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Keyword: energy

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  • Exclusive: Iran wants euro payment for new and outstanding oil sales - source

    02/07/2016 9:36:26 AM PST · by BenLurkin · 15 replies
    rueters ^ | 02/05/2016 | Nidhi Verma
    Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros and is billing new crude sales in euros, too, looking to reduce its dependence on the U.S. dollar following last month's sanctions relief. A source at state-owned National Iranian Oil Co (NIOC) told Reuters that Iran will charge in euros for its recently signed oil contracts with firms including French oil and gas major Total, Spanish refiner Cepsa and Litasco, the trading arm of Russia's Lukoil. "In our invoices we mention a clause that buyers of our oil...
  • THE JACKI DAILY Show! Listen live at 2PM Eastern!

    02/07/2016 10:16:40 AM PST · by RaceBannon · 1 replies
    The Jacki Daily Show ^ | 2/7/16 | The Jacki Daily Show
    THE JACKI DAILY Show! Listen live at 2PM Eastern! Now playing also on station KWEL in Midland-Odessa! The host of the Jacki Daily show has had an impressive career in energy, law, and politics.Most recently, Jacki served as General Counsel to an engineering firm specializing in energy, national security and environmental cleanup. Previously, she served many years as legal counsel on Capitol Hill to the Chairman of the Subcommittee on the Constitution and the former Ranking Member of the Commercial and Administrative Law Subcommittee, advising on the oversight of federal agencies. Prior to her career in Washington, she worked as...
  • The U.S. Could Switch to Mostly Renewable Energy, No Batteries Needed

    02/07/2016 8:37:18 AM PST · by Lorianne · 62 replies
    Smithsonian ^ | 25 January 2016 | Sarah Zielinski
    The United States could lower carbon emissions from electricity generation by as much as 78 percent without having to develop any new technologies or use costly batteries, a new study suggests. There’s a catch, though. The country would have to build a new national transmission network so that states could share energy.“Our idea was if we had a national ‘interstate highway for electrons’ we could move the power around as it was needed, and we could put the wind and solar plants in the very best places,” says study co-author Alexander MacDonald. Several years ago, MacDonald was curious about claims...
  • North Dakota governor orders cuts amid $1B budget shortfall

    02/07/2016 7:56:44 AM PST · by Lorianne · 5 replies
    Philly.com /AP ^ | 02 February 2016 | James MacPherson
    BISMARCK, N.D. - Gov. Jack Dalrymple on Monday ordered deep cuts to government agencies and a massive raid on state savings to make up for a more than $1 billion budget shortfall due to depressed crude prices and a drop in oil drilling. North Dakota had more than $2 billion in various reserve accounts just one year ago, but oil prices - a key contributor to the state's wealth - have taken a nosedive in the last year. The legislature's record-high $14.4 billion budget for the two years that began July 1 was built on oil prices and economic assumptions...
  • $100 Trillion Up in Smoke

    02/07/2016 7:52:26 AM PST · by Lorianne · 15 replies
    Mauldin Economics ^ | 06 February 2016 | John Mauldin
    If energy powers the world, then whoever owns that energy must have power over the world. That’s certainly been the case for the last century or two. Ownership of our primary energy source, crude oil, is what made billionaires of John D. Rockefeller, H.L. Hunt, and assorted Middle Eastern kings, emirs, and sheikhs. Oil in the ground is wealth only on paper – you may own that oil, but it earns you nothing until you recover and sell it. Yet paper wealth is still wealth. It goes on your balance sheet as an asset that you can sell. You can...
  • Hillary Clinton Says Banning Fossil Fuel Extraction on Public Lands a 'Done Deal'

    02/06/2016 10:18:17 PM PST · by Cincinatus' Wife · 37 replies
    Washington Free Beacon ^ | February 6, 2015 | Ali Meyer
    Hillary Clinton said that banning fossil fuel extraction on public lands is a 'done deal,' the Hill reported. After Thursday night's Democratic debate in New Hampshire, an activist with the green group 350 Action asked Clinton whether she would support banning hydraulic fracturing if she were elected. While Clinton said the president doesn't have the authority to do that, she did say that supporting a ban on fossil fuel extraction on public lands was a done deal. "President Obama's Interior Department in January said it would halt new leases for coal mining on federal land while it figures out how...
  • A guide to what Ted Cruz wants to abolish, bar or change

