Word: oiling
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...other important and relatively new economic concern for the summer is oil prices. OPEC has not been clear about what it will do with supply. The Saudi's have spoken out for keeping it unchanged and because of the size of their output they usually rule the day. Speculators still seem prepared to trade crude above $60 on most days. A fair number of analysts see oil moving to $70 or $75 by Labor Day. The cost of a barrel of crude will move up if there is strong evidence that the demand in China is growing. Ironically if there...
...Oil prices could still block a recovery. Just a month ago, no one believed that gas could possibly hit $3. A heavy summer driving season and forecasts of a cold winter in the northern hemisphere would transform the psychology of crude trading and make the majority opinion that oil will rise throughout the year, whereas in the early spring nearly everyone was convinced that it would fall...
...Iraq Saying No to Kurdish Oil The Kurdistan Regional Government in northern Iraq says it will start exporting crude oil for the first time on June 1, despite a statement by the Iraq Oil Ministry calling the plan illegal. The Kurds, who control some of the country's largest reserves, claim that the Iraqi constitution allows them to broker deals with foreign companies; the ministry maintains that it controls all oil contracts and that any firm that signs without its approval will be blacklisted...
...sacred cows that voted Democratic last November are mooing more happily than ever. Big Labor is making no sacrifices. Nuclear power plants spew no CO2 into the air and consume no foreign oil, yet a serious effort to build new ones is missing from the Obama energy plan because it offends the environmental left. Health-care reform will be massively expensive, yet the trial lawyers' lobby is not being asked to endure the cost savings that tort reform would bring to health insurance. The teachers' unions are unscathed as billions in new spending is poured into public education. Costly...
...economy strengthens, would push new-car demand toward more fuel-efficient vehicles just as the U.S. market for cars improves and auto production ramps back up. That would both stimulate the market for new cars and help curb our self-defeating addiction to buying oceans of oil from countries that wish us ill. It would be unpopular, of course, but many responsible things are. Revenues from such a gas tax might also help Obama stop being so, well, irresponsible about how to pay for his "new era of responsibility." (See pictures of Republican memorabilia...