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Rising Dollar Pressures Oil Prices
Crude oil fell in New York as the rising dollar reduced the appeal of commodities as a hedge against the currency.
Gasoline Prices Hit New Record
Gas prices reached a new record at the pump, rising to a national average of $4.06 a gallon
OPEC Production Increased In May
The 13 members of the Organization of Petroleum Exporting Countries (OPEC) pumped an average 32.24 million barrels per day (b/d) of crude oil in May, an increase of 370,000 b/d from April's 31.87 million b/d, according to a Platts survey of OPEC and oil industry officials just released.
Crude Oil Prices Near Record Highs
Light, sweet crude rose $5.07 to settle at $136.38 a barrel on the New York Mercantile Exchange after earlier trading as high as $138.30.
Gazprom Predicts Oil Prices Will Reach $250
Gazprom, Russia’s gas monopoly, on Tuesday predicted oil prices would reach $250 a barrel in 2009.
Crude Oil down 4.6 million barrels
Gasoline up 1 million barrels
Distillates up 2.3 million barrels
Refinery Utilization 88.6% down 1.1%
EIA Report
Dollar Decline Pushes Oil Past $134
Oil prices rebounded on a weakening dollar Wednesday as investors braced for a volatile trading day ahead of a report on U.S. crude inventories.
Light, sweet crude for July delivery rose $3.15 to $134.46 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe.
EIA Set To Tap Reserves Amid "Oil Crisis"
The world faces an ``oil crisis,'' and the International Energy Agency stands ready to release emergency stockpiles even as the biggest consumers discuss measures to contain spiraling demand, the agency's chief said.
Windfall Profit Tax Stalls In Senate
A Democratic proposal to impose heavier taxes on big oil companies stalled in the Senate on Tuesday as Republicans and Democrats offered different ideas on how to deal with soaring energy costs.
Saudi Arabia Proposes Oil Summit
Saudi Arabia will call for a summit between oil producing countries and consumer states to discuss soaring energy prices, Information and Culture Minister Iyad Madani said Monday.
EIA Forecasts Lower Oil Demand
Global oil demand is expected to grow at a slower pace than previously expected this year as a result of record prices and shrinking subsidies in some emerging countries, a leading energy forecaster said on Tuesday.
Hoku Solar Inks Deal With Young Brothers
Hawaii interisland shipping company Young Brothers has agreed to buy solar electricity from Hoku Solar.
Hoku Solar, a subsidiary of Hoku Scientific (Nasdaq: HOKU), will install the 224-kilowatt photovoltaic system on the rooftop of the Young Brothers' maintenance building at Piers 39 and 40. Young Brothers will buy the electricity generated by Hoku Solar at a predetermined rate over a period of 20 years, Hoku said.
A 224-kilowatt system produces enough electricity in 20 years to power roughly 800 average homes for an entire year.
Arizona State Plans Largest University Solar Project
“It is hugely significant for the state of Arizona because it represents what I think will be the first of many large solar installations throughout the state,” said Kris Mayes, who sits on the Arizona Corporation Commission, which regulates utility companies.
G-8, China, India Vow to Save Energy In Order To Combat High Oil Prices
The Group of Eight rich nations, with
China and India, the world's fastest-expanding major economies,
vowed to boost energy efficiency, two days after oil prices
posted their biggest-ever gain and deepened concerns about
slowing global growth.
Lehman Analysts Forecast Lower Asian Oil Demand
Oil prices could fall sharply toward the end of this year or early next year as evidence of eroding demand in Asian economies slowly materialises, investment bank Lehman Brothers said in a report.
Senate Investigates Speculation In The Energy Markets
Ramm, the president of the Inland Oil Co. of Ephrata, Wash., was a bit more plain-spoken.
''Excessive speculation on energy trading is the fuel that is driving this runaway train in crude oil prices.''
Regulators Seek To Increase Oil Trading Margin Requirements
Significantly increasing the amount of money that hedge funds and other speculators have to put up to trade oil and petroleum products would help weed out speculative investors and probably lower prices for the underlying commodities, a hedge fund manager said Wednesday.
Inventory Numbers Suggest Declining Demand For Oil and Gasoline
Crude oil fell more than $2 a barrel and gasoline dropped the most in two months on a larger-than- expected U.S. fuel-supply gain and signs demand will weaken because of increasing prices.
HP Enters Into Solar Energy Agreement
Hewlett-Packard Co and Xtreme Energetics said Wednesday they're cooperating on a solar energy system designed to generate electricity "at twice the efficiency and half the cost" of traditional solar panels.
Palo Alto-based H-P (NYSE: HPQ) will license its transparent transistor technology to Livermore-based XE in return for royalty payments.
