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Keyword: oilprices

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  • Gov’t tells US drivers to get used to cheap gas

    11/12/2014 10:41:16 PM PST · by Olog-hai · 77 replies
    Associated Press ^ | Nov 13, 2014 12:08 AM EST | Jonathan Fahey
    Those low gas prices on station signs aren’t going away soon, the government says. In a dramatic shift from previous forecasts, the Energy Department predicted Wednesday that the average price of gasoline in the U.S. will be below $2.94 a gallon in 2015. That a 44-cent drop from an outlook issued just a month ago. If the sharply lower estimate holds true, U.S. consumers will save $61 billion on gas compared with this year. Rising oil production, particularly in the U.S., and weak spots in the global economy have led to a sharp reduction in oil prices over the past...
  • Russian ruble hits all-time low as support reduced

    11/05/2014 11:59:07 AM PST · by elhombrelibre · 11 replies
    AP ^ | 5 Nov 14 | Unknown
    Struggling Russian ruble falls to all-time low as central bank decides to reduce support Russia's ruble hit an all-time low on Wednesday after the country's central bank said it would dial back its support for the struggling currency in international markets. The announcement is a step toward freely floating the currency, which the central bank currently tries to support in foreign exchange markets. As confidence in the Russian economy wanes, supporting the ruble is proving increasingly difficult — and expensive. The ruble has lost more than 25 percent this year amid concern over economic sanctions from the United States and...
  • Crashing Oil Prices Could Bring The US Fracking Boom To A Sudden And Disastrous End

    11/03/2014 2:09:43 PM PST · by SeekAndFind · 80 replies
    Business Insider ^ | 11/3/2014 | Sam ro
    Technological advances in hydraulic fracturing have fueled what some call the Great American Shale Boom. Oil and natural gas extracted from shale basins have left the US flush with energy. It's been a boon for US energy-related jobs and equipment suppliers. But it's not cheap to tap these so-called unconventional plays. In other words, crashing oil prices will soon make many of these energy sources money-losing projects. Morgan Stanley estimates the average breakeven oil price for these US plays to be about $76 to $77 per barrel. Goldman Sachs puts that number at closer to $75. If the price of...
  • Goldman Sachs: Expect U.S. crude to fall to $70 next year

    10/27/2014 2:02:27 PM PDT · by thackney · 19 replies
    Fuel Fix ^ | October 27, 2014 | Ryan Holeywell
    U.S. benchmark crude prices will fall to $70 per barrel next year, according to a new forecast published by Goldman Sachs Monday, suggesting that the recent and pronounced slide in oil prices isn’t a temporary phenomenon. The decline is due to oil production growing at a faster pace than demand, leading to global oil market that’s oversupplied. The report called the change inevitable, noting that “getting to a point where the market shifted back into surplus was only a matter of time.” The report predicts that West Texas Intermediate will fall to $70 per barrel in the second quarter of...
  • The Petro-States in Shambles Despite Obama

    10/21/2014 5:16:54 AM PDT · by Kaslin · 24 replies
    Townhall.com ^ | October 21 | John Ransom
    Despite an administration that has no energy policy, free market forces in the United States are finding a way to provide relief from high prices for an economy that greatly needs the respite. Oil prices are heading the right way for consumers even if the wrong way for the wildcatters, explorers and developers of domestic energy. It’s been planned that way.Now that the worldwide economy is slowing, Saudi Arabia is intent on testing American resolve to become energy independent. The oil-rich kingdom has decided on a price war—a method that would be illegal in the United States—to see if American...
  • These 6 Countries Will Be Screwed If Oil Prices Keep Falling

    10/19/2014 6:48:32 PM PDT · by SeekAndFind · 56 replies
    Business Insider ^ | 10/19/2014 | Tomas Hirst
    The collapse in oil prices is already a major cause of concern for countries heavily reliant on exports of the commodity. For some, it could be a matter of avoiding a severe recession. Here's why: For governments in oil-exporting countries to meet their spending commitments they need oil to remain above a certain price. With oil prices under $87 a barrel, countries that rely on high oil prices, including Venezuela, Russia, and Saudi Arabia, may have a reason to be concerned. This chart shows the price per barrel that the six most exposed countries need to meet their national budgets....
  • An Idiotic Government with Idiotic Goals