    01/18/2016 8:50:12 AM PST · by Isara · 69 replies
    Washington Post ^ | January 18, 2016 | Katie Zezima
    ...U.S. Embassy in Tel Aviv The U.S. Embassy in Israel is currently in Tel Aviv. Cruz wants to move it to Jerusalem, Israel's "once and eternal" capital.Commerce DepartmentIn a piece for the National Review, Cruz said shuttering the department would "close the congressional cookie jar" and promote free trade.Education DepartmentAnother standard line from Cruz: "U.S. Department of Education, which should be abolished." Cruz is a states' rights guy -- he wrote his college thesis on the 10th Amendment -- and wants to give control of schools to states or localities....Energy DepartmentCruz has said the country needs an "energy renaissance." .......
  • Backbone | Jeb Bush

    02/05/2016 10:34:01 PM PST · by ObamahatesPACoal · 34 replies
    Youtube ^ | Feb 3, 2016 | Jeb Bush
    Do you want a president who has a backbone?
  • Barbara Bush on Donald Trump: 'I'm sick of him'

    02/05/2016 5:49:52 PM PST · by ObamahatesPACoal · 82 replies
    KXLH ^ | Ashley Killough
    Jeb Bush has suggested in the past that his blunt, outspoken, 90-year-old mother has strong opinions about Donald Trump. Sitting next to the former first lady in a joint interview with CNN Special Correspondent Jamie Gangel, Bush cautioned his mom when she was asked what she really thinks about the real estate titan. "Be careful," Bush murmured to his mom. Barbara Bush initially declined to show her true feelings about Trump, the man who's been tearing into her son for more than six months as someone who's "dumb as a rock" and "low energy." But then she changed her mind....
  • Obama to propose $10-a-barrel oil tax

    02/05/2016 4:28:38 PM PST · by 2ndDivisionVet · 46 replies
    The Politico ^ | February 4, 2016 | Michael Grunwald
    President Barack Obama is about to unveil an ambitious plan for a "21st century clean transportation system." And he hopes to fund it with a tax on oil. Obama aides told POLITICO that when he releases his final budget request next week, the president will propose more than $300 billion worth of investments over the next decade in mass transit, high-speed rail, self-driving cars, and other transportation approaches designed to reduce carbon emissions and congestion. To pay for it all, Obama will call for a $10 "fee" on every barrel of oil, a surcharge that would be paid by oil...
  • Ted Cruz's Stunning Victory Over Iowa's Ethanol Cartel

    02/05/2016 1:30:16 PM PST · by BeadCounter · 13 replies
    Reason ^ | Feb. 5, 2016 | Shikha Dalmia
    If Donald Trump is the Tony Soprano of American politics, Ted Cruz is a less-affable version of Mr. Haney from Green Acres (Ok - not quite, but sort of! Do feel free to say, H&R readers, which movie character is a better fit with Cruz). But the only thing cleverer than Cruz's impression of Inigo Montoya in Princess Bride (and not the least because it irritates Billy Crystal and the insufferably self-righteous Mandy Patinkin so much) is the campaign strategy he devised in Iowa to defeat the ethanol cartel and win the primary, I note in my column at The...
  • Utah files lawsuit claiming feds' sage grouse conservation strategy is unlawful

    02/04/2016 7:02:30 PM PST · by george76 · 23 replies
    Deseret News ^ | Feb. 4 2016 | Ben Lockhart
    The Utah Attorney General's Office filed a lawsuit Thursday against the Department of the Interior and Department of Agriculture, claiming the agencies' strategy to disallow new mining on or near greater sage grouse habitats is a breach of "numerous federal laws and regulations." The lawsuit in U.S. District Court seeks an order voiding the federal government's land-use plan amendments submitted last year that would directly prohibit new hard rock mining on 233,300 acres in Utah. "The state of Utah claims that the 2015 federal plan amendments disregarded the hallmark of federal land management -- multiple use and sustained yield --...
  • Mining on 10 Million Acres in Six States Impacted by BLMs Proposed Withdrawal ( sage-grouse )

    10/10/2015 6:09:16 PM PDT · by george76 · 17 replies
    Western Mining Alliance ^ | October 9, 2015 | mucker
    On September 24, 2015, the federal Bureau of Land Management (BLM) published a Notice of Proposed Withdrawal (BLM notice), proposing to withdraw from mineral location and entry federal lands identified as sagebrush focal areas in Idaho, Montana, Nevada, Oregon, Utah, and Wyoming. The BLM notice commences a two-year temporary segregation period, prohibiting location and entry of new mining claims on BLM and U.S. Forest Service lands in these sagebrush focal areas. If the BLM decides to withdraw the area at the end of the segregation period, the withdrawal will last up to 20 years, but could be extended in the...
  • Why U.S. Shale Is Not Capitulating Yet

