In a week of market turmoil resulting from Greece’s fiscal crisis, oil went from an intraday high above $87 on Monday – its highest point in more than a year and a half – to plunge briefly below $75 on Friday.
Full article at: http://oilprice.com/Energy/Oil-Prices/Crude-Oil-Plunges-as-Turbulence-Rocks-Financial-Markets.html
WMR has been informed by sources in the US Army Corps of Engineers, Federal Emergency Management Agency (FEMA), and Florida Department of Environmental Protection that the Obama White House and British Petroleum (BP), which pumped $71,000 into Barack Obama’s 2008 presidential campaign
Full article at: <http://oilprice.com/Environment/Oil-Spills/The-Cover-up-BP-s-Crude-Politics-and-the-Looming-Environmental-Mega-Disaster.html
The oil spill in the Gulf of Mexico from a collapsed offshore drilling rig could affect White House plans to extend offshore drilling, press secretary Robert Gibbs acknowledged as the oil slick threatened onshore sites from the Louisiana wetlands to the Sarasota beaches and disrupted fishing and energy industries.
Full article at: http://oilprice.com/Energy/Crude-Oil/Gulf-Oil-Spill-Threatens-Halt-to-White-House-Offshore-Drilling-Plans.html
Australia sent the major miners into a tailspin overnight. The Rudd government announced Sunday night that it will impose a new “resource super profits” tax on mining, oil and gas, geothermal and other resource extraction in the nation.
Full article at: http://oilprice.com/Metals/Commodities/Australias-Super-Profits-Tax-on-Resource-Companies-Leads-to-Immediate-Fall-Out.html
A chart of exponential growth/depletion may be the “chart of the century.” The chart displays two lines: the blue line traces out exponential growth (for example, in demand for oil, deficit spending, etc.) while the lower lines traces out exponential depletion (for example, of oil reserves). The consequences of a “modest” 3% growth/depletion rate are striking and sobering.
Full article at: http://oilprice.com/Finance/Economy/Oil-Greece-China-%E2%80%93-On-a-Collision-Course-with-Reality.html
The NOAA below picture predicts the potential path the Gulf Oil Spill could take. This is where it could have spread to by the end of the day. At present the spill is largely Louisiana state waters at the mouth of the Mississippi River to waters off Florida’s Pensacola Bay.
Full article at: http://oilprice.com/Environment/Oil-Spills/Gulf-Oil-Spill-Rapidly-Expanding-Through-Region-Picture.html
As oil continues to pour into the Gulf of Mexico, I thought it might be helpful to review how we got where we are today. The graph below shows total U.S. consumption of petroleum products (in red) and oil production from U.S. fields (in green). Consumption has been growing pretty steadily since 1981 while production has been declining.
Full article at: http://oilprice.com/Energy/Crude-Oil/Where-would-we-be-without-offshore-oil.html
The Obama administration approved the controversial Cape Wind project, which calls for a wind farm of 130 turbines in Nantucket Sound and will be the first offshore wind project in the country.
Full article at: http://oilprice.com/Alternative-Energy/Wind-Power/U.S.-Approval-of-Cape-Cod-Offshore-Wind-Project-Will-Not-End-Controversy.html
Stubbornly high crude oil inventories continued to stymie bulls through the middle of the week, but the market seized on positive economic data to push prices higher toward the end of the week.
Full article at: http://oilprice.com/Energy/Oil-Prices/Economic-Data-Oil-Spill-Push-Crude-Prices-Higher-at-End-of-Week.html
Calling all mineral explorers. Australia needs your help. The Australian Institute of Geosciences (AIG) this week released a report noting that the Aussie exploration sector is suffering.
Full article at: http://oilprice.com/Metals/Commodities/What-to-Look-For-When-Investing-in-an-Exploration-Company.html
