Uploaded by RussiaToday on Jan 24, 2012
The EU has delivered on its threat to ban the import of crude oil from Iran, in response to its nuclear programme. The latest round of sanctions prohibits any new oil contracts, while allowing for existing deals to run until July. But Tehran is apparently finding ways to keep business pumping. Reports say Iran will keep supplying one of its biggest customers – India – but [...]
Schechter quoted finance expert Phil Davis (“a professional’s professional”) and petroleum industry official Dan Gilligan in his April article, The Scam Behind the Rise in Oil, Food Prices: Speculation on the futures maker, rather than supply and demand in driving up costs, analysts say.
“Sixty to seventy percent of the oil contracts in the futures markets are not held by companies that need oil, not by the airlines, not by the oil companies,” says Dan [...]
Published on Saturday, August 27, 2011 by Al Jazeera
NATO Nations Set to Reap Spoils of Libya War
As rebels take Tripoli, foreign powers are eyeing the prize of Libya’s high quality crude oil.
by Rachel Shabi
It looks like the more telling news on Libya has migrated to the business pages. With jubilant reporting of Gaddafi’s imminent downfall seizing headlines, it’s the financial pages that have the clinical analysis. So, [...]
When oil prices hit a record $147 a barrel in July 2008, the Bush administration leaned on Saudi Arabia to pump more crude in hopes that a flood of new crude would drive the price down. The Saudis complied, but not before warning that oil already was plentiful and that Wall Street speculation, not a shortage of oil, was driving up prices.
Saudi Oil Minister Ali al-Naimi [...]
by Deep Fritz
Petrochop – A Sign of a Petrocurrency Shift
Did the world’s largest futures exchange enable $200 oil?
On April 18, 2011, the Chicago Mercantile Exchange launched six Euro-denominated oil contracts – one Brent crude oil and five gasoil.1
Pricing, margining and treasury for exchange-cleared oil price management can be fully executed in Euros.
On the surface, this appears to be a reasonable product suite offer from [...]
According to the Fort Worth Star Telegram, “it is now 20 months since oil peaked at $147 a barrel, and 18 months since the worldwide financial meltdown. Yet not one thing has been done to ensure that either situation never happens again.”
U.S. gas prices now average $2.67 a gallon. This means the average driver now pays about $134 a month for gas. These high prices come as Americans struggle to [...]