    02/04/2016 3:39:20 PM PST · by bananaman22 · 16 replies
    Oilprice.com ^ | 04-02-2016 | zero
    According to a report by the Bloomberg Intelligence analysts William Foiles and Andrew Cosgrove, Saudi Arabia may have its work cut out for it as it will be far harder to kill many U.S. E&Ps than analysts originally thought. The reason: a break-even model for the Permian Basin and Eagle Ford shows that oil production across five plays in Texas and New Mexico may remain profitable even when WTI prices fall below $30 a barrel, according to a 55-variable Bloomberg Intelligence model for horizontal oil wells. The Eagle Ford's DeWitt County has the lowest break-even, at $22.52, followed by Reeves...
  • Obama to propose $10 per barrel fee on oil

    02/04/2016 12:41:35 PM PST · by GreaterSwiss · 179 replies
    CNBC ^ | 2/4/2016 | Jacob Pramuk
    President Barack Obama will propose a $10 per barrel charge on oil to fund clean transportation projects as part of his final budget request next week, the White House said Thursday. The proposal would have difficulty clearing the Republican-controlled Congress. Oil companies would pay the fee, which would be gradually introduced over five years. The government would use the proceeds to fund high-speed railways, autonomous cars and other travel systems. "By placing a fee on oil, the President's plan creates a clear incentive for private sector innovation to reduce our reliance on oil and at the same time invests in...
  • Oil bears closing of $600 million triple-short fund bet seen adding to tumult

    02/04/2016 11:48:08 AM PST · by Lorianne · 5 replies
    Reuters ^ | 04 February 2016 | Anna Driver
    This week's roller-coaster ride in the global crude oil market was likely fueled in part by the sudden liquidation of a $600 million leveraged fund bet on falling prices, market sources said on Wednesday. Unknown investors in the VelocityShares 3x Inverse Crude Oil Exchange Traded Note (ETN) - which offers the ability to make a bearish bet on prices magnified threefold, with gut-churning ups and downs - bailed out early this week after jumping into the fund in January, ETN data show. Some 1.8 million shares worth more than $602 million were redeemed on Tuesday, the largest outflow from the...
  • Closing In: Russia, Iran, Assad "Encircle" Syria's Largest City As Peace Talks Collapse In Geneva

    02/04/2016 10:06:01 AM PST · by Nachum · 9 replies
    zero hedge ^ | 2/4/16 | tyler durden
    Back in October, we previewed the “promised” battle for Aleppo, Syria’s largest city prior to the war. By the time Russia began constructing an air base at Latakia, the city - which is immensely important both from a strategic and psychological perspective - was controlled by a hodgepodge of rebels and militants including al-Qaeda, the Free Syrian Army, and ISIS. As we noted four months ago, if Russia and Hezbollah manage to recapture the city, it would effectively restore the Assad government in Syria even if the east of the country is still controlled by Islamic State. In many ways,...
  • Shell shares up as it confirms 10,000 job cuts and falling profits

    02/04/2016 11:36:47 AM PST · by Lorianne · 1 replies
    BBC News ^ | 04 February 2016
    Royal Dutch Shell shares rose after it confirmed it would cut 10,000 jobs and a sharp fall in annual profits. Shell extended gains to 7% as it said it made $1.8bn (£1.23bn) for the fourth quarter, compared with a $4.2bn profit for the same period the year before. Full-year earnings have seen their steepest fall in 13 years, from $19bn in 2014 to $3.8bn last year. Royal Dutch Shell's chief executive, Ben van Beurden, said the company was entering a new phase: "The completion of the BG transaction, which we are expecting in a matter of weeks, marks the start...
  • Cadillac Is Killing Its Pricey ELR Plug-In Hybrid

    02/04/2016 1:36:32 AM PST · by Berlin_Freeper · 22 replies
    fortune.com ^ | February 3, 2016 | Tom Huddleston, Jr.
    Customers called it “the $75,999 Volt.” Cadillac has reportedly opted to cancel any plans to continue producing its ELR plug-in hybrid coupe after watching the luxury hybrid’s sales fall last year. According to Automotive News, Cadillac president Johan de Nysschen confirmed last week that the General Motors GM -2.46% division does not plan a follow-up to the first generation of ELRs that launched at the end of 2013. The trade publication noted that ELR sales dropped 22% last year to only 1,024 vehicles, as dealers complained about the car’s high price tag of nearly $76,000 (with shipping).
  • Cattle Deaths Spark Renewed Oil Drilling Controversy

