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December 3, 2008 12:56:06 PM CST


energy markets

energy markets news stories

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(Newser) - OPEC today decided to take 1.5 million barrels of oil per day off the markets to boost prices flirting with 16-month lows, the Wall Street Journal reports. The deep cut will take effect next month. “This slowdown in oil demand is serving to exacerbate the situation in a market which has been oversupplied for some time,” OPEC said in a statement. More »

More about:  Financial Crisis Iran gas prices Saudi Arabia oil prices OPEC energy markets

Buffett Strikes as Investors Flee; Buys Energy Firm

In his first move of the current market crisis, the Oracle collects more energy

(Newser) - Warren Buffett swooped in yesterday with one of his patented moves, his first during the current market turmoil. He purchased Constellation Energy Group, Baltimore’s large hometown energy supplier, after its stock plummeted by 60 percent since Monday, the Sun reports. As investors fled the company, Buffett saw opportunity, adding to the vast energy holdings that now account for about 10% of Berkshire Hathaway’s revenue. More »

(Newser) - Hurricane Gustav helped boost oil prices today by more than $1 a barrel as energy companies shut down production facilities in the storm's path, reports Reuters. US crude rose $1.54 to $117 per barrel this morning, after briefly surging to over $118 when NYMEX opened for electronic trading hours earlier than usual. More »

More about:  gas prices Hurricane Gustav oil prices oil production Gulf of Mexico Gulf Coast energy markets

ANALYSIS

McCain's Energy Record Reveals Muddled Mess

Some see pragmatism, others inconsistency in GOP candidate's votes

(Newser) - John McCain can’t seem to settle on a comprehensible energy policy, Noam Levey writes in the Los Angeles Times , noting that the Republican has been on both sides of issues from oil drilling to ethanol. He favors fuel-efficiency standards while rejecting renewable-sources guidelines and rejects tax breaks on renewables while supporting nuclear subsidies. “There is a very sporadic pattern here,” said one environmentalist. More »

More about:  John McCain ethanol renewable energy tax breaks energy markets nuclear fuel contradiction

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