Random Thoughts as Oil Nears $102
What a difference a few months make! Crude oil began the year at roughly $96 per barrel. It surged to $145 by mid-July, and has plummeted to near the $102 level today. Massive amounts of cash flowed into the commodity markets this year, looking for the next hot ticket after the debacle of the mortgage-backed and CDO markets. Prices, predictably, moved upwards. But the 50% | Read More »
Oily Thoughts of the Day- Of Turkeys and GOBBL lines
*Is it Midnight at the Oasis Yet? Not Quite! * As I work on this blog, the price of crude oil has dipped below $112. Market analysts attribute the rise to a strengthening dollar and deepening concern about global demand. Crude has thus declined 25% from its speculative peak in mid-July.
Kurdish Rebels Claim Responsibility for Oil Pipeline Explosion
Kurdish rebels have claimed responsibility for an explosion on the pipeline carrying Azeri crude from the Caspian Sea ACG fields. Output is expected to drop by 80% pending repairs.
Rep Kenny Marchant (TX 24) on Energy: Hear, Hear!
As a compassionate conservative, I can understand the impulse to flee steamy Washington DC in August. But the Congress should really do its job first. I am posting Rep Marchant’s letter in its entirety. Let’s Have a Vote on Real Energy Solutions As many of you have heard, the House Republican Caucus has taken over the empty House chamber in protest of Democratic House Speaker | Read More »
The Oily Bird Gets The Worm
July was not kind to the energy bulls. The spot price of crude fell from a high of $145 in mid-month to close at $124 by month end, a decline of over 14%.