    09/18/2014 7:42:08 AM PDT · by Kaslin · 12 replies
    Townhall.com ^ | September 18, 2014 | John Ransom
    For folks who are trying to ignite inflation, this sure isn’t working out very well. It’s been hoped by the country’s central bankers that the massive quantitative easing program along with near-zero interest rates will touch off a wave of inflation that if not exactly the same thing as boom times, will at least give the appearance of a strengthening economy. However, month after month inflation in the goods that the Fed cares about seems muted. Now this month we had the horrid news that official inflation numbers are falling not rising.
  • Why Food Prices Are Surging

    03/25/2014 9:38:15 AM PDT · by blam · 52 replies
    BI ^ | 3-25-2014 | Matthew Boesler
    Why Food Prices Are Surging Matthew Boesler Mar. 25, 2014, 12:06 PM Since the beginning of the year, food prices have been on a tear. In a new report, Morgan Stanley commodities analysts led by Adam Longson attribute the surge in prices to a number of factors, "from weather (in the case of sugar, soybeans and coffee) to disease (in the case of hogs) to geopolitics (wheat and corn)." The Morgan Stanley analysts don't believe this will continue. "To date, weather concerns in South America have proven overstated, as evidenced in the recent declines in sugar prices," they say. "Tensions...
  • Shell Sees Stable Oil Price for 20 Years With Volatility Bursts

    02/13/2014 11:21:24 AM PST · by ckilmer · 11 replies
    moneynews ^ | Thursday, 13 Feb 2014 12:13 PM
    Royal Dutch Shell Plc., Europe’s biggest oil company, said crude prices would on average probably remain at current levels or rise steadily for the next two decades, with periods of volatility.
  • High Oil Prices Taxing American Families—But There’s A Solution

    11/25/2013 4:29:01 AM PST · by Kaslin · 11 replies
    Townhall.com ^ | November 25, 2013 | Ken Blackwell
    At the beginning of this year, many Americans opened their paychecks to find that their take-home pay was suddenly less than it had been the previous month. The payroll tax cut had expired, resulting in the average American worker owing an additional $700 in payroll taxes this year compared to last. For a two-parent household, that’s $1,400 less with which to pay the bills, put food on the table, and fill up the gas tank. But it’s far from the only added expense straining family budgets. Oil prices, in particular, have skyrocketed over the past decade, imposing higher direct and...
  • Oil prices fall after Iran agrees nuclear deal

    11/25/2013 6:04:35 AM PST · by SoFloFreeper · 7 replies
    BBC ^ | 11/25/13
    Oil prices have fallen after Iran agreed a deal to curb some of its nuclear activities in return for an easing of international sanctions. Iran holds the world's fourth-largest oil reserves, but its exports have been hurt by the tough sanctions against it. Though Iran will not be allowed to increase its oil sales for six months, the deal has eased tensions in the Middle East -a key oil-producing area. Brent crude fell more than 2% in early Asian trade on Monday.
  • Iran Accord Likely to Push Oil Prices Down [1 Million Barrels a Day Could Return to Global Markets]

    11/24/2013 3:05:43 PM PST · by WilliamIII · 62 replies
    Wall Street Journal ^ | Nov 24 2013 | TATYANA SHUMSKY
    Oil prices are likely to drop, analysts said, as the nuclear accord between Iran and six world powers potentially paves the way for more crude oil to reach the global market.
  • Why New Troubles in France and Germany Will Affect 2Q U.S. Corporate Earnings

    07/18/2013 8:29:53 PM PDT · by abbyjoseph
    Profit Confidential ^ | Michael Lombardi
    The eurozone is still a mess. Instead of improvements, I just see more troubles. Economic slowdown in the region’s debt-infested nations is already staggering, but even those that were able to fight it are now experiencing huge problems. Around this time last year, the European Central Bank (ECB) was very clear about its plan for the eurozone crisis. It said that it’s “ready to do whatever it takes.” Back then it was the greatest relief to the market—the announcement calmed the rising debt rates in the eurozone and sent a wave of optimism toward the key stock indices. But it...
  • Crude oil ought to be $150 per barrel: Iran

