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Brown warns on volatile oil price

Gordon Brown: 'Volatile oil prices are in no-one's interest'

Volatile oil prices remain a threat to the global economy, Gordon Brown has warned, following the sharp fall in prices in recent months.
In a speech to an energy summit in London, Mr Brown said the "wild fluctuations" in prices in recent months had damaged the global economy.
He called for improved regulation of oil markets to stabilise prices and investment in clean energy technology.
Prices have tumbled from $150 a barrel to below $40 in the past six months.
Prices are now at their lowest level since the middle of 2004 after hitting record levels in July.
Mr Brown told energy ministers that the high oil prices of recent years had stoked inflation and forced governments to keep interest rates much higher than would have otherwise been the case.
This had hurt families and businesses, particularly in developing countries dependent on oil imports.
"It is clear that our most pressing challenge is price volatility," he said.
"Wild fluctuations in prices harm nations all around the world."
'Less volatility'
Mr Brown offered to stage the meeting earlier in the year when prices were seen to be at critically high levels close to $150 a barrel.
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It would be a huge mistake to fall back on the old ways of the past
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Gordon Brown

The meeting is a follow-up to June's gathering of oil ministers in Saudi Arabia which Mr Brown also attended.

[more]
http://news.bbc.co.uk/2/hi/uk_news/politics/7791269.stm
 
Oil rises slightly on US auto bailout, rate cut

Oil rises slightly as investors mull if US auto bailout, rate cut will spur demand

  • George Jahn, Associated Press Writer
  • Monday December 22, 2008, 9:23 am EST
VIENNA, Austria (AP) -- Oil prices rose slightly Monday as investors looked for signs that U.S. interest rate cuts and a government bailout of two key automakers could help cushion what may be the worst recession in decades.

scepticism that OPEC cuts in production would be fully implemented kept a low ceiling on prices.:D

Light, sweet crude for February delivery gained 36 cents to $42.72 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe.
Investors were somewhat encouraged by Friday's announcement of Washington's $17.4 billion bailout of ailing car giants General Motors Corp. and Chrysler LLC and by the Federal Reserve's move Tuesday to cut its federal funds rate target to a range of zero to 0.25 percent.
"The rate cut shows the concern around demand in the U.S.," said Gerard Burg, minerals and energy economist with National Australia Bank in Melbourne. "We're in a period of demand weakness that we haven't seen in at least a decade, and economic conditions don't look particularly encouraging."
In response to weak demand, the Organization of Petroleum Exporting Countries said last week it planned to reduce its output quotas by 2.2 million barrels a day, the group's largest-ever cut. OPEC leaders have said they would like to see oil prices return to above $70 a barrel.
On Sunday OPEC President Chakib Khelil told Algeria's state radio that OPEC was willing to further cut production as much as was necessary to stabilize oil prices. But, said Burg, another large OPEC production cut may not bolster prices in a market preoccupied with falling demand.[more]
http://finance.yahoo.com/news/Oil-rises-slightly-on-US-auto-apf-13891856.html
 
December 20, 2008
Editorial
New York Times
Where Does It All Go?

The Energy Department has recommended expanding the amount of nuclear waste that could be stored in an underground repository at Yucca Mountain in Nevada to avoid the need for a second dump. It is a sensible proposal that also is an urgent reminder of how little progress has been made in solving one of the most vexing problems of the nuclear age.

Tens of thousands of tons of spent fuel and military waste have been piling up at temporary storage sites around the country while the federal government has struggled, unsuccessfully, to find a long-term solution.
Expert groups have long recommended that the nuclear waste should be buried deep underground in a stable, leak-resistant geological formation that would keep it bottled up for many millenniums. Yucca Mountain, the only site now under consideration, has run into so many technical problems and so much political opposition that its future is uncertain. The site is still awaiting licensing from the Nuclear Regulatory Commission.

In the 1980s when Congress ordered the Energy Department to look for places to bury long-lived radioactive wastes, it visualized two underground repositories — one in the West and one in the East — to spread the burden fairly. Congress eventually chose one site in Nevada, which lacked the political clout at the time to push it elsewhere.

