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OPEC's Secretary General Abdalla Salem el-Badri states that an interest rate increase by the US Federal Reserve would strengthen the US Dollar,rein in speculation, and possibly push oil prices under one hundred dollars per barrel.

"People will go and invest somewhere else," if the Fed opted to raise rates, el-Badri said. "I'm sure the price will come down," he added, sanguine about the pace and degree of any downturn in prices.

"We don't prefer $137 (a barrel) today and $10 tomorrow. Whether it's $80, $ 90, $110, whatever, that price should reflect supply and demand fundamentals," el-Badri said. continued.......

Qatar Will Not Increase Crude Oil Production

Qatar's oil minister states that the country will not follow Saudi Arabia's lead in increasing oil production, claiming that supplies are adequate. 

``I never heard any panic about a shortage of supply, just about the high price,''  Abdullah bin Hamad al-Attiyah told Bloomberg in an interview in Madrid. ``We see in the market there are lots of cargoes.''

Qatar joins United Arab Emirates and Kuwait as OPEC members who are balking at increasing crude oil production.

OPEC President Chakib Khelil  states that oil may reach $170 in 2008 due to a weak dollar and increasing demand.
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Obama Plans To Levy Fees On Idle Oil Leases

"If that compels them to drill, we'll get more oil," Sen. Obama said. "If it doesn't, the fees will go toward more investment in renewable sources of energy."
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Canadian Activists Target Uranium Industry

The Community Coalition Against Mining Uranium is demanding that uranium exploration be suspended in Ontario until its impact on health, the environment and aboriginal land rights is properly addressed.
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Evergreen Solar Plans To Sell $300 Million In Convertible Notes

Evergreen Solar Inc. (NASDAQ ESLR) said Wednesday it plans to sell $300 million of senior convertible notes due 2013. ESLR expects to grant the offering's underwriters a 30-day option to buy up to an additional $45 million of notes to the extent the underwriters sell more than $300 million of notes in the offering. continued.........

Obama Targets Oil Industry, Vows To Close "Enron Loophole"

Barack Obama is set to announce his plan to target the oil industry for further government regulation and oversight.

Obama vows to close the so-called "Enron Loophole" in an effort to curtail speculation in the energy markets.

The "Enron Loophole" refers to a section of the “Commodities Futures Modernization Act of 2000 [CFMA]” which was signed into law by President Clinton.  The "loophole" exempts certain energy traders from regulations governing other commodities. 
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Energy Investing News 6-19-08

Oil Hits $137 Following Nigerian Attack

Shell shut down production at a major offshore oil facility in Nigeria due to a militant attack.

"We shut down production at the Bonga oilfield following an attack by unknown militants this morning," said Shell spokesman Precious Okolobo.

Oil production in the southern Delta region of Nigeria has declined by 25% since January 2006 due to attacks by militant factions.
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Denial Of Market Fundamentals Leads To Speculator Blame Game

Francisco Blanch, head of global commodities research at Merrill Lynch in London, said he found no link between speculative activity and systematic price increases in commodities.

"So far the available data doesn't support the idea that speculators are driving prices up: quite the contrary," Blanch said. "We are in a stage of denial with regards to inflation."

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Rep. Maurice Hinchey Proposes Refinery Nationalization

Rep. Maurice Hinchey (D-NY), member of the House Appropriations Committee...."We (the government) should own the refineries. Then we can control how much gets out into the market."

Additional rhetoric from House Democrats

"The White House has become a ventriloquist for the oil and gas energy. The finger should be directed back at them. They had plenty of opportunity to (arrange an energy policy). But they did not put an energy policy in place."   Rep. Ed Markey (D-MA), chairman of the House Select Committee on Global Warming

"What we do has to be in the interest of the American people. Not major corporations."  Rep. Rahm Emanuel (D-IL)

No oil bashing session is complete without......

"You cannot drill your way out of this."
Rep. Ed Markey (D-MA), chairman of the House Select Committee on Global Warming

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Energy Investing News 6-18-08

President Bush Urges Congress To Lift Ban On Offshore Drilling

Amid a climate of $4+ gasoline, President Bush states that "Families across the country are looking to Washington for a response,".  Bush stated that offshore drilling could produce over 18 billion barrels of crude oil.
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Gasoline Inventories Decline

The Energy Department reports that gasoline supplies fell 1.2 million barrels last week.  Analysts were forecasting an increase of 1 million barrels.

Crude oil is currently trading down 15 cents at $133.86 a barrel.

Energy Investing News 6-17-08

Saudi Arabia Signals Increased Oil Production

Crude oil fell from a record on signs that Saudi Arabia will increase production to stabilize prices.......Saudi Arabia will produce 9.7 million barrels of oil a day next month, an increase of 200,000 barrels from June.

McCain Proposes Increased Domestic Energy Production

U.S. Sen. John McCain, R-Ariz., said Monday he wants to lift federal restrictions and moratoriums on oil drilling and domestic energy exploration.

Cameco Proposes New Uranium Mines

Cameco (NYSE CCJ) seeks to mine 25 kilometres south of Alice Springs.

Energy Investing News 6-16-08

Oil Hits Record High Amid Heavy Options Trading

July $140 calls, or bets that oil prices would rise above that amount, were the most actively traded options contract on the Nymex today. July options expire at the close of Nymex trading tomorrow.

IBM Plans To Increase Solar Efficiency

IBM said Monday that it was teaming up with semiconductor process company Tokyo Ohka Kogyo (TOK) to develop more efficient and cost-effective solar power technologies.

Oil Market Bubble?

How long can the oil price stay above $130? The supply-demand fundamentals do not explain the sharpness of the ascent this year – 60% since January.

Energy Investing News 6-13-08

U.S. Regulators Aim To Restrict London Oil Trading

..... cap the amount of particular oil contracts that a trader can hold. The moves would limit the ability of a trading firm or individual trader to corner the market in one type of futures oil contract.

OPEC Rules Out Production Increase

OPEC President Chakib Khelil said the oil-producer group won't raise output at a summit with consuming nations in Saudi Arabia later this month.

Natural Gas Inventories Below Historical Averages

Natural gas in storage in the U.S. rose last week but is 1 percent below the five-year average for this time of year, a government report said Thursday.

Australia Refusing To Sell Uranium To India

Australia's Labour Party government led by Kevin Rudd is unlikely to reverse its refusal to export uranium to India, though new questions are being raised on the rationale behind the refusal.