Oil slips as dollar gains, gasoline up for 34th straight day to $3.86 per gallon
NEW YORK, N.Y. - The price of crude oil was stable Monday, dipping one cent to settle at US$112.28 per barrel on the New York Mercantile Exchange as the U.S. dollar pulled back from lows set earlier in the day..
In London, Brent crude lost 33 cents to settle at $123.66 per barrel on the ICE Futures exchange
Oil is priced in U.S. dollars, so crude tends to fall as the greenbak strengthens and makes crude more expensive for investors holding foreign money.
The U.S. dollar has been weak because investors think the Federal Reserve will continue to keep interest rates near zero when it meets Tuesday and Wednesday. Rock-bottom U.S. interest rates make the dollar less attractive to investors.
So let’s raise interest rates so people want to LOAN US MORE FOR OUR DEBT? A debt the IMF said means we’re DONE except as a village making scented candles and soaps for tourists from China here to see New York Village and how life was?
But wait…
Energy in America: EPA Rules Force Shell to Abandon Oil Drilling Plans
Shell Oil Company has announced it must scrap efforts to drill for oil this summer in the Arctic Ocean off the northern coast of Alaska. The decision comes following a ruling by the EPA’s Environmental Appeals Board to withhold critical air permits. The move has angered some in Congress and triggered a flurry of legislation aimed at stripping the EPA of its oil drilling oversight.
Shell has spent five years and nearly $4 billion dollars on plans to explore for oil in the Beaufort and Chukchi Seas. The leases alone cost $2.2 billion. Shell Vice President Pete Slaiby says obtaining similar air permits for a drilling operation in the Gulf of Mexico would take about 45 days.
Read more: http://www.foxnews.com/us/2011/04/25/energy-america-oil-drilling-denial/#ixzz1Kct2jJtV
- Obama’s EPA Rules Force Shell To Abandon Oil Drilling Plans (thedaleygator.wordpress.com)
- “Report: EPA Rules Force Shell to Abandon Oil Drilling Plans” and related posts (hyscience.com)
- The Administration’s War on Affordable Energy is Being Paid at the Pump (mb50.wordpress.com)
- Shell-Shock: EPA Blocks Oil Giant From Drilling (foxnews.com)
- “EPA Shuts Down Drilling in Alaska” and related posts (globalwarming.org)
I have no idea as to how I'm going to pay this household's heating bills this coming winter.
ReplyDeleteWe switched to 100% wood in 2005.
ReplyDeleteIt's now about $600 a year for 2500 sq ft on two floors in eastern maine.
I'm sure wood is more down there, but if you can lug it, the wood stove will pay back in less than a year at these prices ... AND WE KEEP THE TEMP AT 74-76 ALL WINTER.