Truly, oil can be a curse. Having it may enrich a country (more likely its rulers) but it does not seem condusive to democracy. And the more oil a country produces, the less likely it is to make the transition to democracy, according to research from investment bank Renaisssance Capital.
It’s easy to blame tensions with Iran for all of the recent spike in petroleum prices. But there are other catalysts for the market’s sudden surge. For one thing, U.S. economic data have been consistently surprising to the upside while the European situation appears loosely under control, both factors that suggest the global economy may yet coast along through 2012 without faltering.
from Global Investing:
Where are the missing barrels of oil, asks Barclays Capital.
Oil inventories in the United States rose sharply last week, with demand for oil products such as gasoline at the lowest in 15 years and crude stockpiles at the highest since last September. Americans, pinched in the wallet, are clearly cutting back on fuel use.
from The Great Debate UK:
By Kathleen Brooks. The opinions expressed are her own.
As the nuclear threat in Japan steps up a gear, global politicians have pre-empted a wave of anti-atomic feeling from their public and spoken out against nuclear reactors, which threatens its future as a viable alternative to oil.
from The Great Debate:
Bullishness about the short-term prospects for crude is evaporating among banks and hedge funds, as the market fails to sustain rallies above $80 and girds for widespread refinery shutdowns to work off bulging gasoline stocks.
from Environment Forum:
Hundreds of companies and laboratories are racing to find an economical way to make "green crude" from algae. The biofuel industry is grappling with a series of hurdles, which players readily recognized at a summit this week in San Diego and we cover in this story.
from Commodity Corner:
The Muslim holy month of Ramadan has disrupted one of the wackier tasks for OPEC reporters: running around Vienna's beautiful inner ring road with Saudi Arabia's Oil Minister Ali al-Naimi, who likes to keep himself and the press corp fit. He often uses the 45 minute walk-cum-jog to give media a background briefing of his view on the oil market as he and the bizarre group of security, aides and reporters trot past the city's stunning palaces and bemused Viennese on their way to work (or home from a night's revelling).