    09/16/2012 3:12:16 PM PDT · by NoLibZone · 38 replies
    reuters.com ^ | 9-16-12 | reuters
    Crude oil should be at least $150 per barrel, Iran's oil minister was quoted as saying on Sunday, and the sanctions-hit country's OPEC governor said current oil prices were not high enough to threaten the world economy. Benchmark Brent crude prices rose to nearly $118 a barrel on Friday, stoking fears that surging energy costs could harm fragile economic growth. Days earlier, Saudi Oil Minister Ali al-Naimi said he was worried by high prices and the kingdom would take steps to moderate them. Iranian oil officials say oil prices are still fairly low and deny there is any danger of...
  • Gasoline Prices More than Double Under Obama: $1.84 to $3.85

    09/14/2012 5:41:36 PM PDT · by NoLibZone · 38 replies
    cnsnews.com ^ | Sept 14 2012 | cnsnews.com
    Average retail gasoline prices have more than doubled under President Obama, according to government statistics, rising from $1.84 per gallon to $3.85 per gallon. The average gasoline price is calculated by the Energy Information Agency, and shows that over the past 43 months of President Obama’s term retail gasoline prices have more than doubled, rising from an average of $1.84 per gallon to $3.85 per gallon. Rising gasoline prices were particularly prevalent in August, which saw a 9.0 percent rise in the Consumer Price Index (CPI) for gasoline, a rise that almost entirely accounts for the general increase in prices...
  • The Real Cause of High Oil Prices

    08/28/2012 6:33:16 PM PDT · by bananaman22 · 20 replies
    Oilprice.com ^ | 08/28/2012 | James Stafford
    Nowadays the energy picture is confusing at best as the more information we are shown the murkier the picture seems to become. Mixed messages, poor reporting and a media hungry to sensationalize anything it thinks can grab a headline have led to many wondering what the true energy situation is. We hear numerous reports on how the shale revolution will transform the energy sector, why alternatives are just around the corner, why advances in oilfield extraction techniques and new finds will help to lower oil prices. Yet no sooner have we read these rosy reports than we are bombarded with...
  • With Jobs on the Line, Obama White House Turned to Private Equity to Save the Day.

    08/24/2012 6:50:35 AM PDT · by scooby321 · 1 replies
    Wall Street Journal ^ | 8/24/2012 | Jonathan Shieber
    While accusing presidential candidate Mitt Romney of cutting a swath through American industry during his time as a private equity executive, the White House was working with another private equity firm with long-standing Washington ties to save jobs in the Northeast, according to a story in the Wall Street Journal. Gene Sperling, the director of President Obama’s National Economic Council, helped to broker the deal between the Carlyle Group and Sunoco Inc., which saved a Philadelphia oil refinery and helped keep gas prices down during the summer.
  • Global Trade Likely to Collapse if Romney Wins - Interview with Mike Shedlock

    07/25/2012 6:16:09 PM PDT · by bananaman22 · 21 replies
    Oilprice.com ^ | 07/25/2012 | James Stafford
    As markets continue to yo-yo and commentators deliver mixed forecasts, investors are faced with some tough decisions and have a number of important questions that need answering. On a daily basis we are asked what’s happening with oil prices alongside questions on China’s slowdown, which commodities or instruments will provide safety in the current environment, will the Euro-zone split in the future and what impact the presidential election is going to have on the economy and markets? To help Oilprice.com look into these issues and more we were fortunate enough to speak with the award winning economic commentator Mike “Mish”...
  • Study: Shale Oil to Pressure World Prices

    07/09/2012 6:01:54 AM PDT · by thackney · 50 replies
    The National via Rig Zone ^ | July 06, 2012 | April Yee|
    Oil unlocked from shale formations is set to create a supply glut that could push down crude prices, according to a new study. Global production capacity at oilfields will increase by 17.6 million barrels per day (bpd) over the next eight years thanks in part to shale, the most significant increase in any decade since the 1980s, according to Leonardo Maugeri, a research fellow at Harvard Kennedy School's Belfer Center for Science and International Affairs. "Contrary to what most people believe, oil supply capacity is growing worldwide at such an unprecedented level that it might outpace consumption," wrote Mr Maugeri,...
  • Why Recent Oil Price Falls are a Good Buying Opportunity - An Interview with Jim Rogers

    07/04/2012 7:30:14 PM PDT · by bananaman22 · 4 replies
    Oilprice.com ^ | 07/04/2012 | James stafford
    World markets appear to be hovering over a precipice as Europe’s sovereign debt crisis, slowdowns in India and China and further bank downgrades threaten to send stocks and commodities down even further. Falling oil and gas prices may offer some respite to consumers but are they enough to help the economy or are they a symptom of deeper problems? To help us look at these issues and more we are joined by the well known investor, adventurer and author Jim Rogers. Jim is the creator of the Rogers International Commodity Index, he also recently completed a book called: A Gift...
  • German official: Obama should get his own debt under control before handing out free advice

