Energy: Oil, Agriculture, Food, Commodities & Cost of Living (6)

  • ReutersLibya rebels may sell first oil cargo this week
  • PlanetArk Analysis; Political support may be holding for nuclear power and offshore oil: A theory of “Peak Everything” suggests we are running short of vital assets such as clean water, carbon-free air, some minerals, fish stocks or the cheap fossil fuels which have powered the world economy and helped curb the price of food.
    If you want to secure domestic supplies and curb carbon emissions too, then energy options are limited. And that fact has clearly dawned on governments…
    Others say the driving force for offshore drilling, nuclear power and other resources is the simple need to provide for a population set to reach 9 billion by 2050 from 7 billion now…
    The International Energy Agency, the energy watchdog to industrialised countries, says global crude oil output peaked in 2006, meaning the world is now forced to glean oil from unconventional sources like oil sands and natural gas liquids.
    Those alternatives, as well as renewable energy and nuclear power, are more expensive and would force the world into a more frugal future, according to Richard Heinberg, who coined the notion of “Peak Everything” in his 2007 book of the same title.
  • The GuardianSoaring oil prices ‘could put the brakes on UK’s manufacturing boom’; With unrest in Yemen and Libya pushing up price of crude, British firms expect their turnover and profit to slow: David Kern, the BCC’s chief economist, said that while exports remained strong, businesses operating in the UK found life extremely difficult in the face of the rise in VAT and severe cuts in public spending. He believes that the economy needs to be robust and the recovery secured before the MPC raises rates.
    He said: “Benefiting from a competitive exchange rate, manufacturing still has the potential to drive the UK recovery…”
  • ReutersGLOBAL MARKETS-Gold hits record, oil tops $122 a barrel: The rise in oil prices on unrest in oil-exporting countries overshadowed another interest rate hike from China and fed inflation fears, which supported gold prices. Spot gold XAU= rose to a record high above $1,450 an ounce.
    “What it shows is that big money continues to believe gold will go higher … because Bernanke wants to grow at any cost,” said Axel Merk, portfolio manager of the $600 million Merk Mutual Funds…
    “The other reason for gold to go up is that there was a downgrade in Portugal, so people realize there are still some issues,” Merk added.
    Corn futures also hit a record high, extending their biggest rally in six months as traders feared supplies could run out unless ranchers or ethanol makers cut back on purchases.
  • AgriMoney.comCorn price hits record in hunt for rationing point: Corn prices set a clear record in Chicago, as investors sought the point for rationing America’s tight supplies of the grain amid bullish talk on ethanol use of the grain and exports.
  • Associated PressCost of gas [petrol] weaves its way into all aspects of life: Whether shock comes from Japan or Libya or elsewhere, price drives U.S. politics
This entry was posted in Agriculture, Budget, Economy, Energy / Natural Resources, Environment, EU, Euro / Sovereign Money, Geopolitics, libya and tagged , , , . Bookmark the permalink.

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