OPPOSITE LEADERS!
Oil prices rose for the second day running amid predictions from the US that this winter would bring the highest energy costs for a decade.
As more damage reports from Hurricane Katrina filtered in, US light crude rose 48 cents to $64.97 a barrel.
The US Energy Department forecast that petrol would cost 34% more than a year ago this winter.
It said natural gas would be 52% more expensive and electricity would cost US consumers 11% more than in 2004.
This is expected to result in a 24% annual rise in total energy expenditure in the US, accounting for about 8.7% of GDP.
Meanwhile, London Brent crude was quoted 59 cents higher at $63.67 a barrel.
Refinery delays
The Energy Department said crude oil supplies fell by 6.4 million barrels last week.
About 900,000 barrels a day, or 60% of crude output, remained shut down in the wake of Hurricane Katrina, heightening fears that fuel supplies will be tight in the run up to winter.
Meanwhile, oil giant Shell warned that full production from one of its striken rigs may not be restored until next year.
At least four refineries in the Gulf Coast are expected to be out of action for months.
"It's roughly 4% to 5% of the American refinery capacity will be delayed and starting up I would guess in another couple of months," said US Energy Secretary Samuel Bodman.
Oil supplies are still 13% higher than a year ago, the Energy Department stressed, but gasoline supplies dropped 4.3 million barrels last week - a drop of 9% on the year.
The mixed report was "pretty much what the general market has anticipated", analysts said.
Meanwhile, European Union finance ministers are preparing to meet in Manchester, England, with the aim of finding a way to cope with the economic consequences of oil's record rally.
Analysts have warned that the eurozone's tentative economic recovery could be derailed by oil's strength.
The EU will outline its strategy for saving power in Europe, possibly by using more renewable energy sources and a greater variety of suppliers.
Meanwhile, at a meeting in South Korea on Friday their Asia-Pacific Economic Cooperation (APEC) counterparts also called for greater investment in renewable energy.
APEC's members include the US, Japan, Canada and China.
OK that is part of the latest news!
The other side of the news includes the fact that ctizens of every OPEC member nation, except Nigeria's, will be rejoicing, as their treasuries swell with oil-dollars...but Nigerians will be dying, moaning, and crying as our poverty levels and energy-costs destroy any petro-earnings we gain from yhese global phenomena...because our leaders are OPPOSITE PEOPLE!
Shalom!!!
As more damage reports from Hurricane Katrina filtered in, US light crude rose 48 cents to $64.97 a barrel.
The US Energy Department forecast that petrol would cost 34% more than a year ago this winter.
It said natural gas would be 52% more expensive and electricity would cost US consumers 11% more than in 2004.
This is expected to result in a 24% annual rise in total energy expenditure in the US, accounting for about 8.7% of GDP.
Meanwhile, London Brent crude was quoted 59 cents higher at $63.67 a barrel.
Refinery delays
The Energy Department said crude oil supplies fell by 6.4 million barrels last week.
About 900,000 barrels a day, or 60% of crude output, remained shut down in the wake of Hurricane Katrina, heightening fears that fuel supplies will be tight in the run up to winter.
Meanwhile, oil giant Shell warned that full production from one of its striken rigs may not be restored until next year.
At least four refineries in the Gulf Coast are expected to be out of action for months.
"It's roughly 4% to 5% of the American refinery capacity will be delayed and starting up I would guess in another couple of months," said US Energy Secretary Samuel Bodman.
Oil supplies are still 13% higher than a year ago, the Energy Department stressed, but gasoline supplies dropped 4.3 million barrels last week - a drop of 9% on the year.
The mixed report was "pretty much what the general market has anticipated", analysts said.
Meanwhile, European Union finance ministers are preparing to meet in Manchester, England, with the aim of finding a way to cope with the economic consequences of oil's record rally.
Analysts have warned that the eurozone's tentative economic recovery could be derailed by oil's strength.
The EU will outline its strategy for saving power in Europe, possibly by using more renewable energy sources and a greater variety of suppliers.
Meanwhile, at a meeting in South Korea on Friday their Asia-Pacific Economic Cooperation (APEC) counterparts also called for greater investment in renewable energy.
APEC's members include the US, Japan, Canada and China.
OK that is part of the latest news!
The other side of the news includes the fact that ctizens of every OPEC member nation, except Nigeria's, will be rejoicing, as their treasuries swell with oil-dollars...but Nigerians will be dying, moaning, and crying as our poverty levels and energy-costs destroy any petro-earnings we gain from yhese global phenomena...because our leaders are OPPOSITE PEOPLE!
Shalom!!!
posted by TIUranta at 5:16 AM
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