    06/25/2012 7:54:41 AM PDT · by Kaslin · 15 replies
    Hot Air.com ^ | June 25, 2012 | Erika Johnson
    In a not-so-subtle rebuke of President Obama’s tendency to offer unsolicited recommendations on how Europeans should handle their debt crises on Sunday evening, Germany’s finance minister suggested that perhaps His Munificence should focus on his own problems before trying to fix everybody else’s. Wolfgang Schaeuble told public broadcaster ZDF in an interview late Sunday that “people are always very quick at giving others advice.”He says: “Mr. Obama should first of all take care of reducing the American deficit, which is higher than in the eurozone.” An unfortunate and embarrassing truth — the EU’s debt-to-GDP ratio is well over eighty percent,...
  • Fall in Oil Prices Won’t End Soon: Pro

    06/25/2012 12:56:51 AM PDT · by Uncle Slayton · 66 replies
    CNBC ^ | June 25 2012 | Matthew Clinch
    The increase in demand for oil from emerging countries is not enough to counteract the fall in demand from established economies, Alejandro Barbajosa, oil markets specialist at Argus Media told CNBC. Oil prices are decisively lower than three months ago and Brent Crude [LCOCV1 90.39 -0.59 (-0.65%) ] fell to below $90 per barrel last Thursday, its lowest level in eighteen months.
  • Barton Biggs Spoke With A Well-Connected Businessman Who Says Saudi Arabia Has A Plan To Bankrupt...

    05/30/2012 11:12:38 PM PDT · by jwsea55 · 26 replies
    BusinessInsider ^ | May 30, 2012, 7:03 PM | Matthew Boesler
    Barton Biggs, the storied hedge fund manager who runs Traxis Partners, recently had an interesting encounter recently over lunch with a Saudi businessman who explained to him the real motivations behind Saudi Arabia's ramp up in oil production and why oil prices will likely continue to fall as a result for an extended period of time. It's all part of a plan hatched by the Saudi royal family, according to Biggs, who relays this conversation in a note just published by Itaú BBA. Biggs says he asked the man what his outlook for Saudi Arabia was in the medium and...
  • Obama Makes the Wrong Call on Oil Speculation (Speculator are NOT to blame for rising oil prices)

    04/27/2012 4:55:28 AM PDT · by SeekAndFind · 46 replies
    Fiscal Times ^ | 04/27/2012 | By BRUCE BARTLETT
    Lately, speculators have come under attack by Barack Obama. The president blames them for raising prices on oil and gasoline, and he has proposed new restrictions on oil traders. But this is a wrong turn on the road to a healthy economy. Back in 1958, onion farmers were concerned that speculators were taking advantage of them. They were especially concerned about the extreme volatility of onion prices, which could often double in a short period of time and then drop to a level below the cost of production. Farmers aimed their ire at the Chicago Mercantile Exchange, the principal futures...
  • Fresh out of excuses, Int. Sec. Salazar and the media try to invent some new gas price “truths”

    04/26/2012 8:28:56 AM PDT · by jmaroneps37 · 9 replies
    coachisright.com ^ | April 26, 2012 | Kevin "Coach" Collins
    With the help of a Democrat cheerleader media Interior Secretary Ken Salazar is trying to invent some new “truths” about the price of gas …. Speaking to a gathering at the National Press Club in Washington recently Salazar repeated the tired Democrat line that the President has little control over the price of gasoline. Using child-like simple syntax so his media friends could take his words down and report them just as the Administration wants them presented, Salazar said, “No one has the ability. Not even Harry Potter to simply wave a magic wand to say we are going to...
  • White House Stunned By Argentine Oil Expropriation

    04/17/2012 4:52:30 PM PDT · by Kaslin · 31 replies
    IBD Editorials ^ | April 17, 2012
    Diplomacy: After a weekend of cavorting in Colombia, the White House was caught flat-footed by Argentina's takeover of a big oil company whose loss will hike gas prices, harm Spain and slam U.S. investors. Lucky us. Never was a response to a global outrage more mealy-mouthed than the one from the U.S. after Argentina's President Cristina Fernandez de Kirchner, standing under a portrait of Evita Peron, announced a brazen grab for YPF, the Argentine oil company that's 57% owned by Spain's Repsol. Markets fell, world leaders denounced the violation of contracts and economically battered Spain rallied European Union support. But...
  • Saudi King Defies Iran's Mullahs To Help Obama

