Crash Survival Zone

Crude oil fell to the lowest in almost four weeks after OPEC said demand will drop this year and U.S. supplies rose as the recession cut fuel use.

Consumption of OPEC supplies will shrink 4.2 percent to 29.5 million barrels a day, according to a monthly report released today. The discount of oil in New York [...]

by Barry Ritholtz

Last night’s 60 Minutes had a story on Oil Speculation. Its not that they said anything that was factually wrong per se, its more that they told 10% of the story of the rise and fall of energy prices. The entire report was surprisingly thin, and avoided discussing all of the many other [...]

Tax Credits, ‘Green Bank’ to Finance Renewable Projects Under Consideration

Congressional leaders and Obama advisers are looking at including as much as $25 billion of energy tax credits in the economic stimulus package in an effort to bolster renewable energy projects, fuel-efficient cars and biodiesel production, said sources familiar with the negotiations.

Many of these items were [...]

The best way to steer growth in the right direction is to put a value on carbon emissions.

Since Franklin Roosevelt’s triumphant assault on the Great Depression in 1933, the first 100 days of a presidential administration have held out the greatest opportunity for the officeholder to translate electoral success into historic accomplishments. Starting in January, [...]

Most Americans who adjusted their driving habits in a big way when gasoline prices surged are sticking with their economizing ways, according to a Gallup poll released Tuesday.

Even though prices at the pump are now about 45% lower than they were a year ago and significantly below $2 a gallon, 52% of Americans told Gallup [...]

by Thomas Friedman

…A gas tax reduces gasoline demand and keeps dollars in America, dries up funding for terrorists and reduces the clout of Iran and Russia at a time when Obama will be looking for greater leverage against petro-dictatorships. It reduces our current account deficit, which strengthens the dollar. It reduces U.S. carbon emissions driving [...]

Falling U.S. crude inventories failed to lift oil prices Wednesday, as traders focused instead on another round of bad economic news.

Light, sweet crude for February delivery fell $1.60 to $37.38 in a shortened day of trading. Prices had fallen as low as $36.63 earlier in the day.

Investors expecting more evidence of slowing U.S. energy demand [...]

Only a true contrarian can worry about high oil prices, shortages and global economic shockwaves when the price of oil has fallen from $147 to under $40 per barrel in less than six months and gasoline is now less than $2 a gallon! I should be singing “Happy (driving) days are here again,” but I’m [...]

Oil fell over 6 percent on Friday, as fears of economic slowdown weighed heavier than proposed production cuts by the world’s major oil exporters.

U.S. light crude for January delivery, which expired Friday, settled down $2.35 at $33.87 a barrel, the lowest since February 10, 2004, when it ended at the same level.

The more active February [...]

Global oil consumption will drop this year for the first time since 1983, as an economic downturn in the West and slower growth in China cuts fuel demand, according to the world’s main energy forecaster.
The International Energy Agency, an adviser to industrialized nations, said on Thursday that it projects worldwide demand to fall by 200,000 [...]