Archive
Gas Prices Set to Rise Nearly 40 Cents in Coming Days
Kurt Nimmo
Infowars.com
February 24, 2011
Earlier this week, market analysts warned that the price of gas may reach $5 by the end of summer. Now they are saying we could see that price by Memorial Day as the situation in Libya deteriorates.
On the S&P 500 today, the price of Brent Crude breached $119 a barrel during a period of frantic trading. Brent Crude is used to price two thirds of the world’s internationally traded crude oil supplies. The price was below $100 yesterday afternoon.
The world’s oil benchmark jumped almost $17 this week and it appears there is no end in sight as the situation in the Middle East heats up.
Saudi Arabia is under pressure to boost output as the prospect of a Libya production cutoff looms.
Oil traders said Saudi talks with Europe signal that the oil kingdom understands that the political crisis in Libya is now an oil supply crisis.
On Thursday, the Italian oil company Eni, the most active company in Libya, said oil production from the North African country has dropped to just a quarter of normal levels.
“You can only expect the price to go up. It is fear of the unknown. The risks are all to the Read more…
If Libyan unrest spreads, gas could reach $5
Gary Strauss on Feb. 21, 2011 USA Today News
If political unrest in Libya spreads to other oil-rich countries and the ensuing chaos disrupts crude oil production, gas prices could hit $5 a gallon by peak summer driving season, industry analysts say.
Benchmark crude oil prices soared Monday, rising about 6% to $95.39 a barrel for April contracts on the New York Mercantile Exchange as violence and a military crackdown spread in Libya, the first major oil-producer hit by a burgeoning anti-government movement. The increased violence prompted BP and Norway’s Statoil to pull oil workers from the besieged country.
“If this thing escalates and there’s a good chance that there’d be a shift in supplies, $5 gas isn’t out of the question,” says Darin Newsom, senior analyst at Read more…
Libya: Protesters, security clash in capital
Associated Press
CAIRO — Protesters and security forces battled in the center of Tripoli as anti-government unrest spread to the Libyan capital and Moammar Gadhafi‘s son went on state television to proclaim that his father remained in charge with the army’s backing and would “fight until the last man, the last woman, the last bullet.”
Even as Seif al-Islam Gadhafi spoke Sunday night, clashes were raging in and around Tripoli’s central Green Square, lasting until dawn Monday, witnesses said. They reported snipers opening fire on crowds trying to seize the square, and Gadhafi supporters speeding through in vehicles, shooting and running over protesters. Early Monday, protesters took over the office of two of the multiple state-run satellite news channels, witnesses said.
The protests and violence were the heaviest yet in Read more…
Oil climbs on escalated Libya tensions
SINGAPORE (Commodity Online) : World oil prices advanced further in Asian trade Monday as political tensions spread to more countries including major oil producer Libya.
Light sweet crude for March delivery, which will expire Tuesday, was seen trading at $87.37 a barrel at 12.00 noon Singapore time while April delivery jumped to $91.35 a barrel.
In London, Brent crude for April delivery was at $103.54 a barrel.
Analysts said the black gold is likely to advance further during the day Benchmark on worries of oil supply disruptions as unrests over authoritarian governments in the Middle East escalate to more countries.
Concerns over Middle East oil supplies helped prices recover from early weakness after China raised its banks’ reserve requirements last Friday for the second time this year to combat rising inflation.
According to China’s National Development and Reform Commission, gasoline and diesel prices will go up 350 yuan per ton starting Read more…
US price increases hit consumers
Confirming what most US shoppers already suspected, the Labor Department on Thursday reported prices for everything from vegetables to unleaded fuel rose again in January.
The Labor Department’s consumer price index rose 0.4 percent for the month, a rate that was slightly higher than economists expected and which confirmed large price increases for commonly bought goods in the last year.
