Keyword: opec

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  • Senate GOP asking new questions about emails for Clinton and (Huma) Abedin

    03/28/2015 2:27:53 PM PDT · by afraidfortherepublic · 17 replies
    Fox News ^ | 3-28-15
    Senate Republicans are renewing efforts to learn why Huma Abedin, a top assistant to then-Secretary of State Hillary Clinton, was allowed to keep working at the agency under a special, part-time status while also being employed at a politically-connected consulting firm. The new requests are being made by Iowa GOP Sen. Chuck Grassley, chairman of the Senate Judiciary Committee, following revelations that both women used a private Internet server and email accounts for State Department correspondence. Grassley says the earlier requests to the department have been largely ignored, ~snip~ Grassley’s probe started in 2013, when he requested all communications between...
  • Scott Walker Lands Former Senator as National Security Expert for 2016 Race

    03/27/2015 12:19:22 AM PDT · by Cincinatus' Wife · 20 replies
    Daily Signal ^ | March 26, 2015 | Ken McIntyre
    What were Talent’s first impressions?“I found him to be exactly what he appears to be: He’s very down to earth, he has an air of confidence about him but there’s no arrogance with it. I like that. He’s just a regular guy.”Wisconsin Gov. Scott Walker has added one of Washington’s leading advocates of military readiness to the ranks of advisers helping prepare him for a likely campaign for president. Jim Talent, who represented Missouri in both the House and Senate before becoming a fellow at The Heritage Foundation, confirmed Thursday that he has joined Walker’s budding national security and foreign...
  • Saudi Arabia’s Yemen Offensive Might Just Boost Their Oil Revenues

    03/26/2015 4:42:04 PM PDT · by E. Pluribus Unum · 2 replies
    The Daily Caller ^ | 03/26/2015 | Michael Bastasch
    Militia men loyal to Yemen's President Abd-Rabbu Mansour Hadi take photos near an army tank in Yemen's southern port city of Aden March 19, 2015.Saudi Arabia’s decision to send troops to the borders of war-torn Yemen has jolted global oil markets, sending crude prices up 6 percent on fears of supply disruptions.Higher oil prices are just what the Kingdom needs after months of having to take money from their reserves to finance government programs. News of Saudi air strikes on the Yemeni capital and an Arab offensive to push back the Iran-backed Houthi rebels sent oil up more than...
  • Futures Tumble As Yemen War Starts; Oil, Gold Surges

    03/26/2015 4:23:04 AM PDT · by sheikdetailfeather · 5 replies
    Zero Hedge ^ | 3-26-2015 | Tyler Durden
    In a somewhat surprising turn of events, this morning's futures reaction to last night's shocking start of a completely unexpected Yemen proxy war, which has seen an alliance of Gulf State launch an air, and soon land, war against Yemen's Houthi rebels, is what one would expect: down, and down big. This is surprising, because on previous occasions one would expect the NY Fed, or its pet hedge fund, Citadel, or the BOJ or ECB (via the CME's "Central Bank Incentive Program") to aggressively buy ES to prevent a slide, something has changed, and for the BTFDers, that something may...
  • Saudi Deploys 100 Fighter Jets, 150,000 Soldiers for Anti-Houthi Campaign (Yemen)

    03/25/2015 9:02:50 PM PDT · by kristinn · 138 replies
    Al Arabiya News ^ | Thursday, March 26, 2015
    Saudi deploys 100 fighter jets, 150,000 soldiers for anti-Houthi campaign. Also from Al Arabiya: UAE, Kuwait, Bahrain, Qatar, Jordan Deploy Warplanes Against HouthisThe UAE, Kuwait, Bahrain, Qatar and Jordan have deployed fighter jets to join the Saudi air force in the ongoing air campaign against Yemen’s Houthi rebels, Al Arabiya News Chanel reported. The UAE has deployed 30 fighter jets, Bahrain 15, Kuwait 15, Qatar 10 and Jordan 6 warplanes, according to the news channel. Pakistan and Egypt are also taking part in the military campaign, contribution with air and naval forces. Al Arabiya said Egypt, Pakistan and Sudan have...
  • Breaking: Saudi Arabia Starts Bombing Yemen: U.S. Officials