    02/04/2016 8:06:56 AM PST · by bananaman22 · 19 replies
    Oilprice.com ^ | 04-02-2016 | Juli
    Following the mysterious death of seven cattle near an oil field in Kansas, public health authorities are investigating whether oil drilling could be the cause. In late December, seven dead cattle were found near an oil field in the Cimarron National Grassland, Kansas, and authorities believe that cows inhaled something toxic, prompting them to deny public access to the 2,500-acre Cimarron National Grassland until at least May. Six of the cattle were discovered together in a low-lying area, while a seventh was found a short distance away, with local veterinarians identifying the ingestion or inhalation of something toxic leading to...
  • <b> Same old, same old with Iran"hostages"</b>

    02/04/2016 12:40:29 AM PST · by Keyvan Salami · 1 replies
    keyvan Salami
    The so-called "Implementation Day" in the nuclear agreement sealed between the international community and Iran had a number of side-effects, with the release of four Iranian-Americans signaling the most important. These four innocent people were swapped for 7 Iranian regime elements held in detention in America. While this made a lot of noise in the United States and raised major criticism against the Obama administration, it is actually nothing new to those familiar with Iran's "hostage industry". The names of these four prisoners released on Saturday are Christian convert Pastor Saeed Abedini, former U.S. marine interpreter Amir Hekmati, Washington...
  • How Cruz Crushed Ethanol - "Hot d*mn!" a gentleman shouted from the back of the room.

    02/03/2016 11:23:25 PM PST · by Cincinatus' Wife · 95 replies
    February 3, 2016 | Eliana Johnson & Brendan Bordelon
    "There's an Iowa way of doing this, and the rest of the candidates did it the Iowa way," Majda Sarkic, a spokeswoman for the pro-ethanol group America's Renewable Future, told National Review days before the Iowa caucuses. All of the candidates except Ted Cruz, that is. In a highly unusual move for a man who sought, and ultimately won, the support of Iowa caucus-goers, Cruz didn't court, kowtow to, or bow down before King Corn. From the time they arrived in the Senate eyeing a presidential run three years ago, he and his advisers have known that his opposition to...
  • Iraq's about to plunge off a fiscal cliff — and the consequences could be dire

    02/03/2016 1:21:55 PM PST · by Lorianne · 14 replies
    Business Insider ^ | 02 February 2016 | Armin Rosen
    According to a Monday AFP report, Iraq is now selling oil at half of the country's apparent fiscal break-even price. Right now, Iraq is selling its oil at around $22 a barrel, half of what it would need to fetch for the country to be able to fund the upcoming year of government budgetary obligations, the report said.
  • Fundamentals For Oil Still Bearish, But Sentiment Is Shifting

    02/03/2016 1:11:36 PM PST · by bananaman22 · 4 replies
    Oilprice.com ^ | 03-02-2016 | esmionoestuyo
    Oil speculators spent the latter half of 2015 with an incredibly pessimistic view of the trajectory for oil prices. Speculators piled into short positions, pushing net-shorts to multiyear highs. But speculators are at a bit of a crossroads at this point. With oil down to $30 and below, a growing number of hedge funds and other major investors are starting to wonder whether or not the selloff has gone too far. To be sure, oil markets are still suffering from too much supply, but with so much production around the world unprofitable at today’s prices, a rally will have to...
  • Oil crash could kill Exxon's perfect AAA rating

    02/03/2016 12:57:04 PM PST · by Lorianne · 3 replies
    CNN ^ | 02 February 2016 | Matt Egan
    Only three American companies can brag of a higher credit rating than the United States government: ExxonMobil, Microsoft and Johnson & Johnson. Soon that elite group could shrink to just two. Standard & Poor's threatened on Tuesday to strip Exxon (XOM) of its perfect AAA credit rating. The ratings company placed Exxon on a negative credit watch, warning the oil giant's credit measures will remain "weak" through 2018 due to the dramatic plunge in oil prices. The world's largest publicly-traded oil company, Exxon could lose its AAA status within the next 90 days, S&P said. In addition to Exxon, S&P...
  • Dow jumps 150 as oil surges 8 pct

