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NYMEX crude oil prices hit $145.85 record as stocks tumble and OPEC blows smoke

bloomberg.com :

Crude oil traded near a record in New York above $145 a barrel as investors purchased commodities as an alternative to flagging equities markets. Oil has risen 19 out of 27 weeks this year as money managers bought crude futures rather than US stocks, which yesterday [3 Jul 2008] completed the longest streak of weekly declines in 4 years. Crude oil for August 2008 delivery climbed to $145.85 a barrel, the highest since trading .....

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Latest AEI newsletter covering June now available . . .

See here for details and sign up if you haven't already, it's free. No question, this has been one of the toughest months for alternative energy stocks since I began this site - we do seem to be in some kind of a global bear market.

I thought it would be interesting to contrast the prices with my earliest newsletter from the start of 2007;

  • Oil was less than $60 which seems a world away now when we are clearly over $140 a barrel.
  • The Wilderhi...
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Global Alternative Energy Stocks: winners, losers and latest news - 2 to 3 Jul 2008

Top 5 Gainers

Quant Ene Fpo ASX:QTM HeatPumps 10.00%

Mechanical Technology Incorporated (MM) NASDAQ:MKTY FuelCells 9.37%

Dynetek Industries Com Npv TSE:DN...
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Garnaut Review out today


The draft report of Professor Ross Garnaut's Climate Change Review will be released at 12.30 today here.


For overseas readers, this review has been described as the Australian version of the Stern Review. The report will look at the economic impact on Australia of climate change and the design of a domestic emissions trading scheme (ETS), as well as suggestions for Australia's role in international negotiations. The findings will be a major...
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The Benefits of $4 Gas

There is a great article today in Time. It covers a lot of 'hot button' issues with me, such as suburban sprawl, shorter work weeks, and conservation:

10 Things You Can Like About $4 Gas

Gas prices are near $4 per gal., as no one needs to tell you, and they are likely to stay that way. Most of us still don't have the alternatives we need to adapt with grace, which means that many will adapt just by suffering. We will run out of gas on I-80, ease...
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The Speculation Question

I have grappled over the past year with the question of just how much speculation is playing a factor in runaway oil prices. I think it is primarily a supply/demand issue, but I feel that such a large flow of money into commodities is also driving the surge.

Not so, says a new article in Fortune:

Hunting for oil villains

NEW YORK (Fortune) -- Atlanta hedge fund manager Michael Masters has been a star witness in two recent Congressional hearings o...
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Bush BLM flip flops back to sanity

The Bureau of Land Management reversed its decision last month that had stopped new solar developments on public land for two years years. Instead, the BLM has decided to process applications simultaneous with environmental consultations. The reversal was caused by pressure from Congress (for example, Rep. Mark Udall of Colorado), public opinion, and the solar [...]
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Science Debate 2008

rjacobsen0 pointed out over on the discussion board (post) that one of the 14 candidate questions in Science Debate 2008 is right in our wheelhouse: 3. Energy. Many policymakers and scientists say energy security and sustainability are major problems facing the United States this century. What policies would you support to meet demand for energy [...]
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Times Square billboard to be powered by renewables

Ricoh Company, Ltd., announced that it will build Times Square’s first billboard to be powered completely by renewable energy. The billboard, to be lit by floodlights, will be powered by 45 solar panels and four wind turbines. Russell Marchetta, a Ricoh Americas spokesman, said a comparable sign running on electricity derived from fossil fuels would produce 18 [...]
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Wind turbines - the cost is forecast to still go up

I was quite disturbed the other day to learn from the FT Energy Survey the other day, that the price per megawatt of wind turbines is continuing to climb. As the article says;

Shai Hill, division director of climate change at Macquarie Capital Securities, predicts that the price of turbines - which has risen by more than a third in the past two years to about £1.5m - will rise by 10 per cent this year and with a rise of the same amount expec...