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Posts Tagged ‘Oil’

Bank of America sees Brent oil rallying to $140

April 20, 2011 Comments off

reuters.com

I posted a article back in December if oil were to go over $145 in 2011.  The bad news is in the forthcomming months it will hit $200 per barrel.

LONDON, April 20 (Reuters) – Bank of America Merrill Lynch (BAC.N: Quote) said it expected Brent crude LCOc1 to hit $140 a barrel in the next three months, before falling later in the year as high prices curb demand.

Brent crude has traded as high as $127.02 in 2011, the highest since 2008 when prices reached an all-time peak above $147.

Influential banks in commodities are expressing contrasting views on whether the rally will persist.

“The time is not yet ripe for oil demand destruction, and we maintain our view that Brent oil will average $122 a barrel this quarter, with prices Read more…

Gas prices surge toward $4, threaten economic recovery

April 16, 2011 3 comments

lakelandtimes

Click Map to enlarge

Gas prices continued to gallop toward $4 a gallon early this week, both in the area and across the state, as prices in Minocqua and Rhinelander hit $3.99 on Tuesday, even as prices for crude oil eased, at least temporarily.

Across the nation, according to GasBuddy.com on Wednesday morning, the national average price for a gallon of regular gasoline stood at $3.79; in Wisconsin, the average was $3.87. Four states, including Illinois, have seen prices already surpass $4.

Crude oil prices moved downward Tuesday from $113 a barrel – the highest price since September 2008 – to $106, a Read more…

Pastor Lindsey Williams: Nwo to Target ‘Yemen’ Next!

April 15, 2011 Comments off

Lindsey Williams announced on the Alex Jones Show that the New World Order will be targeting the fall of Yemen next.  Saudi Arabia will be last to fall in the Middle East thus causing oil prices to escalate from $150 to $200 per barrel.  He also touches on the current devaluation of the US Dollar and the current gold and silver explosion in commodities.  If you are able to… listen to this interview and research it for yourself.

Read more…

World sea attacks surge with more violent pirates

April 15, 2011 Comments off

AP

KUALA LUMPUR, Malaysia (AP) — Sea piracy worldwide hit a record high of 142 attacks in the first quarter this year as Somali pirates become more violent and aggressive, a global maritime watchdog said Thursday.

Nearly 70 percent or 97 of the attacks occurred off the coast of Somalia, up sharply from 35 in the same period last year, the International Maritime Bureau’s piracy reporting center in Kuala Lumpur said in a statement.

Attackers seized 18 vessels worldwide, including three big tankers, in the January-March period and captured 344 crew members, it said. Pirates also murdered seven crew members and injured 34 during the quarter.

“Figures for piracy and armed robbery at sea in the past three months are higher than we’ve ever recorded in the first quarter of any past year,” said the bureau’s director Pottengal Mukundan.

He said there was a “dramatic increase in the violence and techniques” used by Somali pirates to counter increased patrols by international navies, putting large tankers carrying oil and other flammable chemicals at highest risk to firearm attacks.

Of the 97 vessels attacked off Somalia, he said 37 were tankers including 20 with more than 100,000 deadweight tonnes.

International navies have taken a tougher stance against pirates, with the Indian navy alone arresting 120 mostly Somalian pirates over the past few months. The U.S. and other nations have also prosecuted suspects caught by their militaries, although some were released as countries weigh legal issues and other factors.

Mukundan said the positions of some of the attackers’ mother ships were known and called for stronger action to be taken against these mother ships to prevent further hijackings. Pirates held some 28 ships and nearly 600 hostages as of end-March, the bureau said.

Elsewhere, nine attacks were reported off Malaysia and five in Nigeria in the first quarter.

Nigerian vote must succeed for Africa: Ghana ex-president

April 15, 2011 Comments off

(AFP)

ABUJA — Nigeria must hold a credible presidential election this weekend since failing to do so could set a disastrous example for the rest of the continent, Ghana ex-president John Kufuor said Thursday.

ex-president of Ghana John Kufuor

Kufuor, widely respected for having bowed out gracefully following his two terms in office in nearby Ghana, is heading an observer team from the African Union in Saturday’s election in the continent’s most populous nation.

“It’s very important that we should get this election right for the good of the image of Africa,” the 72-year-old told AFP in an interview.

“There are other elections pending in many parts of our continent. If things should go awry here, I am afraid to think of what may transpire elsewhere. Nigeria is too important for Africa.”

Kufuor stepped down in Ghana in 2009 after two four-year tenures in a peaceful transition after a closely fought election in which his party’s candidate lost to the opposition by less than one percent.

On what Nigeria, also Africa’s largest oil producer, could learn from Ghana’s elections, Kufuor said, “Nigeria, I believe, should serve itself well by playing by the rules… That’s all they need to do.”

Parliamentary polls held last weekend were seen as a major step forward for the country, which is seeking to break from a series of violent and deeply flawed elections.

But a first attempt to hold the polls a week before had to be postponed after personnel and materials failed to arrive in a large Read more…

China-Russia relations and the United States: At a turning point?