    03/25/2015 4:12:08 PM PDT · by kristinn · 111 replies
    NBC News via Twitter ^ | Wednesday, March 25, 2015 | Richard Engel
    US officials confirm to @NBCNews that Saudi Arabia has started bombing rebel positions inside #Yemen. NO indication of troops crossing in.
  • Yemen crisis: Iran calls Saudi air strikes on Houthis 'dangerous'

    03/26/2015 2:43:04 AM PDT · by piasa · 14 replies
    Zee Media Bureau ^ | Thursday, March 26, 2015 - 14:20
    Tehran: In what may intensify the Yemen crisis, Iran has termed Saudi Arabia's military intervention against the Houthi rebels as “dangerous”, reports said Thursday. Saudi Arabia which had earlier warned to act in the wake of continued advance of Houthis, on Wednesday started conducting air strikes against the rebels which it considers as being supported by rival Iran. Saudi Arabia and its Gulf allies believe the Shiite rebels, known as Houthis, are tools for Iran to seize control of Yemen and say they intend to stop the takeover. The Houthis deny they are backed by Iran. Reacting to Saudi strikes,...
  • Things that will happen if Venezuela implodes

    03/25/2015 2:33:39 PM PDT · by Citizen Zed · 45 replies
    cnbc ^ | 3-25-2015
    An economic implosion is becoming increasingly likely in Venezuela , and the country's debtholders, trade partners and neighbors are bracing for the fallout. The country's energy-dependent economy requires oil prices above $100 per barrel in order to sustain itself. Oil accounts for 95 percent of the country's export earnings, and combined with gas, it's 25 percent of the country's gross domestic product. Internationally traded Brent crude prices have fallen more than 48 percent in the past year. Meanwhile, a combination of inflation and currency controls have generated scarcity of basic needs such as flour, toilet paper and medicine. Venezuelans stand...
  • Arab Media Lashes Out at Obama for Iran Negotiations

    03/24/2015 6:18:31 PM PDT · by Kaslin · 16 replies
    The Washingon Free Beacon ^ | March 24, 2015 | Abraham Rabinovich
    Saudi commentator: ‘He is gambling with the future of the region’JERUSALEM—With Washington cozying up to Tehran as nuclear negotiations approach countdown stage, Arab media in the region are lashing out at the United States for jilting its Arab allies. Unlike Israelis, who are focused on the danger of nuclear weapons in the hands of a regime calling for their country’s elimination, citizens of Arab states are concerned about Iran’s imperial ambitions. The nuclear threat is seen as a tool to further those ambitions rather than a direct threat. Khaled Al-Dahil, a Saudi political commentator writing in the London-based daily Al-Hayat,...
  • ‘Spiderweb’ of sanctions means Iranian oil unlikely to flood the market

    03/24/2015 5:14:44 AM PDT · by thackney · 1 replies
    Financial Post ^ | 03.22.2015 | YADULLAH HUSSAIN
    Iran’s oil and gas sector holds plenty of promise but analysts say a deal between Tehran and global powers on nuclear issues this week is unlikely to spur either a flood of Iranian oil into the market or an investment bonanza by oil majors into the country. Iran and six world powers have been working to secure an agreement by March 24 to curb Tehran’s key nuclear activities for at least 10 years in exchange for gradual sanctions relief. “My guess is that on March 24th nothing will be done,” said Richard Nephew, who once led the Iran sanctions file...
  • Oil-Drop Pain Spreads to Saudi Arabia’s Energy Behemoth

    03/24/2015 5:06:03 AM PDT · by thackney · 9 replies
    Wall Street Journal ^ | Feb. 19, 2015 | SUMMER SAID and BENOÎT FAUCON
    Saudi Arabia’s refusal late last year to rein in oil production helped trigger the price crash that has hurt oil-producing countries and publicly listed energy companies alike. And now even the kingdom’s own oil company is feeling the pain. As a result, state-owned Saudi Aramco is looking for ways to cut costs everywhere, from pushing contractors for better deals on oil-well services to negotiating discounts on its phone and power bills, according to people familiar with the matter. The company—the world’s largest oil producer—is also considering slashing its future spending on production and exploration by as much as 25%, much...
  • Libya rivals fight for control of country's oil wealth

    03/24/2015 4:56:38 AM PDT · by thackney · 7 replies
    AFP ^ | March 22, 2015 | AFP
    <p>The latest row erupted this week as UN envoy Bernardino Leon, who is mediating between Libya's warring factions, warned the country was heading towards destruction unless a political deal is found.</p> <p>It also comes as the jihadist Islamic State group, which has made huge profits from illegal oil sales in Syria and Iraq where it has seized chunks of territory, has gained a foothold in Libya.</p>
  • U.S. drillers scrambling to thwart OPEC threat

