Oil Price Daily News Update
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- Factors that could make $5 a Gallon Gas the Norm
- European Banks Head Down a Dangerous Path as they Turn to the ECB for Funding
- Saudi Arabia and Iran Spar Over Pipeline Attack Claims
- With Iran, How Hard Do Sanctions Really Bite?
- How Severe an Impact Would the Keystone XL Pipeline have on the Environment?
- Enbridge Pipeline Fire Could Cause Higher Oil Prices in North America
- Europe Maps Africa’s Renewable Energy Potential
- Are Oil Wells Recharging Themselves?
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Factors that could make $5 a Gallon Gas the Norm Posted: 06 Mar 2012 08:57 AM PST It is hard to miss the recent rise in gasoline (gas) prices in the United States, and the rumblings that it has generated in the national press. It is a concern that has already entered the on-going political debate with one Republican candidate promising that, once elected, he will bring the price of gas down to $2.00. (The unreality of that prediction has been explained earlier.) As a result there have been a number of reasons projected (for example here) as to why, in contrast with most seasons, gas prices are rising at the present, in the season…
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European Banks Head Down a Dangerous Path as they Turn to the ECB for Funding Posted: 06 Mar 2012 07:53 AM PST Everyone is happy that bond yields are falling, but what is the next step in the resolution of the crisis? Here is one report from the front, decide for yourself whether it is good or bad news: Last week 800 banks requested €529.5bn of three-year funding under the European Central Bank’s longer-term refinancing operation, on top of €489bn borrowed in the first tranche of the LTRO in December. The €1.019tn total is not far shy of the €1.106tn of European bank senior debt due to mature in 2012, 2013 and 2014 combined,…
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Saudi Arabia and Iran Spar Over Pipeline Attack Claims Posted: 05 Mar 2012 04:06 PM PST On 1 March, Iran’s state-owned Press TV carried a sensational story of “an explosion in Saudi Arabian city of Awamiyah in the east of the kingdom which destroyed the pipelines feeding one of the most important oil hubs in the world.” According to the story, “Oil prices have soared to their highest level in the past ten months.” The Press TV report referred to a fire on a pipeline linking Saudi Arabia’s largest refinery in Abqaiq to its major oil port in Ras Tanura in the Persian Gulf. According to the Iranian…
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With Iran, How Hard Do Sanctions Really Bite? Posted: 05 Mar 2012 04:02 PM PST Sanctions on the Iranian financial sector appear to be taking their toll. Planned oil embargoes by the European Union could be seen as largely symbolic moves by opponents of the Islamic republic, though it’s the pressure on Tehran’s finances that appear to be striking the biggest blow. With Friday elections pushing the country closer to the ultra-conservative clerical regime, Tehran may find itself more isolated than ever. On the other hand, savvy political maneuvering could save the day and the country will continue to move its oil to market…
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How Severe an Impact Would the Keystone XL Pipeline have on the Environment? Posted: 05 Mar 2012 03:59 PM PST Last month, a group of 15 climate scientists (included the now disgraced Peter Gleick) sent a letter to Congress expressing their displeasure over the proposed Keystone XL Pipeline. President Obama has weighed in against approval, but Congress wants a green light to allow construction of the 1,700-mile, $7 billion project. Most recently, Bill Clinton weighed in for the pipeline, indicating just how deep the positives of the project are for the U.S. and world oil market. So why are physical scientists getting political about a market-friendly pipeline…
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Enbridge Pipeline Fire Could Cause Higher Oil Prices in North America Posted: 05 Mar 2012 03:56 PM PST Over the weekend Enbridge Inc. had to shut its Illinois pipeline, which supply’s oil to the BP plc., Exxon Mobil Corp, and Citgo Petroleum Corp, refineries in the Chicago area, following a collision between two vehicles which killed two people, injured several others and set fire to the pumping station near New Lenox, Illinois. About 20,000 gallons of oil leaked from the lines before flow could be halted. Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, believes “the pipeline closure could pressure local prices in the North…
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Europe Maps Africa’s Renewable Energy Potential Posted: 05 Mar 2012 03:53 PM PST While foreign investors drool over Africa’s hydrocarbon reserves, the Dark Continent also has vast reserves of largely untapped renewable energy, from the Magreb’s immense solar potential to Africa’s mighty rivers. Now at last, African governments can begin to evaluate their countries’ potential, courtesy of the European Commission Joint Research Center, which last month published its remarkable 62-page “Renewable energies in Africa” report. The report is divided into four sections – solar, wind…
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Are Oil Wells Recharging Themselves? Posted: 05 Mar 2012 03:51 PM PST There have been numerous reports in recent times, of oil and gas fields not running out at the expected time, but instead showing a higher content of hydrocarbons after they had already produced more than the initially estimated amount. This has been seen in the Middle East, in the deep gas wells of Oklahoma, on the Gulf of Mexico coast, and in other places. It is this apparent refilling during production that has been responsible for the series of gross underestimate of reserves that have been published time and again, the most memorable being…
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