    02/03/2016 11:48:47 AM PST · by Citizen Zed · 10 replies
    cnbc ^ | 2-3-2016 | Fred Imbert
    U.S. stocks attempted a massive comeback on Wednesday as oil prices recovered. West Texas Intermediate gained about 8 percent higher in choppy trade after the Energy Information Administration said U.S. inventories rose by 7.8 million barrels last week. Crude prices briefly erased gains following the data release, but surged on a weaker dollar. The dollar traded 1.77 percent lower against a basket of currencies, with the euro gaining 1.5 percent against the greenback, as weak U.S. services data suggested another Federal Reserve rate hike seems more unlikely. "I ... believe oil will dictate stock prices," said Peter Cardillo, chief market...
  • GM Finally Puts Cadillac ELR Out Of Its Misery

    02/03/2016 9:47:36 AM PST · by jazusamo · 26 replies
    NLPC ^ | February 3, 2016 | Mark Modica
    Here's one that wasn't hard to see coming. General Motors has announced that it is ending production of the Cadillac ELR , which was essentially a gussied upChevy Volt at twice the price. You can call this one a mercy killing as the overpriced, pseudo-green, government-subsidized vehicle was doomed for failure as low sales figures reflected the lack of value offered by the vehicle. That failure was predicted here back in December of 2013 when the ELR was rolled out. As with the sales-challenged Chevy Volt, most of the media bought into the Cadillac ELR hype, calling it a...
  • Tesla's worst nightmare ... cheap gas

    02/03/2016 9:33:06 AM PST · by Signalman · 40 replies
    Tesla (TSLA) stock is down more than 25% so far this year. It hit its lowest level since February 2014 on Wednesday. Wall Street has grown increasingly skeptical about the company in recent weeks. Adam Hull, an analyst with European investment bank Berenberg, initiated coverage on Tesla Wednesday with a sell rating. Pacific Crest analyst Brad Erickson said in a report Tuesday that investors should "avoid" Tesla stock. He cited concerns about sluggish demand for the company's new Model X crossover. And even longtime Tesla bull Adam Jonas of Morgan Stanley, is suddenly feeling a little less optimistic about the...
  • When Obama carried out his Solyndra scam, he broke the same law that Martha Stewart went to prison

    02/03/2016 8:22:06 AM PST · by grundle · 18 replies
    wordpress ^ | September 8, 2012 | Dan from Squirrel Hill
    When Obama carried out his Solyndra con game, he broke the same law that Martha Stewart went to prison forbreaking In 2009 the Obama administration gave $535 million to Solyndra, claiming that it would create 4,000 new jobs. However, instead of creating those 4,000 new jobs, the company went bankrupt. It was later revealed that the company’s shareholders and executives had made substantial donations to Obama’s campaign, that the company had spent a large sum of money on lobbying, and that Solyndra executives had had many meetings with White House officials. It was also revealed that the Obama administration had...
  • BP to cut Alaska workforce by 13%

    02/03/2016 5:41:33 AM PST · by thackney · 8 replies
    Alaska Journal of Commerce ^ | 01/13/2016 | Elwood Brehmer
    BP is cutting 4,000 jobs worldwide and some of those reductions will be in Alaska. An intra-company email obtained by the Journal sent to BP Alaska employees Jan. 12 states that the company plans to reduce its total in state workforce by 13 percent. All employees should know their status by early spring and the majority of layoffs will be conducted by mid-year, according to the email. BP directly employs about 2,100 people and has another 6,000 contract workers in Alaska, based on the company's 2015 Alaska Hire report. The 13 percent reduction will come from the company's direct employees,...
  • Islamic State terrorists threaten oil wealth in Libya

    02/03/2016 5:32:47 AM PST · by thackney · 1 replies
    Trib Live ^ | Feb. 2, 2016 | WIRE REPORTS
    The Islamic State threatens to seize Libyan oil refineries -- and gain a major new revenue source -- as the terror group expands its presence in the war-torn country. Islamic State fighters have pushed toward critical port facilities near their Libyan stronghold of Sirte, according to a senior State Department official who was not authorized to talk publicly about the issue and asked not to be named. Secretary of State John Kerry said Tuesday that the United States and its allies have made progress against the Islamic State in parts of Iraq and Syria but are concerned the terrorist group...
  • Cruz victory threatens ethanol's power

    02/03/2016 5:29:35 AM PST · by thackney · 21 replies
    The Hill ^ | 02/02/16 | Devin Henry
    Ted Cruz's victory in the Iowa caucuses is casting doubt on the political potency of ethanol, an issue that had long reigned supreme in the Hawkeye State. Before Monday, every winner of the caucuses in both parties had supported the Renewable Fuel Standard (RFS). Opposing the mandate, it was long thought, would be political suicide in the state, which leads the country in the production of ethanol. But Cruz defied the trend, triumphing over the Republican field despite his support for phasing out the standard, which defines how much renewable fuel must be blended into traditional fossil fuels. It's an...
  • America's Power Plant Problem

