SAUDIS HAVE U.S. OVER A BARREL
The Shifting Terms of Trade Between Grain and Oil. In 1970, a bushel of wheat could be traded for a barrel of oil in the world market. It now takes nine bushels of wheat to buy a barrel of oil.
Oil
Surviving oil shocks
With US Treasury secretary John Snow ratcheting up his criticism of Opec, it is clear the Bush administration is alarmed about rising oil prices.
Report: Oil Will Cost $51/barrel by 2025
WASHINGTON – Crude oil prices will increase gradually and reach $51 a barrel by 2025 due to inflation and rising energy needs in developing nations, according to an Energy Department projection.
Russia to run out of oil in six years?!
Russia, now the second largest oil producer in the world, warns that its oil supply will last only until 2010.
High Gas Prices Not Stopping Motorists
When the price of gasoline surges, two things are practically guaranteed: motorists will bemoan the rising cost and, more tellingly, they’ll drive as much as ever.
“I hate it. I hate expensive gas,” Don Macklin, 71, of Kingston, Ontario, said as he pulled his Chrysler minivan into the Travelodge motel just off I-95 near Fredericksburg, Va., 400 miles away from a vacation with his wife in Myrtle Beach, S.C. “But what are you going to do? I just factor it in.”
Survey: Gasoline Nearly $1.80 Per Gallon
U.S. average retail gasoline prices rose over the last two weeks and they could go even higher, according to an industry analyst.
Oil Shortage?
Saudi officials like to fly visitors across the Empty Quarter, the forbidding desert that occupies the eastern portion of the kingdom, to visit the Shaybah oil field. Nestled amid stunning sand dunes like a ship in a vast ochre ocean, Shaybah is a source of national pride for the Saudis — akin to the Hoover Dam or the Apollo space missions for Americans. To outsiders, the message is: When it comes to oil, you can count on us. “We are the most reliable producer and supplier of crude in the whole world,” says Mahmoud M.
The Mother Of All Oil Shocks Is Looming
In a few years, the global production of conventional oil will fall, while the global demand continues to rise. The resulting shock of this structural oil famine is inevitable, so great are the dependency of our economies on cheap oil and. related to the first, our inability to wean ourselves from this dependency in a short period of time.
Cheap oil is history
For the tens of millions of American motorists patiently waiting for gas prices to come back to Earth, the news from the oil markets is not encouraging.
For the last year, government forecasters have reassured us that the unusually high oil prices we’ve seen since 2002 — around $30 a barrel — were temporary: As soon as global markets recovered from the mess in Iraq, oil prices would drop and gasoline prices would eventually follow.
Guzzling Gas
IN POORER COUNTRIES, a rise in the price of bread can set off a revolution. In this country, the price of gasoline sometimes seems to have the same kind of power.
The Perfect Storm That’s About to Hit: Rising Oil Prices and a Weak Dollar could Shatter the Global Economy
The average nationwide price of a gallon of gasoline in America reached a record high of $1.77 this month. Get ready for what might become the economy’s version of the perfect storm later this summer. The devastation could quickly spread to the UK and the rest of the world, with dire consequences for the global economy.
HAITI & VENEZUELA–COUP & EMPIRE (Part One)
In this two-part analysis, Stan Goff exposes the underlying forces driving the current crisis in Haiti. The recent coup d’etat is only the latest in two centuries of violent transfers of power in that country – but today the regional balance of forces is refreshingly new.