlook for the US dollar and dwindling supply will ensure oil remains on a long-term uptrend…

Mexico is the seventh-largest oil producer in the world. Petroleos Mexicanos, known as Pemex, is the country’s state-owned oil company.

Pemex pumps out more oil each year than Exxon Mobil. It pays for 40% of Mexico’s federal spending. And thanks to lack of investment, high taxes, corruption, anti-competition laws, Pemex is headed for collapse.

The bottom line, says Justice Litle in Taipan Daily, is that Mexico’s oil fields are running dry.

For 16 days, they blockaded the halls of congress. For 16 days, they chanted in the streets. Until finally, victory was theirs… the bill was struck down, the enemy bested.

Venezuelan President Hugo Chavez said a few months ago that if the United States invades Iran, we could expect to see oil at $200 a barrel. With oil already approaching the $120 mark, we may get there even without invading Iran.

In the energy market Thursday, crude for May delivery edged slightly lower, closing at $114.86/barrel, down just 7 cents. May reformulated gasoline gained 1.88 cents, to $2.9578/gallon.

In the energy market Tuesday, crude for May delivery rocketed to a new high, closing at $113.79/barrel, up $2.03. May reformulated gasoline gained 5.92 cents, to $2.881/gallon.