    02/03/2016 5:27:00 AM PST · by thackney · 8 replies
    Pacific Standard ^ | FEB 1, 2016 | DANIEL J. MCGRAW
    More than 200 out of the 523 coal-fired power plants that were in operation five years ago are now closed or slated for closure. What should we do with them? The English Station coal-fired power plant sits on eight acres of land on Ball Island, a large chunk of property that nearly stretches from riverbank to riverbank in the middle of the Mill River in New Haven, Connecticut. The plant takes up pretty much the entire island, an old albatross of the industrial era surrounded by a chain link fence topped with razor wire. Though the plant stopped producing electricity...
  • S&P takes aim at energy companies

    02/03/2016 5:21:05 AM PST · by thackney
    Fuel Fix ^ | February 2, 2016 | Robert Grattan
    Standard and Poor's said Tuesday it had cut or was considering cutting the investment-grade credit ratings at 20 oil and gas giants, including Chevron Corp. and Exxon Mobil Corp. The ratings actions, which spanned integrated and independent producers, are an acknowledgement that $30 oil could shake the credit worthiness of even the largest oil and gas companies. Chevron's credit rating was cut one notch from AA to AA-. Exxon Mobil, which remains at the agency's highest credit rating of AAA, was put on notice its long-term credit rating was up for review. "We anticipate Chevron will significantly outspend internally generated...
  • Clinton rolls out energy efficiency plan - 1/3 reduction in energy waste in 10 years

    02/02/2016 10:29:57 PM PST · by Cincinatus' Wife · 40 replies
    The Hill ^ | February 2, 2016 | Devin Henry
    Hillary Clinton's presidential campaign Tuesday rolled out a plan to increase building energy efficiency standards as a way to cut emissions and save on energy costs. The plan, her campaign said Tuesday, looks to improve building codes, provide more information about buildings' energy usage and expand appliance energy labeling as ways to reduce energy consumption. The proposal would save households and businesses $70 billion, or $600 per household, annually if implemented, Clinton's campaign said, and reduce taxpayer spending on energy in federal buildings by $8 billion. Its goal is a one-third reduction in energy waste within ten years. The far-reaching...
  • PSEG Plans $1.6B in New Gas-Fired Projects

    02/03/2016 5:02:37 AM PST · by thackney · 5 replies
    Power Engineering ^ | 01/29/2016 | Power Engineering
    Public Service Enterprise Group Inc. (PSEG) is planning a $1.6 billion investment in new gas-fired projects in the coming years. PSEG Power President and COO William Levis tells Reuters the company is taking advantage of the "low gas-price environment" by building combined-cycle plants in Maryland and New Jersey. The company is also looking into building a new 500-MW gas-fired facility by summer 2019 at the site of its 383-MW coal plant in Bridgeport, Connecticut - the state's only coal facility - which PSEG has agreed to close in 2021.
  • Dow logs nearly 300-point loss as oil sinks below $30

    02/02/2016 2:24:13 PM PST · by John W · 21 replies
    marketwatch.com ^ | Februry 2, 2016 | Ellie Ismaildou
    Wall Street stocks ended sharply lower Tuesday as investors unloaded energy and financial stocks amid a selloff in crude-oil futures, which settled below $30 a barrel. The downdraft in energy shares and banks offset strong gains in Google parent Alphabet Inc.-which officially surpassed Apple Inc. to become the most valuable company in the world-toy maker Mattel, and fashion retailer Michael Kors. A fresh 5.5% slump in oil prices following a 6% slide Monday, weighed on energy companies' stocks. The energy sector had the worst performance of the S&P 500's 10 sectors, down 3.3%, followed by financials, declining 2.6%.
  • China announcing 400,000 steelworker job cuts

    02/02/2016 12:42:44 PM PST · by Lorianne · 42 replies
    World Socialist Website ^ | 01 February 2016 | Samuel Davidson
    Three million [more] workers in the steel, coal, cement, aluminum and glass industries are expected to lose their jobs in the next few years as these industries seek to cut production by 30 percent.
  • BP makes record loss and axes 7,000 jobs

