Gas prices

Monte Carlo and Forecasting Hurricanes

The gaming rooms at Monaco’s famous Monte Carlo Casino resonate with people trying their luck at the baccarat, poker, and craps tables. No one knows who will break the bank or who will go home broke. Although wise gamblers carefully consider the odds, or estimates of expected results, when placing their bets, they also understand there’s no such thing as a “sure thing” in a casino.    » read more »

Measure would level the playing field in energy futures markets

June 13, 2008 -- Washington, DC – In the wake of growing concerns about the impact of speculation, U.S. Senators Dianne Feinstein (D-Calif.) and Ted Stevens (R-Alaska) have introduced legislation to require the Commodity Futures Trading Commission (CFTC) to impose the same position limits on institutional investors to which other investors now are subject. This legislation would essentially level the playing field in energy futures markets.

Under current law, CFTC is required to impose speculation limits on the size of energy trader positions. However, in practice, CFTC regularly exempts institutional investors from position limits, when investors execute their trades through brokers or dealers.    » read more »

June 14, 2008 -- With ridership numbers growing, Connecticut Governor M. Jodi Rell today applauded “smart Connecticut commuters” who are increasingly using the state-owned bus system, CTTRANSIT.

“Part of the growth on the system is doubtless due to increased fuel prices,” Governor Rell said. “And we also think some portion of this growth is due to service initiatives that have been undertaken in the past two years.”    » read more »

Jun 13, 2008 -- Too many Arkansas families today are struggling under the weight of increasingly higher gas prices. With $4.04 now the national average price per gallon, and experts predicting a year ahead of continued misery at the pump, the burden on our people and our communities is growing heavier.

We have watched as high gas prices forced families to postpone summer vacations, as gas prices made people think twice about driving for that weekend trip they'd planned, but recently, gas prices have taken an even greater toll.    » read more »

15 June 2008 -- United Nations Secretary-General Ban Ki-moon says Saudi Arabia will increase its oil production next month by 200,000 barrels a day.

Mr. Ban says he learned of the Saudi plan to raise oil output again from Saudi Oil Minister Ali Al-Naimi on Sunday.

Saudi Arabia already increased its oil production by 300,000 barrels a day this month, compared to May, to meet growing demand from customers. The additional increase would raise total Saudi production to nine-point-seven million barrels a day.

Mr. Ban was speaking after a visit to the Saudi city of Jeddah, where he met Saturday with Saudi King Abdullah. The U.N. chief says they discussed global concerns about the rising price of oil and its impact on the cost of food.    » read more »

June 10, 2008 -- WASHINGTON, D.C. - U.S. Senator Barack Obama today released the following statement following the Senate's votes on the Consumer First Energy Act (S. 3044) and the Renewable Energy and Job Creation Act (H.R. 6049). Both measures were blocked today.

Wind turbine: Photo by Vik Walker (CC)    » read more »

Biden: “We need diplomacy to forge a common strategy among energy consuming countries in Europe, a shared effort that can confront Russian dominance.”

June 12, 2008 -- Washington, DC – Chairman of the Senate Foreign Relations Committee Joseph R. Biden, Jr. (D-DE) held a hearing this afternoon entitled, “Oil, Oligarchs, and Opportunity: Energy from Central Asia to Europe” to examine Russia's use of its enormous oil and gas reserves, and regional pipeline system, to expand its global political influence and economic leverage.

Russian oil pump: Photo by Amanda Graham (CC)    » read more »

June 10, 2008 -- Washington, D.C. – House Speaker Nancy Pelosi issued the following statement today in response to Senate Republicans blocking consideration of the Consumer-First Energy Act and the Renewable Energy and Job Creation Act of 2008:

“Senate Republicans have once again shown themselves to be unwilling to break free of the costly, failed Bush energy policies of the past. They have again adopted President Bush’s ‘drill and veto’ policy that is driving up the price of oil, diesel, and gasoline and leaving us dangerously reliant on Middle East oil.    » read more »

Union Members to Rally in More Than 25 Cities This Week to Call on Bush and McCain to Denounce Tax Giveaways for Big Oil, Support Real Path to Energy Independence

June 09, 2008 -- AFL-CIO working families will rally at gas stations in more than 25 cities across the country this week to protest record-high gas prices, which reached a national average of $4 a gallon over the weekend. The first protest will be today in Indianapolis.    » read more »

Urges Cooperative Approach To Global Problems

June 9, 2008 -- International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn today urged policy makers around the world to seek a cooperative approach to global challenges stemming from the rise in food and fuel prices and a worldwide economic slowdown linked to spillovers from the U.S. "Policymakers can respond in two ways: they can take the mercantilist approach, looking only at what is best for their country.

Or they can look for multilateral solutions. History has shown us the defects of the first approach and the difficulties of the second," Mr. Strauss-Kahn said in a speech at the International Economic Forum of the Americas in Montreal.    » read more »

Despite volatility, rise of foreign banks in developing countries holds promise

CAPE TOWN, South Africa, June 10, 2008 - In the wake of financial turmoil in high income countries and amidst high food and energy prices, developing countries' growth is easing but is still robust.

Bourke's Luck Potholes, Blyde River, South Africa: Photo by Pet_r (CC)

Private capital flows to emerging markets, which hit a record $1 trillion in 2007, are expected to drop to around $800 billion by 2009, which would still be the second highest level ever, says a new World Bank report.    » read more »

June 9, 2008 -- WASHINGTON, D.C. – With gas prices reaching an all-time high today, United States Senator Dick Durbin (D-IL) called for a dramatic increase in the resources for the Commodity Futures Trading Commission (CFTC), the federal agency charged with overseeing America’s oil markets.

“What led to the record increase in the price of oil? The truth is that no one knows. Not the CFTC. Not the Energy Information Administration, the Federal Energy Regulatory Commission, or the Federal Trade Commission. This issue is much too important to the American people to allow this to continue. Enough is enough. Let’s get to the bottom of this," Durbin said.    » read more »

Houston -- 10 June 2008 -- As oil prices continue to rise worldwide, economists fear widespread inflation well beyond the transportation sector. Chemicals derived from petroleum are found in many common products that are now becoming more expensive.

The price of just about everything is going up because the price of oil is going up. People around the world have already seen transportation and food prices rise dramatically. But now chemical companies are raising prices for a wide range of common products that are produced, at least in part, from oil or natural gas.    » read more »

June 9, 2008 -- Connecticut Attorney General Richard Blumenthal, in a formal legal opinion released today, said a state statute - not simply a new regulation - is necessary to prevent Big Oil from blocking its franchisees from offering consumers cash discounts.

Gas prices, Hamden, Connecticut, May 2008: Photo by Anne (CC)

Blumenthal's legal opinion, creating a clear path for immediate legislative action during Wednesday's special legislative session, was issued at the request of Gov. M. Jodi Rell who inquired about Blumenthal's proposed gasoline measures.    » read more »

June 6, 2008 -- Washington, D.C. – Speaker Nancy Pelosi released the following statement as the price of oil by the barrel reached $139, an $11 increase from yesterday – the largest one-day increase in history:

“With crude oil prices reaching another record high today, Democrats in Congress are fighting to reverse seven years of Bush-Cheney energy policies that have driven up the price at the pump for Americans struggling to make ends meet.

“Democrats are working to reduce our dependence on foreign oil and reduce gas prices, launch a cleaner, smarter energy future for America that creates hundreds of thousands of green jobs and helps save our planet.    » read more »