AubreyJ’s Latest Energy Update Report
Some Economists believe another recession could be in making if oil rises over $150 per barrel
Friday, March 04, 2011
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Image credit: (NBL), Noble Energy, Inc
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* WBay.com brings us the following AP report this Friday afternoon that starts off like this... Oil prices rose past $104 a barrel to end the week at a 29-month high, as fighting in Libya intensified and the world's largest petroleum consumer, the U.S., reported that employers added nearly 200,000 new jobs in February...
Read the full report at link below...
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* Reuters.com has this take on our energy woes today... Wall Street erased all of its weekly gains on Friday as fears of more geopolitical turmoil and the impact of high oil prices drove investors to sell risky assets like stocks... Brent crude prices LCOc1 rose above $116 a barrel as Libyan security forces cracked down on protesters in Tripoli and clashed with rebels near the major oil terminal of Ras Lanuf...
Read this report in full at link below...
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* WSJ.com reports the news this way today... Crude-oil futures settled at their highest level in 2 1/2 years Friday, spurred by reports of violence near Libya's oil facilities... Light, sweet crude for April delivery settled up $2.51, or 2.5%, at $104.42 a barrel on the New York Mercantile Exchange, the highest settlement since Sept. 26, 2008. Brent crude on the ICE futures exchange settled up $1.18, or 1%, to $115.97 a barrel... More violence in Libya, the member of the Organization of Petroleum Exporting Countries that has been consumed by armed revolt in recent weeks, again lifted crude prices Friday. At least four people were killed in clashes near an oil compound at the seaside town of Raslanuf, witnesses said... Meanwhile, conflicting reports emerged about the status of the port city of Brega, an important oil refining town that has been the site of heavy fighting between forces loyal to Moammar Gadhafi and rebel groups...
Read this report in full at link below...
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* Bloomberg.com reports... Oil rigs operating in the U.S. jumped by the most this year as prices climbed to a 29-month high, according to data published by Baker Hughes Inc. (BHI) The number of Natural Gas Rigs dropped to a one-year low...
Read the rest at link below...
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* WSJ.com...
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Funny how every time oil/gas prices get out of hand, my weekly grocery bill does the same. And I don’t know about you but my grocery bills have gone up big-time of late!
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Drill Baby, DRILL!!!
AubreyJ.........
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