Oil prices have crashed to below $30-a-barrel amid warnings the rout could reach as low as $10 and bring down petrol prices to levels last seen in 2009. Standard Chartered became the latest major bank to downgrade its oil outlook to $10, joining the likes of Goldman Sachs, RBS and Morgan Stanley in making ultra-bearish […]
By Michael Snyder Did you see what just happened? The devaluation of the yuan by China triggered the largest one day drop for that currency in the modern era. This caused other global currencies to crash relative to the U.S. dollar, the price of oil hit a six year low, and stock markets all over […]
How low can and will oil prices go, and what will the effects of those prices be? I bet you’ll have a hard time finding even just two people who have the same opinion on that. Not that it’s merely a matter of opinion, mind you, there are a great number of real life factors […]
TEHRAN (AFP) – Iranian President Mahmoud Ahmadinejad said he has temporarily assumed the duties of the oil ministry, as the oil cartel OPEC prepares for a biannual meeting in Vienna. “For now, I myself am the caretaker of the oil ministry,” Ahmadinejad said in a televised speech late Sunday, without elaborating. On Saturday, Ahmadinejad dismissed […]
Of course Islam is an economic solution, because in the Qur’an, obedience to Allah brings prosperity. So if Egypt is suffering economic woes, it is because it is not Islamic enough. And if Egypt does become an Islamic state and still doesn’t prosper, the Jews are always there to blame. “Brotherhood leader: Islam is the […]
CHICAGO (CBS) – At one time, $5 per gallon gas seemed like a farfetched idea, but that is no longer the case. As CBS 2’s Roseanne Tellez reports, as of Monday, the average price for a gallon of regular unleaded gasoline in the Chicago area is $4.11, compared with $3.71 a month ago, and about $3.10 […]
TRIPOLI (Reuters) – Libyan government forces tried to storm into the besieged city of Misrata on Friday as NATO generals acknowledged their air power was not enough to help insurgents remove Muammar Gaddafi by force alone. Misrata, a lone rebel outpost in the west of the country, has been under siege by Gaddafi’s forces for […]
(Reuters) – U.S. drivers will pay another 10 cents a gallon for gasoline before the latest jump in wholesale costs is fully passed on at the pump, and yearly motor fuel costs will rise 28 percent from last year, the Energy Department said on Wednesday. The average U.S. household will spend about $700 more for […]
The oil price spike, driven by instability in the Middle East, has the potential to cause repercussions in the U.S. housing market, according to Barclays‘ Luca Ricci. The simple reason why a rise in crude prices could tank the housing market is that it has done it before. From Barclays’ Luca Ricci (emphasis ours): The […]
Award-winning journalist Arnaud de Borchgrave tells us that the increasingly volatile situation in the Middle East could push the price of oil quickly to $300 or even $400 a barrel. De Borchgrave, who has interviewed Moammar Gadhafi six times, also says the Libyan leader is manic-depressive who is going through a manic phrase where he […]