    03/24/2015 4:42:36 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | March 23, 2015 | Associated Press
    OPEC and lower global oil prices delivered a one-two punch to the drillers in North Dakota and Texas who brought the U.S. one of the biggest booms in the history of the global oil industry. Now they are fighting back. Companies are leaning on new techniques and technology to get more oil out of every well they drill, and furiously cutting costs in an effort to keep U.S. oil competitive with much lower-cost oil flowing out of the Middle East, Russia and elsewhere. “Everybody gets a little more imaginative, because they need to,” says Hans-Christian Freitag, vice president of technology...
  • Oil Price Dips Under $55 on Saudi Output Fears

    03/23/2015 5:06:43 AM PDT · by thackney · 6 replies
    Wall Street Journal ^ | March 23, 2015 | GEORGI KANTCHEV
    ...Brent for delivery in May fell 1.1% to $54.71 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at $45.64 a barrel, down 2% from last week’s close. Both contracts gained last week with U.S. crude snapping a four-week losing streak. On Sunday, Saudi Arabia’s influential oil minister Ali al-Naimi told a conference in Riyadh that there was no conspiracy behind the Organization of the Petroleum Exporting Countries’ decision last fall to maintain its output target. He said the group could have lost market share if it...
  • Source: China to Lend Venezuela $10B in Coming Months

    03/22/2015 7:04:24 AM PDT · by thackney · 15 replies
    Reuters via Rig Zone ^ | March 20, 2015 | Corina Pons & Alexandra Ulmer|
    hina will lend Venezuela around $10 billion in coming months, half as part of a bilateral financing deal and the other half for the development of oil fields, a senior official at state oil company PDVSA said on Thursday. Fresh funds are a boon for financially squeezed Venezuela and will likely increase market confidence over the OPEC country's ability to meet major debt payments and arbitration awards. Venezuelan bonds rose on Thursday following the news. However, relief may be tempered as the loans appear largely earmarked and will only go so far in countering the steep tumble in oil prices...
  • Feds to impose hydraulic fracturing mandates

    03/20/2015 6:24:47 AM PDT · by shove_it · 14 replies
    FuelFix ^ | 19 Mar 2015 | Jennifer A. Dlouhy
    WASHINGTON — The Obama administration is set to issue the first major federal regulations on hydraulic fracturing on Friday, with new mandates targeting oil and gas wells on public land. The Interior Department rule reflects years of work by regulators seeking to balance environmental interests and economic imperatives in setting baseline standards for the way wells are constructed and stimulated for oil and gas production. But the final version, set to be unveiled Friday by Interior’s Bureau of Land Management, according to stakeholders familiar with the timeline, is unlikely to appease environmentalists who have argued for strong protections or oil...
  • Gasoline price spike in Midwest linked to refinery issues

    03/20/2015 12:16:42 PM PDT · by Citizen Zed · 8 replies
    Consumer Affairs ^ | 3-19-2015 | Mark Huffman
    Gasoline prices in the U.S. are still lower than they have been in years but nonetheless are higher than they were a month ago. And in a handful of Midwestern states, sharply higher. According to the AAA Fuel Gauge survey, the average price of self-serve regular in Indiana jumped 10 cents a gallon in 24 hours, from $2.16 a gallon to $2.26. In Michigan, the average price also jumped a dime a gallon, from $2.25 to $2.35 a gallon. In Illinois, the increase is much less dramatic, rising from $2.35 a gallon to $2.38. But the average price of gasoline...
  • Obama to unveil fracking rules (Hurl)

    03/20/2015 8:36:02 AM PDT · by C19fan · 29 replies
    Politico ^ | March 19, 2015 | Elana Schor
    The Obama administration is set to unveil the first major nationwide safety restrictions on fracking, touching off a fresh political confrontation between the president and his critics in Congress and the energy industry. The Interior Department’s rules — expected to be released Friday morning — are the federal government’s most comprehensive foray to date toward regulating the technology at the heart of the U.S. oil and gas boom, addressing worries such as potential dangers to drinking water. They will also offer oil and gas supporters new room to accuse President Barack Obama of seeking to throttle fossil-fuel production, despite his...
  • Saudi Arabia said to offer jobs to sacked US shale workers