    03/20/2012 9:58:42 AM PDT · by Responsibility2nd · 3 replies · 1+ views
    Forbes ^ | 03/21/2012 | Nigam Arora
    It is no secret that President Obama’s reelection hinges in part on gas prices in the United States. Republicans have made a point of emphasizing that Obama’s energy policy is part of the reason behind high gas prices. Republicans often cite the president’s decision not to allow the Keystone XL pipeline as evidence to support their argument. Now Saudi Arabia is coming to Barack Obama’s aid.
  • A Strong, King Dollar Will Cut Oil Prices

    03/17/2012 10:11:22 AM PDT · by SeekAndFind · 17 replies · 1+ views
    National Review ^ | 03/17/2012 | Larry Kudlow
    No matter how much President Obama protests, the simple fact is that he continues to oppose and mock and disparage oil and gas drilling. He is a prisoner of the environmental left, and he remains on the wrong side of energy history. And that’s exactly why he has a 59 percent negative rating on the economy, according to a recent poll, even though jobs and other indicators have actually picked up. It’s about $4 or higher gas at the pump. Polls overwhelmingly show that Americans want drilling in ANWR and offshore, and that they want hydraulic fracturing of shale for...
  • Speculators smooth out the rough spots

    03/11/2012 1:56:05 AM PST · by Bobbys1963 · 14 replies
    Philadelphia Inquirer ^ | Sun, Mar. 11, 2012, 3:01 AM | John R. Lott Jr and Grover Norquist
    With regular gas prices topping $3.70 last weekend, angry politicians are blaming the higher prices on speculators and greedy oil companies. On Monday, The Hill newspaper reported that 23 senators and 45 congressmen, all Democrats except for one independent, called for urgent action against the "speculators" they hold responsible. Sen. Bob Casey of Pennsylvania demanded, "Consumers shouldn't be forced to pay higher prices at the pump because of speculative bets on Wall Street." These politicians want the Commodity Futures Trading Commission to use its new regulatory powers under a law signed by President Obama two years ago to limit the...
  • DUmmie FUnnies 03-08-12 (What Rush Limbaugh Said)

    03/08/2012 7:06:20 AM PST · by PJ-Comix · 22 replies
    DUmmie FUnnies ^ | March 8, 2012 | DUmmies and PJ-Comix
    Did you hear the SHOCKING thing that Rush Limbaugh said? No, I'm not talking about his comments on Georgetown Fluke who supposedly has so much sex that she can't afford the nine bucks a month it would cost her to get birth control pills from Walmart. I am referring to the OVERLOOKED comments that Rush made this week on the subject of oil. If you want to know what will determine the outcome of this election it will be the economy, stupid, and most specifically about the UNNECESSARY rise in the price of gasoline due to Obama's idiotic policies...
  • How does oil speculation raise gas prices?

    03/05/2012 6:41:53 PM PST · by U-238 · 56 replies
    How Stuff Works ^ | 3/1/2012 | Josh Clark
    The next time you drive to the gas station, only to find prices are still sky high compared to just a few years ago, take notice of the rows of foreclosed houses you'll pass along the way. They may seem like two parts of a spell of economic bad luck, but high gas prices and home foreclosures are actually very much interrelated. Before most people were even aware there was an economic crisis, investment managers abandoned failing mortgage-backed securities and looked for other lucrative investments. What they settled on was oil futures. An oil future is simply a contract between...
  • Barack Obama is giving away oil rich Alaskan islands to the Russians

    03/05/2012 8:30:41 AM PST · by jmaroneps37 · 30 replies · 4+ views
    coachisright.com ^ | MARCH 5, 2012 | Suzanne Eovaldi, staff writer
    The Obama Administration is looking to give Russia seven oil rich Alaskan Islands that were discovered and claimed for America by American explorers according to Alaska Republican 2010 Senatorial candidate Joe Miller. “I think the bigger concern here is what natural resources are being lost to Russia,” says one commenter who deplores the secrecy involved with Obama and his SOS Hilary Clinton gifting Putin with United States land. Miller blew the whistle on this island give away of billions of off shore oil deposits and rich sea beds in an interview with World Net Daily that literately has cyberspace dripping...
  • Oil Gives Economy Both Barrels

