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OIL NEWS
* USA - ‘Big Oil’ tax Passes The House
Washington,DC,USA -The Associated Press/Land Line Magazine (Grain Valley,MO) -August 6, 2007: -- The U.S. House of Representatives this weekend approved a $16 billion tax on oil companies while providing billions of dollars in tax breaks for renewable energy and conservation efforts... Republican opponents of the legislation say it ignores the need to produce more domestic oil, with one lawmaker calling the measure, “pure venom against the oil industry”... But House Speaker Nancy Pelosi, D-CA, told The AP “we are turning to the future,” and said the measure will address global warming and make the U.S. less dependent on foreign energy...
* USA - Oil Prices Could Lead to Global Recession, Regional Conflicts
USA -Business Week -August 3, 2007: -- Oil prices up nearly 30% so far this year; much of that rise has come in past few weeks. Some technical charts predict prices could hit $110 or $118 by end of 2007... Global oil demand forecast to expand by 2.2% / year on average... Oil prices could go higher; surging demand coupled w/ concerns about tight supplies. Main driver is robust global economic growth. US economy is solid; China and India are surging; most of Europe is strong. But: High oil prices could ultimately put brakes on economic growth... Price spikes could eventually cause inflation, recession, increased geopolitical friction... Global spare oil production capacity will shrink after 2010; demand will outpace supply... "We also have to look at geopolitical tension in this scramble. We're already starting to see oil used as a political tool, and the power is likely to continue to shift away from consumers and toward producers.", said Phil Flynn, analyst, Alaron Trading, Chicago...
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