    03/20/2015 5:22:54 AM PDT · by thackney · 19 replies
    Arabian Business ^ | 18 March 2015 | Staff writer
    Workers fired from shale fields in the United States after the slump in oil prices are reportedly being offered new jobs in Saudi Arabia. State-owned Saudi Aramco is posting new job ads online aiming to snap up experts in extracting oil from shale, Bloomberg reported. Thousands of US workers have been fired since November as oil prices plunged because of oversupplies, driven in part by an OPEC decision supported by Saudi Arabia, Bloomberg said. It quoted Tobias Read, CEO of recruiter Swift Worldwide Resources, as saying: “We’ve seen people who have historically been reticent to look at Saudi Arabia who...
  • Kuwait: OPEC Has No Choice But to Keep Output Unchanged

    03/19/2015 5:22:57 AM PDT · by thackney · 12 replies
    Rig Zone ^ | March 19, 2015 | Reuters
    OPEC has no choice but to keep its market share and shun oil output cuts, Kuwait's oil minister said on Thursday, reiterating the view from the emirate that the group will hold its course when it meets next in June. "Of course we are concerned because the price of oil will affect our budget ... within OPEC we don't have any other choice than keeping the ceiling of production as it is because we don't want to lose our share in the market," Ali al-Omair told reporters in Kuwait city. Many OPEC oil ministers, including Saudi Arabia's Ali al-Naimi, have...
  • The Lee-Rubio tax blueprint

    03/18/2015 12:48:39 PM PDT · by Tolerance Sucks Rocks · 22 replies
    The Washington Times ^ | March 17, 2015 | Allen West
    Republican Sens. Mike Lee of Utah and Marco Rubio of Florida have released a blueprint for federal tax reform called “The Economic Growth and Family Fairness Tax Plan.” First, we should not embrace the language of progressive socialism in believing tax reform should have as a goal to advance “family fairness.” The plan should simply be entitled “The American Growth and Opportunity Plan.” That said, the Lee-Rubio plan is a great improvement over the current system. For the individual tax structure, the plan introduces a two-tier system to replace the current seven tax brackets. This plan moves America from a...
  • New Jersey Throws It Into Reverse, Welcomes Tesla

    03/18/2015 2:10:53 PM PDT · by LogicDesigner · 6 replies
    Forbes ^ | March 18, 2015 | Micheline Maynard
    Last year, New Jersey’s state legislature told Tesla its selling style wasn’t welcome. But now, Elon Musk’s electric car company is back in the Garden State’s good graces. On Wednesday, Gov. Chris Christie signed a bill that allows Tesla to sell cars directly to consumers, Bloomberg reported. The move is part of a bill that overhauls the state’s automobile franchise laws. Under the new law, Tesla has to meet some criteria, such as maintaining a service center in New Jersey where the electric vehicles can be fixed. ... But Texas lawmakers have refused to let the company sell directly to...
  • After Tikrit: What to Do With Iraq’s Shia Popular Mobilization Units

    03/18/2015 11:26:52 AM PDT · by BeauBo · 7 replies
    Foreign Affairs ^ | March 16, 2015 | Michael Knights
    Iraq, in short, could be experiencing what Lebanon did decades ago as Hezbollah fighters took the Bekaa Valley. In this case, the land in question is Mesopotamia and the forces are PMUs, but the result will be the same: a swath of land in which the government is gradually ceding ground to powerful paramilitary factions with strong terrorist connections.
  • Oil exporters amass record U.S. bond holdings in crude price plunge

    03/18/2015 5:24:32 AM PDT · by thackney · 4 replies
    Reuters ^ | Mar 17, 2015 | Richard Leong and Gertrude Chavez-Dreyfuss
    The collapse in crude oil prices may have reduced revenues of oil exporters, but it has not soured their appetite for U.S. government debt. Saudi Arabia and other major oil exporters have increased their holdings of U.S. Treasuries to record levels in an effort to counter the effect of the 60 percent drop in oil prices in the last nine months. Global financial assets such as U.S. Treasuries, corporate debt, and equities have benefited from soaring oil prices over the last decade as producers funneled their oil windfall into these markets. With the dollar hovering near a 12-year peak against...
  • Minister: Low Prices Will Hamper Nigeria's Bid To Boost Output