    03/04/2012 8:57:27 PM PST · by U-238 · 30 replies
    Wall Street Journal ^ | 3/3/2012 | Liam Denning
    Most drivers are familiar with the nagging refrain of "Are we there yet?" But with gasoline heading back to $4 a gallon on average, it takes on more urgency: Oil can't go much higher without derailing the economy. Brent crude oil is back above $120 a barrel. Looked at on a 12-month rolling average, it is now 6% above its prior 2008 peak. U.S. gasoline demand is down almost 7% year-on-year. This year, Europe is forecast to consume 10% less oil than it did in 2008. Global demand is still forecast to rise, but only in emerging markets. Oil's high...
  • Oil falls below $107 amid weak US gasoline demand

    03/01/2012 1:56:08 AM PST · by U-238 · 17 replies
    Boston Globe ^ | 3/1/2012 | Alex Kennedy
    prices fell to below $107 a barrel Thursday in Asia after U.S. crude supplies grew more than expected amid weak gasoline demand. Benchmark oil for April delivery was down 39 cents to $106.68 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 52 cents to $107.07 per barrel in New York on Wednesday. Brent crude rose 2 cents to $122.68 per barrel in London. The Energy Department said Wednesday that inventories of crude oil rose by 4.2 million barrels last week. Analysts were expecting an increase of just 1 million barrels. Demand...
  • Dem's try to convince us that drilling for more oil is not the answer to high gas prices

    02/29/2012 7:18:59 AM PST · by Starman417 · 3 replies · 1+ views
    Flopping Aces ^ | 02-29-12 | DrJohn
    Not long ago Barack Obama accused Republicans of playing politics with gas prices: “Only in politics do people root for bad news, do they greet bad news so enthusiastically,” Obama said before a crowd of students. “You pay more and they’re licking their chops. And you can bet since it’s an election year, they’re already dusting off their three-point plans for $2 gas,” Obama said. “I’ll save you the suspense: step one is drill, step two is drill, and then step three is keep drilling. “We heard the same line in 2007 when I was running for president,” Obama said....
  • Video: Why gas prices are so high (hint: it’s not the evil oil companies)

    02/24/2012 10:06:41 AM PST · by SeekAndFind · 17 replies · 1+ views
    Hotair ^ | 02/24/2012 | Tina Korbe
    To listen to the president talk, you’d think federal government policy had nothing to do with the high gas prices we face at the pump. Oh, no; Middle Eastern instability or the greed of big oil companies are to blame. Unfortunately for the president, that doesn't square with his energy record, which has --- at every turn --- created obstacles to American energy production and, in effect, driven gas prices higher. House Speaker John Boehner has released a timeline that captures Obama’s deleterious impact on the oil and gas industry — and, consequently, on gas prices. The timeline extends to...
  • Obama: Calls for more drilling are a 'bumper sticker', not an energy plan

    02/23/2012 1:38:39 PM PST · by SeekAndFind · 68 replies
    Yahoo Finance ^ | 02/23/2012 | Jim Kuhnhenn
    President Barack Obama on Thursday assailed Republicans for what he described as a flawed and dishonest strategy for reducing gas prices, predicting his rivals would offer nothing but more drilling and political promises of $2-a-gallon gas. Said the president: "The American people aren't stupid." "That's not a plan, especially since we're already drilling. That's a bumper sticker," Obama said in a stop at the University of Miami. "It's not a strategy to solve our energy challenge. That's a strategy to get politicians through an election. You know there are no quick fixes to this problem." Obama spoke as gas has...
  • Saudi Arabia: 'All Available Options' Open on Iran

    01/18/2012 12:30:22 PM PST · by Eleutheria5 · 18 replies · 4+ views
    Arutz Sheva ^ | 18/1/12 | Gavriel Queenann
    Even as Western officials try to tamp-down the drums of war with Iran amid spiking oil prices, Saudi Arabia says it is ready to go to war to defend its interests. Former Saudi intelligence chief Prince Turki al-Faisal told delegates at a Gulf Cooperation Council conference that Riyahd will use "all available options" to defend itself against Iranian "threats" that might trigger "unwanted military confrontation." Al-Faisal's comments to the conference in Bahrain late on Tuesday came after Tehran demanded Riyadh rethink its offer to make up for any oil lost to world markets as a result of threatened curbs on...
  • War Imminent in Straits of Hormuz? $200 a Barrel Oil?

