Gas prices are finally heading lower, but motorists shouldn’t expect the numbers at the pump to drop quickly this autumn. The national average for retail gasoline fell about a penny Friday to $3.833 per gallon, according to AAA, Wright Express and the Oil Price Information Service. That’s down 4 cents from a week ago, the [...]
Oil Futures Fall Awaiting Fed. Chairman Ben Bernanke’s Speech
August 30, 2012 | Posted by
Oil futures fell below $113 a barrel on Thursday before a speech by the U.S. Federal Reserve chairman that may indicate the prospects for more economic stimulus, while investors looked to forthcoming data to shed light on the direction he could take. Investors will look for any hint of a third round of quantitative easing [...]
Under U.S. Pressure, Kenya Withdraws From Deal with Iran
July 5, 2012 | Posted by
Under threat of sanctions from the U.S. and the European Union, Kenya has cancelled plans to import crude oil from Iran. Kenya’s energy ministry signed a deal with the Iranian National Oil Company last month, outlining plans to bring some 4 m tons of oil into the African nation. However, the U.S. Embassy in Nairobi, [...]
China Outmaneuvers U.S. On African Oil
June 18, 2012 | Posted by
Dr. Martyn Davies of Frontier Advisory, a leading research capital advisory firm that specializes in emerging markets said there is a growing dependency factor for African economies on China’s fixed asset investment spending, which will only increase for mineral exporting countries. “China’s focus is on oil and solid minerals, with agribusiness to grow in importance [...]
$6 Billion Lost Yearly To Crude Oil Theft In Nigeria, While Fiscal Crisis Looms
May 15, 2012 | Posted by
Lagos — Nigeria is on the verge of a major fiscal crisis following unabated massive theft of crude oil in the Niger Delta, THISDAY has learnt. While all attention has been focused on the activities of Boko Haram in Northern Nigeria, an unprecedented theft of crude oil is being perpetrated in the Niger Delta on [...]
