MSNBC is reporting that oil prices rebounded Friday from the previous session’s steep drop, fueled by supply concerns after a Nigerian militant group reported that it sabotaged another oil pipeline.

Oil prices had initially extended Thursday’s decline of more than $2 a barrel, with a stronger U.S. dollar prompting investors to book profits. But after oil dipped below $115 a barrel, news of the new threat to supplies put it back on the upward track.

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Sounds like a familiar theme doesn’t it?  Spread the fear of a threat to production, and the prices just keep going up. Nigeria ships some 1.23 million barrels a day. Shell Oil shuts in 170,000 barrels (temporarily). Just enough to move prices up. Everyone has this figured out but the consumers. We need to start slowing the consumption down significantly in the short term to pull the prices back. It’s the only thing oil companies will understand.

One glimmer of hope is a potentially huge find off the coast of Brazil:

Potentially huge Brazilian oil deposits good news for fuel supply

Now if we can just not invade them…

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