    12/29/2011 9:16:44 AM PST · by bananaman22 · 31 replies
    oilprice.com ^ | 29/12/2011 | John C.K. Daly
    The pieces and policies for potential conflict in the Persian Gulf are seemingly drawing inexorably together. Since 24 December the Iranian Navy has been holding its ten-day Velayat 90 naval exercises, covering an area in the Arabian Sea stretching from east of the Strait of Hormuz entrance to the Persian Gulf to the Gulf of Aden. The day the maneuvers opened Iranian Navy Commander Rear Admiral Habibollah Sayyari told a press conference that the exercises were intended to show "Iran's military prowess and defense capabilities in international waters, convey a message of peace and friendship to regional countries, and test...
  • Leon Panetta Makes Foreign Policy Gaffe (Says INDIA is a THREAT to America, like China)

    11/18/2011 3:32:08 AM PST · by Recovering_Democrat · 61 replies
    WALL STREET JOURNAL ^ | November 17, 2011, 5:35 PM ET | Adam Entous
    <p>“We face the threats from rising powers — China, India, others — that we have to always have sufficient force protection out there in the Pacific to make sure they know we’re never going anywhere,” Mr. Panetta said during a visit to a shipyard in Groton, Conn., where he toured a submarine, the Mississippi, in the final stages of construction.</p>
  • Libya’s Post Gadhaffi Future – Who gets the Oil?

    08/24/2011 11:42:40 AM PDT · by bananaman22 · 8 replies
    OilPrice.com ^ | 24/08/2011 | John C.K. Daly
    Muammar Gadhaffi’s 42 year-old regime is in its death rattle – maybe today, maybe tomorrow, his administration that has ruled Libya with a quixotic and brutal hand is about to pass, in Trotsky’s piquant phrase, “into the dustbin of history,” prompting the question “what next?” The glittering prize is Libya’s 1.6 million barrels per day output of high quality crude, which accounted for about 2 percent of global oil output drawn from Africa's largest oil reserves, whose exports have been stymied since the NATO-led campaign began six months ago. Projecting into the future, analysts believe that has reserves to sustain...
  • Keeping Michele Bachmann Honest on Gas Prices ($2/gallon is a promise she can't keep)

    08/22/2011 8:11:30 AM PDT · by SeekAndFind · 54 replies
    The Oil Drum ^ | 08/22/2011 | Robert Rapier
    Like many of you, I am often unhappy with our political leaders. One thing that annoys me the most is that many will say or do just about anything to get elected. By now, you have surely heard the news that Republican presidential hopeful Michele Bachmann has promised a return to $2/gallon gasoline if she is elected president: GOP candidate Michele Bachmann: I'll bring back $2 gas _________________________________________________________________________________________________________________ NEW YORK (CNNMoney) -- President Michele Bachmann has a promise: $2 gas. "Under President Bachmann you will see gasoline come down below $2 a gallon again," Bachmann told a crowd Tuesday in...
  • AFTER QADDAFI: Oil Prices Will Tank, Stock Prices Will Soar

    08/21/2011 5:55:34 PM PDT · by SeekAndFind · 100 replies
    Business Insider ^ | 08/21/2011 | David Kotok, Cumberland Advisors
    News reports continue to show the progressive demise of the Qaddafi regime in Libya. Rebel forces have apparently taken more of the country’s oil refining (Zawiya) and processing infrastructure (Brega). Most observers give the Qaddafi regime limited time before a full regime change takes place in Libya. Watch what happens to oil prices if and when the Qaddafis lose and leave. In short order, Libyan oil production will ramp up. As it does, oil prices in world markets will fall and oil futures markets will reflect the expected increase in production of oil from Libya. The key prices to watch...
  • The Food Crisis War Endgame

    08/04/2011 2:07:19 PM PDT · by Errant · 10 replies
    The Market Oracle ^ | Aug 4, 2011 | Andrew McKillop
    Nothing gives better proof of a sure and certain, rapidly growing global food shortage than the simplest look at how commodity markets have been responding to the US debt crisis, the coming devaluation of the US dollar, and the merited exposure of Barack Obama as a loser. Stripping away the short covering, the dollar crisis, inflation fear and all the rest, we find that food prices are resisting a lot better than oil prices, to the rising likelihood of recession in the western world, and maybe also global economic recession. If food products were "pure commodities", like oil basically is,...
  • Price of Field Corn at an All-Time High