    03/17/2015 6:26:33 PM PDT · by thackney · 3 replies
    Rig Zone ^ | March 17, 2015 | Reuters
    Consistently low oil prices will hamper Nigeria's bid to boost output to 4 million barrels per day (bpd), Oil Minister Diezani Alison-Madueke was quoted as saying on Tuesday at an oil and gas conference in the capital Abuja. "Flexibility in capex and funding in general will be further constrained in the year 2015," the minister said in a speech read out by Joseph Dawha, group managing director of the Nigerian National Petroleum Corp. Africa's biggest oil producer has been hit hard by global oil prices that have around halved since June, because it accounts for up to 80 percent of...
  • Libya's Recognized Government: Oil Sales Must Go Through NOC In East

    03/17/2015 6:24:21 PM PDT · by thackney · 5 replies
    Reuters via Rig Zone ^ | March 17, 2015 | Ulf Laessing & Ayman al-Warfalli
    Libya's internationally recognized government said on Tuesday that any sales of the country's oil should be arranged through a state firm based in Benghazi under its leadership to prevent fraud. If implemented, the decision would escalate a battle for control that is raging, four years after the ousting of Muammar Gaddafi, between the official government based in the east and a rival administration in Tripoli. Oil markets have been wondering who is owning Africa's largest oil reserves. But so far customers have continued paying for exports worth hundreds of millions of dollars each month through state National Oil Corp (NOC)...
  • The E.U. Experiment Has Failed

    03/16/2015 8:23:01 PM PDT · by annalex · 33 replies
    Hoover Institution ^ | March 5, 2015 | Bruce Thornton
    The E.U. Experiment Has Failedby Bruce ThorntonThursday, March 5, 2015 The slow-motion crisis of the European Union is the big story that rarely gets the attention it deserves. Even an event like the recent terrorist attack in France that left 17 dead is often isolated from the larger political, economic, and social problems that have long plagued the project of unifying the countries of Europe in order to harness its collective economic power, and to avoid the bloody internecine strife that stains its history. On the economic front, the E.U.’s dismal economic performance over the last six years was summed...
  • Crony Biofuel Politics Wag the Dog

    03/14/2015 9:47:48 AM PDT · by Kaslin · 24 replies
    Townhall.com ^ | March 14, 2015 | Paul Driessen
    Talk about the Norfolk terrier tail wagging the Great Dane. If they are to have any hope of winning their party’s nomination, Republican presidential hopefuls better support ethanol mandates, Hawkeye State politicos told potential candidates at the recent Iowa Agricultural Summit in Des Moines. “Don’t mess with the RFS,” Republican Governor Terry Branstad warned, referring to Renewable Fuel Standards that require refiners to blend increasing amounts of ethanol into gasoline. “It is the Holy Grail, and I will defend it,” said Rep. Steve King, another Iowa Republican. It is vital for reducing carbon dioxide emissions and preventing dangerous climate change...
  • Oil Prices Drop as Production Hums Along Despite a Brimming Supply

    03/14/2015 1:29:35 AM PDT · by Berlin_Freeper · 9 replies
    nytimes.com ^ | MARCH 13, 2015 | STANLEY REED
    Just as the oil market appeared to be stabilizing, the price of crude resumed its descent on Friday. The drop, of about 4 percent, came after a report from the International Energy Agency warning that oil pouring into tank farms in the United States might “soon test storage capacity limits.” The agency, whose reports are closely monitored by oil traders, said that overflowing storage “would inevitably lead to renewed price weakness.” American production of oil continues to increase despite recently announced cutbacks in new drilling by producers.
  • Cramer: The gigantic oil crash that hasn't occurred

    03/13/2015 6:43:03 AM PDT · by thackney · 11 replies
    msn ^ | Jim Cramer
    We keep waiting for the bust, the gigantic rollover of oil companies that just plain collapse under their own weight and the $50 price that you get for West Texas Intermediate. It hasn't happened. We keep waiting for the junk bond market that is riddled with $200 billion in oil and gas paper to be crushed by defaults and restructurings. It hasn't been. In fact, the iShares iBoxx $ High Yield Corporate Bd, the high-yield exchange-traded fund that includes a lot of this suspect paper, is pretty much unchanged for the last three years and has enjoyed a sustained rally...
  • Oil drops 9 percent on week on stronger dollar, glut warning