    02/02/2016 1:10:01 PM PST · by Lorianne · 20 replies
    Guardian UK ^ | 02 February 2016 | Terry Macalister
    BP is to axe another 7,000 jobs after reporting an annual loss of $6.5bn (£4.5bn), the worst in its history. Shares in the oil company dived 8.6% to 335p by the end of trading on Tuesday, wiping almost £6bn off the stock market value of the business, and helped drag down the wider FTSE 100 index of leading shares in London. The poor financial performance of BP, followed by a 68% fall in quarterly profits from rival Exxon Mobil in the US and further weakness in the price of crude, depressed stock markets on both sides of the Atlantic on...
  • It Can Be Done - The anti-ethanol candidate wins in Iowa

    02/02/2016 12:36:43 PM PST · by Citizen Zed · 20 replies
    Weekly Standard ^ | 2-2-2016 | DAVE JUDAY
    For nearly three decades, politicians, pollsters, and pundits have considered support for ethanol a litmus test for legitimacy in Iowa presidential politics. Former Vice President Al Gore, who won the Iowa Democratic caucuses in 2000, famously explained the strategizing over ethanol policies that has occurred in many campaign war rooms over the years: [First-generation ethanol I think was a mistake. . . . One of the reasons I made that mistake is that I paid particular attention to the farmers in my home state of Tennessee, and I had a certain fondness for the farmers in the state of Iowa...
  • Ted Cruz: How U.S. must push back Putin in Syria (Cruz-Op Ed- CNN)

    10/09/2015 9:49:11 AM PDT · by VinL · 104 replies
    CNN ^ | 10/9/15 | Sen. Ted Cruz
    Over the last week, the world has once again looked on aghast as President Vladimir Putin has taken violent advantage of regional instability to re-establish Russia's influence, this time in the Middle East. Despite promises to join the United States in a counterterrorism effort against ISIS in Iraq and Syria, Putin is on a mission to protect Russian assets in the Mediterranean by propping up his client, Syrian President Bashar al-Assad. Ted Cruz Ted Cruz Meanwhile, the Obama administration has been caught flat-footed as Putin's actions threaten to inflame and destabilize an already acute crisis. Enough already. We don't need...
  • CRUZ: We Have No Business Getting in the Middle of the Syrian Civil War; Goal Should be to Defeat...

    10/08/2015 3:02:26 PM PDT · by Isara · 32 replies
    TedCruz.org ^ | 10/08/15
    ICYMI: CRUZ: We Have No Business Getting in the Middle of the Syrian Civil War; Goal Should be to Defeat ISIS Speaks with WRKO’s Jeff KuhnerHOUSTON, Texas – Today U.S. Sen. Ted Cruz, R-Texas, spoke with The Kuhner Report regarding the Obama administration’s disastrous foreign policy, the 2016 presidential race and the President’s decision to politicize the tragedy in Oregon.Below is an excerpt. Listen to the full interview here:Ted Cruz on the Kuhner Report (Audio)“I think it would be a mistake to get involved in the Syrian civil war. There have been voices in Washington eager for us to send...
  • Cruz Draws First Blood

    02/02/2016 6:24:54 AM PST · by Biggirl · 47 replies
    Breitbart.com ^ | February 2, 2016 | Ben Shapiro
    On Monday, Senator Sen. Ted Cruz (R-TX) performed the singular feat of simultaneously proving that a Republican can win Iowa without backing the ethanol boondoggle, and toppled The God Who Does Not Bleed, Donald Trump. Meanwhile, Senator Sen. Marco Rubio (R-FL) finished stronger than expected, beating poll estimates by six percentage points; Trump finished more than four percent below expectations, while Cruz finished nearly four percent above expectations.
  • Oil-Price Poker: Why the Saudis Won’t Fold ‘Em

    02/02/2016 9:08:36 AM PST · by DUMBGRUNT · 8 replies
    Wall Street Journal ^ | 31 jan 2016 | SPENCER JAKAB
    Don’t underestimate the impact of Middle East politics... The game being played in the global oil market today bears more than a passing resemblance to poker. Nobody wants to quit while they’re losing... Russia, meanwhile, is pumping the most crude ever, hitting a post-Soviet Union peak. But it may have difficulty maintaining today’s pace given a lack of investment in its aging Siberian fields... In other words, Russia is holding weak cards and the Saudis know it... The newest players at the table are U.S. shale producers. They helped the U.S. to increase output by 80% between 2008 and 2014...
  • Here’s How Anti-Ethanol Cruz Beat Trump In Corn Country