The only concession to Nevada was that no more than 70,000 metric tons could be stored at Yucca Mountain until a second repository was in operation. The amount of spent reactor fuel and military waste now stored at production sites and waiting for permanent disposal is expected to reach that limit by 2010......
http://www.nytimes.com/2008/12/20/opinion/20sat2.html?pagewanted=print




http://www.opm.gov/oca/09tables/indexGS.asp
 
I'm NOT happy, YET!!:o

Dec.22
2:53 AM ET

7 hours ago

Happier Days Are Here Again
Posted By: Cliff Mason

In late July we started highlighting the "happier days are here again" thesis. This was the idea that with commodity prices going down, especially oil and food, consumers might start spending again and companies with heavy exposure to commodity costs would become much more profitable.

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Cliff Mason
Senior Writer
Mad Money

We said "happier," not "happy," because we knew our nation's economy was still deeply troubled. Keep in mind, this was back when the price of crude was still over $120. It was also before the Western financial world almost collapsed and retail sales fell off a cliff. To use the parlance of Wall Street, we were early.[more]
http://www.cnbc.com/id/28344070
 
NYMEX light sweet crude down to $41.20, and RBOB gasoline on NYMEX down to 94 cents.

Look for falling prices at the pump. Merry Christmas.
 
AP
Oil prices fall with few signs of economic rebound

Monday December 22, 11:22 am ET
By Dirk Lammers, AP Energy Writer

Oil prices fall further still on steady stream of dour economic indicators

Oil prices fell below $42 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.
Light, sweet crude for February delivery fell $1.29, or 3 percent, to $41.07 a barrel on the New York Mercantile Exchange. Crude prices have tumbled 70 percent since peaking above $147 in July.
Toyota Motor Corp. projected its first-ever operating loss since it began such reports, acknowledging Monday that its nine-year stretch of global vehicle-sales growth had stalled.
Crashing auto demand, especially in its key U.S. market, and the profit erosion from a surging yen proved too much for Japan's top automaker, which had been booming on the success of its fuel-efficient models, including the Camry sedan and Prius gas-electric hybrid.
Caterpillar Inc. said Monday it would cut executive pay by up to 50 percent next year because of weakening demand.
The world's largest maker of mining and construction equipment also said it would slash pay for senior managers between 5 percent to 35 percent in 2009. The world's biggest crude producers have not been able to slash output fast enough.[more]
http://biz.yahoo.com/ap/081222/oil_prices.html
 
James48843 said:
Buster:

Does her husband collect guns?
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If you wanna know the truth..She was looking for a place to stay and didn't want to meet to discuss anything where anyone would notice..she is a friend and her Hubby is my friend..we came to an understanding that me being in the middle was a disaster waiting to happen..She is now staying with some girl friend of her's from work...The Drama ends there.:rolleyes:

Hell, What in the world would I want to complicate my life for?, especially with a married woman..the single ones are bad enough..:blink:
 
Buster said:
... staying with some girl friend of her's from work...The Drama ends there.:rolleyes:
:blink:
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Oh good- that's a relief.

For a minute there ya had me worried about you-

Glad to know you won't be on the receiving end of a lead shower. :D
 
Buster said:
What did they fall from?..Friday we were at $33+/bbl..Now we are at $40+...I don't call that much of a fall:confused::worried:
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I think it now looks like friday may have just been an options expiration shananigan. If you take friday out of the mix, then $40ish is about where things have been, and are today.
 
Buster said:
If you wanna know the truth..She was looking for a place to stay and didn't want to meet to discuss anything where anyone would notice..she is a friend and her Hubby is my friend..we came to an understanding that me being in the middle was a disaster waiting to happen..She is now staying with some girl friend of her's from work...The Drama ends there.:rolleyes:
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A good guy and common sense to boot. What's not to like? ;)
 
James48843 said:
I think it now looks like friday may have just been an options expiration shananigan. If you take friday out of the mix, then $40ish is about where things have been, and are today.
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Gotcha..Thanks again Jim for expalining to this dumb hayseed originally from Essexville.
 
alevin said:
LOL, how shall I answer thee? Let me count the ways....:D Nope, nada, nyet, not even, never, no way, coulda been-didn't, not currently, why? Is it important?
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Oh Really....
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...No reason, I was just wonder how a fish like you slipped through...I have my line in the pond, just trolling..
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What I thought. I gave up on long-distance fishing trips a long time ago myself. :laugh::rolleyes::laugh:
 
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