    03/13/2015 2:36:26 PM PDT · by Berlin_Freeper · 33 replies
    reuters.com ^ | March 13, 2015 | Barani Krishnan
    Global oil prices tumbled on Friday and fell 9 percent on the week, hit by a renewed rally in the dollar and a warning by the International Energy Agency (IEA) that the oil glut is growing.
  • Saudi King Salman: We're looking for more oil

    03/12/2015 7:55:21 PM PDT · by Lorianne · 9 replies
    CNBC/Reuters ^ | 10 March 2015 | Saul Loeb
    Saudi Arabia's King Salman said he would fight corruption, diversify the economy and confront anybody who challenged the stability of the world's top oil exporter in his first big speech since taking power on Jan. 23. His speech, carried on state television, focused on the need to create private sector jobs for young Saudis, a main policy goal for many years as Riyadh strives to meet a looming demographic challenge while controlling public spending. Addressing the chaos threatening the kingdom from around the region, he said no one would be allowed to tamper with Saudi Arabia's security or stability.
  • Euro slips to new 12-year low against US dollar ($1.05)

    03/11/2015 9:09:49 PM PDT · by tcrlaf · 15 replies
    Straits Times ^ | 3-12-2015 | Reuters
    The euro slipped to a fresh 12-year low against the US dollar on Thursday as the common currency continued to buckle under pressure felt since the European Central Bank launched its massive quantitative easing scheme at the start of the week.
  • Why Are Republican Presidential Candidates Openly Stating a Desire to Violate the Law?

    03/11/2015 7:49:50 PM PDT · by Kaslin · 6 replies
    Townhall.com ^ | March 11, 2015 | Daniel J. Mitchell
    IÂ’ve pointed out that Washington is a cesspool of legal corruption. But if you donÂ’t believe me (and you have a strong stomach), feel free to peruse these posts, all of which highlight odious examples of government sleaze.But occasionally elected officials cross the blurry line and get in trouble for illegal corruption.For those of you who follow politics, you may have seen news reports suggesting that Robert Menendez, a Democratic Senator from New Jersey, will soon be indicted for the alleged quid pro quo of trying to line the pockets of a major donor. Attorney General Eric Holder has signed...
  • Scott Walker Is the Worst Candidate for the Environment

    03/11/2015 12:35:51 PM PDT · by Cincinatus' Wife · 57 replies
    Mother Jones ^ | March 11, 2015 | Tim McDonnell |
    Scott Walker is killing it with Republicans. The Wisconsin governor is one of his party's rising stars—thanks to his ongoing and largely successful war against his state's labor unions, a fight that culminated Monday with the signing of a controversial "right-to-work" bill. Now (for the moment, anyway), he's a leading contender for the 2016 Republican presidential nomination. At the Conservative Political Action Conference a couple weeks ago, he polled a close second to three-time winner Sen. Rand Paul (Ky.), beating the likes of Sen. Ted Cruz (Texas) and former Florida Gov. Jeb Bush by a significant margin. It probably won't...
  • Southern New Yorkers Consider Secession After Cuomo's Permanent Ban On Fracking

    03/09/2015 8:22:29 AM PDT · by SeekAndFind · 19 replies
    Zero Hedge ^ | 03/09/2015 | Thomas Miller via Oilprice.com,
    Submitted by Thomas Miller via Oilprice.com,One could argue America was conceived from intense frustration that ultimately led to separation. Fed up with what they perceived as excessive control by the Crown, colonists to the “New England”, in essence, seceded in 1776, and thus the United States was born.Now, there is a renewed and growing secession conversation brewing in the New England region, this time fueled by a commodity: Natural gas. Infuriated by Governor Andrew Cuomo’s December decision to permanently instill a ban against hydraulic fracture stimulation, or fracking, residents in 15 communities in the Southern Tier of New York...
  • Reagan Calls for End to World's Farm Subsidies

    03/07/2015 9:51:40 PM PST · by SoConPubbie · 13 replies
    LA Times ^ | June 06, 1987 | |JAMES GERSTENZANG and JACK NELSON
    VENICE, Italy — President Reagan, who less than two years ago signed the most expensive farm aid bill in history, called Friday for the elimination of agricultural subsidies worldwide by the year 2000 as a way of promoting better world economic health.At the same time, Reagan said that the United States has made "real progress" in trimming its budget deficit, despite ongoing spending battles with Congress, thereby freeing for private investment abroad some of the foreign capital that has been tied up financing the U.S. debt.Reagan's remarks, made in a speech televised by Worldnet and provided to networks around the...
  • The real Iowa kingmaker [Time to dance for the farm lobby]

