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Oil and Gas Exploration Project Fall in Prices
From the plains of North Dakota to the deep waters of Brazil, dozens of major oil and gas projects have been suspended or canceled in recent weeks as companies scramble to adjust to the collapse in energy markets.
Coal Price In World Market and Trade Higher
As consumers struggle to get used to $4-a-gallon gasoline, there’s another source of energy that is becoming more expensive: coal.
The price of a ton of Central Appalachian coal on the futures market was $42.65 a year ago and has risen to around $96, according to figures from the U.S. Energy Information Administration. That increase comes [...]
Imperial Oil, ExxonMobil Canada Bet C$585M on Offshore Arctic Oil & Gas
Imperial Oil Ltd. and its sister company ExxonMobil Canada [NYSE:XOM], have slapped down a cool half billion dollar bet that offshore exploration in the Beaufort Sea could result in profitable oil and natural gas production.
The C$585 million bid, one of three totalling almost C$600 million, signals renewed interest in a challenging frontier region where minimal [...]
Oil company president comes out of his Shell
Despite jokes about the reception usually given to oil company executives, Shell Oil Co. President John Hofmeister was widely applauded during a lunchtime address to Cornerstone, the economic development arm of the Jacksonville Regional Chamber of Commerce.
Before the lunch, Hofmeister, who is touring 50 cities to talk about the future of the nation’s energy supply, [...]
Goldman, Deutsche Bank Say Double Down on Commodities (Update1)
Anyone who followed the advice of Goldman Sachs Group Inc. last year and invested $10 million in the Goldman Sachs Commodity Index would have lost 15 percent, or $1.5 million.
Like so many of Wall Street’s best and brightest, Goldman, the biggest securities firm by market value, says it wasn’t wrong, just early, and to expect [...]
Petro-Power and the Nuclear Renaissance
With global demand for energy constantly rising and supplies contracting (or at least failing to keep pace), the world is being ever more sharply divided into two classes of nations: the energy haves and have-nots, says Michael Klare.
Not “Islamo-fascism” but “Energo-fascism” — the heavily militarized global struggle over diminishing supplies of energy — will dominate [...]
EU Commission to Present Energy Plan
An energy crunch that chokes fuel supplies, dims the lights at homes and workplaces, and ravages Western economies may no longer be the stuff of 1970s history books. It could be a vision of the near future.
The 1970s oil crisis gave Western countries a glimpse of what life is like when the energy supply isn’t [...]
Gold Rush Plunges Undersea as Miners Scour Pacific (Correct)
(Corrects company in 10th paragraph whose shares declined.)
David Heydon says the rock he dredged from a mile beneath the sea off Papua New Guinea looked like nothing more than a dull-brown fire hydrant. Inside were veins of copper and gold worth $300.
Two companies exploring the South Pacific seas with new remote-controlled robots are betting rocks [...]
Oil, Gold Bottom on China-Led Rebound, U.S. Trust, Goldman Say
Oil, gold and copper have bottomed in the last three weeks and may lead a rebound in the commodities markets, say a growing minority of strategists.
“We are positioning for an upturn,” said Michael Hoover, who manages $475 million at U.S. Trust Co.’s Excelsior Energy and Natural Resources Fund, which gained an average 20 percent a [...]
