Virginia Gov.-elect Bob McDonnell isn’t waiting to get the keys to the mansion to keep up his push to bring offshore drilling to the commonwealth. It would bring sorely needed jobs and tax revenue, he says. Associated Press Virginia Gov
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Virginia Gov.-elect Bob McDonnell isn’t waiting to get the keys to the mansion to keep up his push to bring offshore drilling to the commonwealth. So just as the economy looked like it was picking itself up from the canvas, the big fear now is that higher oil prices threaten to smack down any recovery and even lead to a double-dip recession. That’s one warning from the International Energy Agency, which said in its monthly oil-market report that higher oil prices “risk smothering the fragile economic recovery,” as the WSJ put it Baghdad and Big Oil are readying themselves to do business. Associated Press If he bids it, will they come? Wall Street Journal’s Baghdad reporter Gina Chon reports that next week, the Iraqi government will auction off the rights for foreign oil companies to help revive six oil fields OPEC has repeated in recent days that many long-term drilling projects are on the shelf because of uncertainty over future oil demand. Crude oil futures rebounded Thursday after Goldman Sachs revised upward its oil-price forecast for 2009 from $65 a barrel to $85 a barrel, citing a return to global demand growth and limited supplies, both in Bloomberg. Want a preview of what the political battle over energy will look like in next year’s midterm elections? After six months of cheapish oil, one big question looms in the oil patch: Will Middle East countries that sit on much of the world’s reserves of crude oil spend enough to develop future capacity, or are today’s investment decisions setting the stage for a supply crunch in coming years? An oil rig in Bahrain (AP) Ernst & Young released a study today detailing 2009 spending by national oil companies. Among the findings: Middle East countries will be outspent by everybody—China, South America, and Russia As many critics point out , the viability of the renewable energy industry depends on the whims of government. The industry needs governmental financial support to grow and compete with traditional sources of fuel and power. And it needs smart policies. Oil markets have spent the last two days see-sawing between two extremes. On the one hand is tangible evidence of a grim economy and weak oil demand, and on the other, hopes the stimulus package or OPEC production cuts will shore up the price of oil. By Friday afternoon, the bulls were in the ascendant , with crude futures up almost 6% to more than $46 a barrel. |
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