American stock markets opened higher on Tuesday while crude oil prices rose above $50 a barrel, their highest levels in more than a month, before falling back slightly.
Oil prices plunged from their summer peaks of $145 a barrel as the economic downturn spread, but they have rebounded from their lows as motorists took advantage of lower gasoline prices. A dispute over natural gas between Russia and Ukraine and a production cut by the OPEC cartel of 2.2 million barrels a day have highlighted concerns about tightening energy supplies.
1 comments:
It is the calm before the storm. OPEC is slashing production AGAIN. Unfortunately they will continue to slash production until they get their desired 75-100 a barrel again. This past year the high cost of fuel seriously damaged our economy and society. We need to take some of those bail out bucks and get busy making America Energy Independent. It would cost the equivalent of 60 cents per gallon to charge and drive an electric car. The electricity to charge them could come partially or in whole from solar or wind generated electricity. In fact, If all gasoline cars, trucks, and suv’s instead had plug-in electric drive trains, the amount of electricity needed to replace gasoline is about equal to the estimated wind energy potential of the state of North Dakota. Why don't we take this opportunity to bail America out of it's dependence on foreign oil? I just read a book called The Manhattan Project of 2009 by Jeff Wilson. Profound! It should be a required read for all of our elected officials as well as part of the educational curriculum. www.themanhattanprojectof2009.com Our nation can't take another year like this past. It will be the end of us.
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