Why Crude Oil Prices Could Soar 40% by Summer 2013
Ben Gersten writes: Oil prices have continued their upward move that began at the end of 2012, gaining over 8% in the past month.
Now, an oil analyst with Goldman Sachs Group Inc. (NYSE: GS) predicts Brent crude could soar much higher in the next few months.
Jeff Currie, GS's head of commodity research, said he wouldn't be surprised "if we woke up in summer and oil cost $150" per barrel.
That would be a 35% gain from Brent's recent price of $111.
Using the narrowing spread between the Brent price and that of West Texas Intermediate (WTI), at $95, Currie's forecast implies a 40% increase in WTI prices.
And there are many reasons oil could hit those highs by summer, or even sooner. Read more...
By John Upton 06/24/13
We told you last week that the EPA is abandoning an investigation that linked fracking chemicals with groundwater contamination in Wyoming. Amid controversy over that move, news about EPA delaying another fracking study got overlooked by most media.
In 2010, Congress ordered the EPA to look into the dangers posed to drinking water sources by hydraulic fracturing. That research was expected to be completed in 2014. But last Tuesday, an EPA official told attendees of a shale-gas conference in Cleveland, Ohio, that it wouldn’t be done until 2016.
The Akron Beacon Journal was one of the few outlets to cover the news:
The U.S. Environmental Protection Agency is analyzing the threat that hydraulic fracturing, or fracking, poses to drinking water, but that study won’t be completed until 2016. Read more...
Source: Associated press 06/10/13
NEW ORLEANS -- Cleanup work has ended in three of the states affected by BP PLC's massive 2010 oil spill in the Gulf of Mexico, the company said Monday.
The London-based oil giant said the Coast Guard has concluded 'active cleanup operations' in Mississippi, Alabama and Florida, but the work continues along 84 miles of Louisiana's shoreline.
The cleanup by BP contractors ended last Friday in Alabama, on June 1 in Florida and on May 1 in Mississippi, according to company spokesman Jason Ryan. Read more...
Source: Associated Press 06/18/13
CHICAGO (AP) -- Illinois Gov. Pat Quinn has signed legislation giving the state the nation's strictest regulations for high-volume oil and gas drilling.
In a news release, Quinn's office says the governor signed the bill Monday. Quinn says the law will 'unlock the potential' for thousands of jobs in southern Illinois while protecting the environment. Read more...