    03/03/2015 5:00:30 AM PST · by GIdget2004 · 7 replies
    Politico ^ | 03/03/2015 | HELENA BOTTEMILLER EVICH
    A dozen potential Republican presidential candidates are about to sit down, one by one, with the biggest GOP donor in Iowa — a multimillionaire few people outside the state have ever heard of. Bruce Rastetter, an agribusiness mogul who’s made a fortune in pork, ethanol and farm real estate, has long worked behind the scenes to help bankroll conservatives across the country, but Saturday is a public coming out party of sorts for Rastetter as he hosts the first Iowa Agriculture Summit. It’s an event designed to promote farm policy in a state where pigs outnumber voters 10 to 1,...
  • Ethanol: The GOP-supported rip-off

    Can someone explain why the “party of limited government” continues, with a straight face, to support ethanol? Republican Sen. Chuck Grassley of Iowa says about the heavily subsided product, “Everything about ethanol is good, good, good.” Really? Really? Really? Supporters of ethanol — which we make from corn — say it reduces our dependence on foreign oil, is cheaper and aids the environment because it burns cleaner than non-blended fossil fuels. In 1996, The New York Times wrote: “At a time when Congress has been overhauling the nation’s systems of agricultural subsidies, and public officials across the country have considered...
  • Ethanol: The GOP-Supported Rip-Off

    03/05/2015 5:44:03 AM PST · by Kaslin · 43 replies
    Townhall.com ^ | March 5, 2015 | Larry Elder
    Can someone explain why the "party of limited government" continues, with a straight face, to support ethanol? Republican Sen. Chuck Grassley of Iowa says about the heavily subsided product, "Everything about ethanol is good, good, good." Really? Really? Really? Supporters of ethanol -- which we make from corn -- say it reduces our dependence on foreign oil, is cheaper and aids the environment because it burns cleaner than non-blended fossil fuels. In 1996, The New York Times wrote: "At a time when Congress has been overhauling the nation's systems of agricultural subsidies, and public officials across the country have considered...
  • Libyan Islamist forces bomb eastern oil ports

    03/04/2015 5:19:24 AM PST · by thackney · 12 replies
    Daiji World ^ | March 03, 2015 | Daiji World
    Two major oil-ports in eastern Libya, Es Sidra and Ras Lanuf, were hit by an air-raid on Tuesday launched by the Islamist armed forces, according to security sources. A warplane fired rockets at oil facilities in Es Sidra and the airport in Ras Lanuf but caused no severe damage or casualties, an official from the Petroleum Facility Guard (PFG) said. The Islamist armed alliance Libya Dawn did not confirm the attack. Since mid-December, Libya Dawn militants have mounted assaults trying to seize the oil terminals, aiming to cut off any oil income to the internationally recognised government and parliament, now...
  • US running out of room to store oil; price collapse next?

    03/03/2015 2:26:05 PM PST · by BeauBo · 31 replies
    AP ^ | 3 March 2015 | JONATHAN FAHEY
    NEW YORK (AP) — The U.S. has so much crude that it is running out of places to put it, and that could drive oil and gasoline prices even lower in the coming months. For the past seven weeks, the United States has been producing and importing an average of 1 million more barrels of oil every day than it is consuming. That extra crude is flowing into storage tanks, especially at the country's main trading hub in Cushing, Oklahoma, pushing U.S. supplies to their highest point in at least 80 years, the Energy Department reported last week.
  • McCain calls Obama’s foreign policy ‘delusional’

    03/02/2015 5:57:26 AM PST · by McGruff · 35 replies
    Associated Press ^ | March 2, 2015
    Sen. John McCain is charging the Obama administration’s foreign policy is “delusional” and says Secretary of State John Kerry’s global diplomacy has “accomplished nothing except mileage.” In an appearance on MSNBC, the Arizona Republican also calls Russian President Vladimir Putin a “meglomaniac” and “pariah.”
  • Low Oil Price May Stifle Deepwater Drilling And Oil Sands But Not Fracking