    06/09/2011 8:23:00 AM PDT · by Qbert · 39 replies
    WHAG-TV via MSNBC ^ | 6/8/2011 | WHAG-TV
    FREDERICK, MD - One local industry that is peaking during this down economy is field corn. According to the Maryland Office of Economic Development, the price of a bushel of the cash crop is the highest its ever been. Eddie Mercer's 4,500 acre farm has been his livelihood for nearly 45 years and he says he has never seen the price of corn reach this level. "This is the ultimate high," says Eddie Mercer, President and Owner of Eddie Mercer Agri-Services Inc. "The most time we've ever sold corn is maybe in the $5, but never in the $8 range."...
  • Manhattan Moment: Rex and Jeff illustrate Washington DC's gas-price hypocrisy

    05/21/2011 9:22:08 AM PDT · by SeekAndFind · 7 replies · 1+ views
    Washington Examiner ^ | 05/21/2011 | Robert Bryce
    ExxonMobil's Rex Tillerson, 59, and General Electric's Jeffrey Immelt, 55, are about the same age. They both head iconic U.S. companies. Last year, the two chief executive officers made about the same amount of money, with Tillerson at $21 million and Immelt $19.6 million. Both men are leading figures in the energy business. That's obvious in Tillerson's case, but Immelt's GE is a major player in the oilfield services sector. In addition, GE controls about 40 percent of the global market for gas turbines. Overall, more than a quarter of GE's revenues now come from what the company calls "energy...
  • Crude Oil Futures Trim Gains After IEA Warns of High Prices

    05/19/2011 8:46:36 AM PDT · by bananaman22 · 4 replies
    OilPrice.com ^ | 19/05/2011 | Raghee Horner
    Crude oil futures pared gains in choppy trade on Thursday, after the International Energy Agency warned that elevated oil prices could derail the global economic recovery. On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at USD100.28 a barrel during European morning trade, easing up 0.11%. It earlier rose by as much as 1% to a daily high of USD101.24 a barrel. The governing board of the International Energy Agency expressed “serious concern” that there were growing signs that the rise in oil prices was affecting the global economic recovery by widening global imbalances...
  • Oil advances further after EIA supplies report

    05/18/2011 7:58:55 AM PDT · by scooby321 · 2 replies
    Market Watch ^ | 5/18/2011 | Claudia Assis
    SAN FRANCISCO (MarketWatch) -- Crude-oil futures added to gains Wednesday after a government inventories report showed supplies of crude unchanged for the week ended May 13. Oil for June delivery /quotes/comstock/21n!f:cl\m11 CLM11 +2.63% advanced $2.30, or 2.4%, to $99.13 a barrel on the New York Mercantile Exchange.
  • Gas Prices: Why Won't They Drop

    05/11/2011 4:44:09 PM PDT · by YankeeReb · 19 replies
    ABC News/Money ^ | May 10, 2011 | ALAN FARNHAM
    As the petroleum market spins its wheel of fortune daily, drivers can't seem to catch a break. Crude prices had been headed for the moon, then they crashed 15 percent last week, taking the worst weekly price beating since 2008. Oil made up a bit of that ground on Monday, but at the pumps drivers have seen no relief from last week's tumble in crude oil prices. The pump price of gasoline, also up slightly Monday, continues to wander around like a child lost at the fair, seemingly unattached to the price of crude. You could say we were in...
  • Lower oil prices. The drop in oil prices may just be the beginning.

    05/09/2011 6:53:01 AM PDT · by SeekAndFind · 5 replies
    Econombrowser ^ | 05/08/2011 | James Hamilton
    Like a roller coaster ride, 2011 saw oil prices climb gradually, only to fall dramatically this last week. Here I offer my thoughts on some of the key contributing factors. Let's begin with the relation between oil prices and the exchange rate. If the dollar depreciates by 1%, the dollar price of oil would have to go up 1% to keep the price paid outside the United States constant. This is a bit simplistic, one reason being that there is usually some third factor, such as a rise in incomes outside the United States, that is causing a change in...