Rising Tensions in Syria Inch up Prices

In a change from the precedent set over the past several months, the Obama Administration determined late last week that the Syrian government of Bashar Al-Assad crossed a "red line" by using chemical weapons against opposing rebels. CNN Reports:

Syria has crossed a "red line" with its use of chemical weapons, including the nerve agent sarin gas, against rebels, a move that is prompting the United States to increase the "scale and scope" of its support for the opposition, the White House said Thursday. The acknowledgment is the first time President Barack Obama's administration has definitively said what it has long suspected -- that President Bashar al-Assad's forces have used chemical weapons in the ongoing civil war. "The intelligence community estimates that 100 to 150 people have died from detected chemical weapons attacks in Syria to date; however, casualty data is likely incomplete," Ben Rhodes, the deputy national security adviser for strategic communications, said in a statement released by the White House.

However,...

Posted on 06/17/2013 at 13:00.
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The Worst May Be Over for Midwest Drivers

After weeks of pain brought on by a number of ill-timed refinery maintenance efforts, drivers in the upper Midwest may finally be seeing the light at the end of the tunnel. According to WANE.com, analysts project that the refineries in question are set to resume production at their...

Posted on 06/12/2013 at 13:59.
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Earth May Have More Oil Than Previously Thought...

...The problem is more a matter of what it will take for us to access it. According to a new report by the Energy Information Administration, previous US government projections underestimated global oil reserves by as much as 10 percent:

"...estimates in the updated reporttaken in conjunction with EIA’s own assessment of

resources within theUnited States indicate technically recoverable resources of 345 billion barrels of

world shale oil resources and 7,299 trillion cubic feet of world shale ga sresources. The new global shale

gas resource estimate is 10 percent higher than the estimate in the 2011 report...

...Although the shale resource estimates presented in this report will likely change overtime as additional

information becomes available, it is evident that shale resources that were until recently not included in

technically recoverable resources constitute a substantial share of overall global technically recoverable

oil and natural gas resources. The shale oil resources assessed in this report, combined with EIA’s prior

estimate of U.S. tight oil resources that are predominantly in shales, add approximately 11 percent to

the 3,012 billion barrels of proved and unproved technically recoverable nonshale oil resources

identified in recent assessments."

Trouble is, simply having more oil...

Posted on 06/11/2013 at 21:23.
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Manipulation Suspected in Highly Variable Gas Prices

Regulators from the European Union are nearly a month into their investigation of major companies including BP and Shell over suspicion of manipulating prices on an international index. CNBC reported on the initial launching of the investigation:

"Officials carried out unannounced inspections at the premises of several companies active in and providing services to the crude oil, refined oil products and biofuels sectors," the commission said. The inspections took place in two European Union member states and one non-EU country, it said. "The Commission has concerns that the companies may have colluded in reporting distorted prices to a price reporting agency to manipulate the published prices for a number of oil and biofuel products," it said. The commission also said companies may have prevented others from participating in the price-assessment process with the intent to distort published prices.

Allegations...

Posted on 06/10/2013 at 23:57.
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'Sticky' Gas Prices to Plague Midwest

Record high prices in much of the Midwest - including a 60 cent per gallon increase in Minnesota alone - have put a strain on many Memorial Day travelers. However, once the increased demand from this weekend dies down, it is unlikely that prices will follow it exactly. CBS News in Minneapolis...

Posted on 05/23/2013 at 12:07.
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