    03/01/2015 8:53:15 AM PST · by thackney · 27 replies
    Forbes ^ | 3/01/2015
    Saudi Arabia and OPEC may have dropped oil prices to stifle production in the U.S. and other competing nations, but they didn’t drop it enough to stifle the U.S. oil and gas boom from fracking, a senior expert with McKinsey and Company said in Chicago. “If the Saudis think they’re going to put U.S. shale players out of business, they’re probably not, although there will be less drilling,” Joe Quoyeser told about 125 people, mostly graduate students, at Northwestern University’s Kellogg Energy Conference on Wednesday. ”But there are other elements of oil supply that are needed to balance the market...
  • This Key Market Signal Says Oil Is Heading to $60 a Barrel

    03/01/2015 10:33:00 AM PST · by ckilmer · 19 replies
    fool.com ^ | March 1, 2015 | By Matt DiLallo
    This Key Market Signal Says Oil Is Heading to $60 a Barrel By Matt DiLallo | More Articles March 1, 2015 | Comments (1) Given the dramatic drop in the price of oil over the past few months, the burning question on a lot of minds is "What will the price of oil do next?" It seems like everyone has an opinion on that question. The range of predictions goes from $10 at the bottom to a staggering $200 a barrel at the top. What that range tells us is that where oil will go in the future is anyone's...
  • The Most Economically-Correlated Commodity Is Flashing Red (Lumber)

    01/22/2015 5:58:17 AM PST · by blam · 29 replies
    Zero Hedge ^ | 1-22-1015 | Tyler Durden
    Tyler Durden 01/21/2015 While Crude Oil and Dr. Copper are often cited as economic indicators, as @Not_Jim_Cramer notes, in fact Lumber prices are the most correlated with ISM and GDP of all industrial commodities. That is a problem. Lumber prices are tumbling and are breaking the 6-year up-trend that has 'proved' the recovery. With no CCFD manipulation and less financialization than crude, perhaps Lumber is the real canary in the economic collapse coalmine... Lumber is the most correlated to ISM and GDP of all the industrial commodities... and that is not good for the US economy...
  • President Obama vetoes Keystone XL pipeline

    02/24/2015 12:38:37 PM PST · by tcrlaf · 113 replies
    Verge ^ | 2-24-2015 | Kwame Opam
    Nearly two weeks after Congress approved the controversial Keystone XL pipeline, President Obama has officially vetoed the bill calling for its construction. The decision follows a clear statement from the White House last month saying the president would not sign the bill into law if Congress, currently controlled by Republican lawmakers, passed it.
  • Australian Mining Giant BHP Just Told The Market Exactly Why Oil Prices Are Going Lower

    02/23/2015 6:40:23 PM PST · by blam · 17 replies
    BI ^ | 2-23-2015 | Myles Udland
    Myles Udland February 23, 2015 Oil prices have been volatile of late, but a number of banks and commenters have said that oil prices are going lower. In its half-year earnings release on Monday, Australian mining giant told the market exactly why: In response to weaker prices, [BHP] will reduce its Onshore US operated rig count from 26 at period end to 16 by the end of the 2015 financial year. The majority of the revised drilling program will be focused on our liquids rich Black Hawk acreage with activity in the Permian and Hawkville limited to the retention of...
  • Texas Business Leaders Say It All: 'Oil At $50 Per Barrel Is Painful'

    02/23/2015 9:39:52 AM PST · by blam · 8 replies
    BI ^ | 2-23-2015 | Myles Udland
    Myles Udland February 23, 2015Manufacturing activity in Texas is plunging and the crash in oil prices is to blame. The Dallas Fed's February manufacturing index fell to -11.2, down from -4.4 in January and well below the -4 reading that was expected. Expectations were for the headline index to come in at -4. In the last couple months, this report has been in focus as business owners in Texas take stock of how the decline in oil prices is weighing on that state's economy. And Monday's report was no different. One business executive in the primary metal manufacturing sector said...
  • Oil Flows Resume at Libya’s Largest Field

    02/22/2015 5:26:49 PM PST · by thackney · 2 replies
    Wall Street Journal ^ | Feb. 22, 2015 | BENOÎT FAUCON
    Libya’s largest oil field and a key oil port were brought back online Sunday, though attacks by Islamic extremists have continued elsewhere in the war-torn nation. The resumption of oil flows from the Sarir oil field, which pumps about two-thirds of the country’s remaining output, was a rare piece of good news following renewed fighting in Libya’s civil war and a string of attacks by Islamic State militants. A pipeline carrying 185,000 barrels a day from Sarir to the Hariga terminal in eastern Libya was blown up about a week ago by unknown militants. “The pipeline was repaired. Production restarted...