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The Latest News about Oil

OPEC Believes US Shale Boom Won’t Last Long

OPEC predicts that competition with the U.S. will drop significantly in less than five years, allowing members of the world’s largest oil cartel to keep dominating the market.

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Fracking Under Attack

Hydraulic fracturing in Minnesota is about to take another big hit as environmental activists bus in from around the state to descend on the Capitol in St. Paul. A joint hearing of energy committess in the Minnesota House and Senate is expected to discuss a 30 year moratorium on silica sand mining on Tuesday, February 19th at 12:00 noon at ...

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Obama’s Five Year Plan

The US (through President Barack Hussein Obama’s failed green energy policies and his desire to repay campaign contributors) has decided to pursue green energy. Obama promised that green industries would create millions of jobs after he took office. His administration earmarked billions of dollars for investment in “clean” industry. But no matter how you define a “green” job, the numbers ...

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Green Death

Eight regions of Spain have had their credit ratings cut as uneasy Spaniards moved their money overseas. Spooked by the questionable state of their banks, Spanish savers are now moving their money abroad faster than records have ever shown. Spain’s credit rating has been downgraded two notches and nearly 25% of Spaniards are unemployed The Spanish newspaper La Gaceta ran ...

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Grasping at Energy Straws

In February 2012 New York Democratic Senator Charles Schumer called upon Secretary of State Hillary Clinton to request Saudi Arabia increase their oil production to make up for potential disruptions in the world’s oil supply resulting from Iranian saber-rattling. Schumer’s unhidden rationale was that such a pledge from the Saudis would drive down gasoline prices in America http://thehill.com/blogs/e2-wire/e2-wire/216057-schumer-saudi-arabis-plan-to-increae-oil-output-will-lower-gas-prices This ill-advised ...

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Democrats Introduce Reasonable Profits Board Bill To Regulate Oil Company Profits

 In a direct attack on free enterprise, Democrats have introduced The Gas Price Spike Act, (H.R. 3784), that proposes to establish a “Reasonable Profits Board” to regulate oil company profits. In the “definitions” section (page 2), we get (among other things): (2) WINDFALL PROFIT – The term ‘windfall profit’ means, with respect to any sale, so much of the profit ...

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Oil Rises 2% To Over $101 A Barrel Over Tensions With Iran

Oil prices climbed 2% to over $101 a barrel on growing U.S. consumer confidence and tension in the Middle East. This comes as Iran has promised to close the Strait of Hormuz and block oil exports if the West imposes sanctions on its oil shipments over it’s nuclear program. The Strait of Hormuz is a passage connecting the Gulf of ...

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