    02/02/2016 8:47:21 AM PST · by justlittleoleme · 42 replies
    The Daily Caller ^ | 02/01/2016 | Michael Bastasch
    Republican Sen. Ted Cruz managed to snag Iowa’s heaviest corn-producing counties despite his opposition to federal mandates and subsidies for ethanol. Does this mean King Corn’s days are numbered in the Hawkeye State? Cruz snatched victory from challenger business mogul Donald Trump Monday night, but what’s most interesting is Iowa counties that grow the most corn supported the Texas senator despite his opposition to ethanol subsidies — ethanol is mostly made from corn.-snip-Trump also jumped on Cruz for his opposition to ethanol, warning Iowans Cruz would “destroy” the industry if he wins Monday night’s caucus.“He will destroy your ethanol business...
  • Russian air strikes are targeting CIVILIAN oil tankers and allowing ISIS (truncated)

    02/02/2016 7:47:35 AM PST · by BeadCounter · 17 replies
    London Daily Mail ^ | 2 February 2016 | By Gianluca Mezzofiore For Mailonline
    Russian warplanes in Syria are targeting civilian oil refineries and trucks while deliberately ignoring ISIS facilities to allow the extremist group to continue its oil trade with the Assad regime, local activists claim. Citizen journalists from the Raqqa Is Being Slaughtered Silently group claimed Russia's airstrikes are aimed at destroying local oil facilities which are mostly owned by the local population 'and have no direct links with ISIS'. Oil trucks that move between the ISIS-held cities of Deir Ezzor and Raqqa, owned by civilians, are also targeted by Russian jets.
  • Gas Drops Below $1.50 in Some Areas, and We Haven't Hit Bottom Yet

    02/02/2016 7:28:32 AM PST · by thackney · 48 replies
    NBC News ^ | FEB 2 2016 | MARTHA C. WHITE
    American drivers are now enjoying gasoline prices that haven't been this low since January 2009. Data from the AAA shows that the average annual price for a gallon of gas has been below $2 a gallon for about a month now. Just within the past week, the national average gas price ticked below $1.80 for a gallon of regular gas, a drop of 20 cents just since the beginning of 2016. "I think you have probably another three to four weeks of prices in this area - I think we could drop another nickel or so," said Denton Cinquegrana, chief...
  • Exxon's profit tumbles 58 percent, slashes capex by one-quarter

    02/02/2016 6:40:42 AM PST · by Citizen Zed · 4 replies
    Reuters ^ | 2-2-2016 | ANNA DRIVER
    Exxon Mobil Corp (XOM.N) on Tuesday reported its smallest quarterly profit in more than a decade and said it will cut 2015 spending by one-quarter and suspend share repurchases as it copes with a prolonged downturn in crude prices. Shares of Exxon, the world's largest publicly traded oil company, fell 2.2 percent in premarket trading to $74.59, hit by a more than 4 percent slide in the price of crude oil. Crude oil prices have dropped about 70 percent from the 2014 high over $100 barrel. Current prices at around $30 barrel have triggered a wave of spending cuts as...
  • Harold Hamm Expects $60 Oil, Says America Will Double Output Again

    02/02/2016 5:28:04 AM PST · by thackney · 26 replies
    Forbes ^ | FEB 1, 2016 | Christopher Helman
    ...Hamm announced that Continental would slash its 2016 capital spending to $920 million -- a 66% cut from last year's level. His objective is for Continental to live within its cash flow for the first time in years. Assuming an average oil price of $40 a barrel, Continental expects its new plan to generate excess cash flow of $100 million in 2016. "Some people didn't pull back as fast as they should have," says Hamm. "They are pulling back now." Hamm's move represents capitulation of a sort. In late 2014 he decided to sell off all of Continental's oil price...
  • Fears of Venezuela Default Grow Amid Drop in Oil Prices

    02/02/2016 5:22:49 AM PST · by thackney · 21 replies
    Wall Street Journal ^ | Jan. 21, 2016 | SARA SCHAEFER MUÑOZ and ANATOLY KURMANAEV
    The plunge in the price of oil is causing more investors to bet that Venezuela will default on its $120 billion pile of foreign debt, an event that would trigger a messy battle over the country's oil shipments and deepen its economic and political crisis. Despite Venezuela's worst economic slump since independence from Spain, the socialist government has continued to pay bondholders on time. President Nicolás Maduro this week reiterated the country's intention to honor its debt. Few investors doubt Venezuela's willingness to pay. In recent years, it has paid bondholders partly by drastically reducing the amount of dollars it...