April 14, 2011 Comments off

rian


Dmitry Medvedev  and  Hu  JintaoBy Dr. Richard Weitz

Since the end of the Cold War, the improved political and economic relationship between Beijing and Moscow has affected a range of international security issues. China and Russia have expanded their bilateral economic and security cooperation. In addition, they have pursued distinct, yet parallel, policies regarding many global and regional issues.

Yet, Chinese and Russian approaches to a range of significant subjects are still largely uncoordinated and at times in conflict. Economic exchanges between China and Russia remain minimal compared to those found between most friendly countries, let alone allies.
Although stronger Chinese-Russian ties could present greater challenges to other countries (e.g., the establishment of a Moscow-Beijing condominium over Central Asia), several factors make it unlikely that the two countries will form such a bloc.

The relationship between the Chinese and Russian governments is perhaps the best it has ever been. The leaders of both countries engage in numerous high-level exchanges, make many mutually supportive statements, and manifest other displays of Russian-Chinese cooperation in what both governments refer to as their developing strategic partnership.

The current benign situation is due less to common values and shared interests than to the fact that Chinese and Russian security concerns are Read more…

Has BP really cleaned up the Gulf oil spill?

April 14, 2011 Comments off

guardian

A brown pelican coated in heavy oil wallows in the Louisiana surf, June 2010.

A brown pelican coated in heavy oil wallows in the Louisiana surf, June 2010. Photograph: Win Mcnamee

There are few people who can claim direct knowledge of the ocean floor, at least before the invention of the spill-cam, last year’s strangely compulsive live feed of the oil billowing out of BP‘s blown-out well in the Gulf of Mexico. But for Samantha Joye it was familiar terrain. The intersection of oil, gas and marine life in the Mississippi Canyon has preoccupied the University of Georgia scientist for years. So one year after an explosion on the Deepwater Horizon offshore drilling rig, about 40 miles off the coast of Louisiana, killed 11 men and disgorged more than 4m barrels of crude, Joye could be forgiven for denying the official version of the BP oil disaster that life is returning to normal in the Gulf.

The view from her submarine is different, and her attachment is almost personal. On her descent to a location 10 miles from BP’s well in December, Joye landed on an ocean floor coated with dark brown muck about 4cm deep. Thick ropes of slime draped across coral like cobwebs in a haunted house. The few creatures that remained alive, such as the crabs, were too listless to flee. “Most of the time when you go at them with a submarine, they just run,” she says. “They weren’t running, they were just sitting there, dazed and stupefied. They certainly weren’t behaving as normal.” Her conclusion? “I think it is not beyond the imagination that 50% of the oil is still floating around out there.”

At a time when the White House, Congress, government officials and oil companies are trying to put the oil disaster behind them, that is not the message from the deep that people are waiting to hear. Joye’s data – and an outspoken manner for a scientist – have pitted her against the Obama adminstration’s scientists as well as other independent scientists who have come to different conclusions about the state of the Gulf. She is consumed Read more…

Saudi US Rift widening

April 13, 2011 1 comment

goldandsilverlinings
Back when Egypt was falling apart, not that it still isn’t, the Saudi king was very upset with the US for allowing his good friend Hosni Mubarak to fall. Rumor has it that the King almost or in fact did suffer a heart attack after talking to Obama about the way things were going in the Egypt.

The Saudi’s are now raising concerns that the Bushehr reactor is another Fukushima waiting to happen. The US is turning a blind eye to Saudi Arabia’s concerns, granted the Saudi’s are likely taking advantage of Fukushima to draw attention to their objective of halting Bushehr coming online. Israel has also been very quiet on Bushekr Read more…

Forecasters expect 5 big hurricanes

April 8, 2011 Comments off

boston.com

Hurricane seasonAt least five major hurricanes with winds of more than 111 miles per hour are expected to develop in the Atlantic during the 2011 storm season, Colorado State University forecasters said yesterday.

Overall, some 16 named storms are likely, with nine of them reaching hurricane status — an above-average season, said the forecasters led by William Gray and Phil Klotzbach. The forecast reduces by one the group’s preliminary December outlook for 17 named storms.

There is a 72 percent chance that one of the major storms will strike the US coast, above the 52 percent average for the past century, they said, and a 47 percent chance of a Gulf Coast hit. The East Coast’s odds are 48 percent.

“We reduced the number of storms but our statistical models are still calling for an active Read more…

Look Out Above for Gold and Silver Prices

April 8, 2011 Comments off

usawatchdog

By Greg Hunter’s

Gold hit another all-time high yesterday, closing well over $1,450 per ounce.  Silver’s closing price of more than $39 per ounce is the highest it has been in 31 years.  Why the big jump in gold and silver prices?  The answer is pretty scary because there are many reasons precious metals are heading higher.  Let’s start with the most obvious —inflation.  Kitco.com reported yesterday, “The precious yellow metal got a fresh influx of investment buying based upon heightened inflationary expectations, safe-haven demand and a weakening U.S. dollar index.” (Click here for the complete Kitco.com story.) You can give the same reasons for rising silver prices.

In the case of silver, many experts say it is way undervalued and will outperform gold as Read more…