The figures showed gasoline prices have leaped over 13 percent in the last 12 months, while grocery prices rose slowly but Read more…
The Fed is Wrong About Commodity Prices
Author: David Weinstein
I imagine he has to say it, but Bernanke is wrong when he says US monetary policy has nothing to do with international commodity prices. At the height of the Egyptian crisis, which was partly driven by rising food prices, Bernanke couldn’t say, “Oh yea, US policy economic policy is part of the problem in Egypt.” This attitude, however, is both prevalent and respected, and it’s largely wrong.
First of all, commodities as a group are not commoditized – they are not all the same. For instance, the amount of gold in the world is largely fixed relative to annual gold production. Along with its historical position as a store a value, Gold’s consistent volume about ground is a primary reason for its currency-like quality; i.e. almost entirely driven by overall liquidity. Corn production, on the other hand can vary greatly from year to year given the amount of land devoted to it and the weather. Oil is somewhere in the middle because production can vary, but the worlds known reserves are relatively fixed. The resulting differences in price volatility have been studied ad nauseam and are most simply articulated by the so-called ‘cob-web model’ (see chart below).
Very simply put: Read more…
Two Iranian Warships May Pass Through Suez Canal, Israel’s Lieberman Says
By Gwen Ackerman
Israeli Foreign Minister Avigdor Lieberman said that two Iranian gunboats are planning to sail late today to Syria through Egypt’s Suez Canal in what he called a “provocation.”
“Regretfully, the international community isn’t showing readiness to deal with the recurring Iranian provocations,” Lieberman said today in a speech to U.S. Jewish leaders in Jerusalem. “The international community must understand that Israel can’t ignore forever these kinds of provocations.”
The Israeli statement comes five days after Egyptian President Hosni Mubarak stepped down and unrest in North Africa spread to the Persian Gulf, where Bahrain and Iran have seen anti-government protests since Feb. 14. Israeli leaders have voiced concern that Iran may exploit Read more…
Hosni Mubarak gives authority to VP Omar Suleiman
Egyptian Presidential Palace–
On October 14, 1981 Muhammad Hosni Sayyid Mubarak assumed the Presidency of Egypt following the assassination of President Anwar El Sadat. He is the longest-serving Egyptian ruler since Muhammad Ali Pasha. He announced today that he will not resign but will handover power to Vice President Omar Suleiman ,however, he will no longer run for office.
He quotes “Will work for a peaceful transition of power; says he wants honesty and transparency…I will not run for next presidential election; wants smooth transfer of power…Praises youth and sacrifices; says he will punish those responsible for attacks”
On Feb 4, 2011 there was a failed assassination attempt on Egypt’s vice president left two of his bodyguards dead.
Since January 25, 2011, for a total of 17 days, a popular uprising from the people of Egypt called for his resignation as president of Egypt due to corruptness and illegal activities that the government was associated with. Because of inflation, many Egyptians are currently struggling to feed themselves as the country’s food crisis is beginning to spiral out of control utilizing anywhere between 40 to 60 percent of their wages going to food.
With this announcement brings many questions to mind. Who will lead Egypt? What will the future of Egypt bring to the world? How will this affect the relationship with Israel and the United States? Is this just a preview of what is to come in other Middle East/ North Africa countries whom are in an eerily similar format? What will happen with crude oil prices? As of now all we can do is watch and see history unfold before our eyes. September awaits…
Pirates hijack $200 million crude oil: owners say Somali pirates dangerously disrupting world oil supplies
A supertanker carrying about $200m (£125m; 146m euros) worth of crude oil has been hijacked off the coast of Oman, the vessel’s Greek operator says.
Athens-based shipping company Enesel said they had lost communication with the Irene SL.
The 333m (1,093ft) vessel was on its way from the Gulf to the Gulf of Mexico when it was attacked.
Although the incident happened hundreds of miles from Somalia, pirate gangs are known to operate there.
A body representing the owners of much of the world’s tanker fleet warned that Read more…
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