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FOMC Meeting Offers No Solutions; First Wells Fargo Loss Since 2001; Total Buys Oil-Sands Explorer; AT&T Posts 4Q Decline; Boeing to Double Job Cuts; Time Warner Cuts 700 Jobs; UBS Reduces Bonuses; Ford’s Fourth-Quarter Loss
- The Federal Open Market Committee yesterday (Wednesday) left its benchmark Federal Funds rate at a range of 0% to 0.25%. “Industrial production, housing starts, and employment have continued to decline steeply, as consumers and businesses have cut back spending,” the FOMC said in statement. “Furthermore, global demand appears to be slowing significantly.” The Fed said that it continues to “purchase large quantities of agency debt and mortgage-backed securities,” and…
Oil price limbo and Canada’s oil sands: Part II
Energy stock picks provided; Oilexco, Oilsands Quest discussed
[Editor’s note: To read part I of this interview, please click here]
Based in Calgary as BMO Capital Markets’ oil and gas analyst for Canada, Mark Leggett shares his home province with what’s called Canada’s “trillion-barrel tar pit.” Alberta’s oil sand deposits reportedly contain about 1.7 trillion barrels of bitumen in-place, comparable in magnitude to the world’s total proven reserves of conventional petroleum and second in volume only to Saudi Arabia. The catch? It costs up to $25 per barrel to extract oil from oil sands, compared to $2 to produce Saudi crude—numbers that…
Oil price limbo and Canada’s oil sands: Part I
What does the future hold for this trillion-barrel tar pit?
Based in Calgary as BMO Capital Markets’ oil and gas analyst for Canada, Mark Leggett shares his home province with what’s called Canada’s “trillion-barrel tar pit.” Alberta’s oil sand deposits reportedly contain about 1.7 trillion barrels of bitumen in-place, comparable in magnitude to the world’s total proven reserves of conventional petroleum and second in volume only to Saudi Arabia. The catch? It costs up to $25 per barrel to extract oil from oil sands, compared to $2 to produce Saudi crude—numbers that don’t work well with oil at $50 a barrel.…
Pierre Lassonde: Moving Sideways Toward the Next Upside
As a veteran gold analyst, co-founder/chairman of Franco Nevada Mining, acting chairman of the World Gold Council, and former president of Newmont Mining, Pierre Lassonde knows this sector inside and out. In this exclusive interview with The Energy Report, he predicts limited downside given the accelerating demand for natural resources and shares his favorite companies, including his favorite oil stock.
The Energy Report: The downward spiral in the markets just doesn’t stop. Junior mining stocks have been decimated, and the gold price went lower than any one predicted, although it seems to be recovering a bit. Do you see this as a…
30Sep2008 | The Energy Report | Comments Off | ContinuedFixing the Energy Policy is the Number One Priority
Energy Game Day: It’s Time to Suit up and Play
With the price of oil doubling in the past year, there are more fingers being pointed than solutions being offered. Unfortunately, one of the biggest “culprits†garnering much of the blame has been the oil speculators. Congress has decided to make them the scapegoat for our energy concerns, and unfortunately many under-educated members of the public are beginning to lap it up.
Speculators are speculating because there is something about which to speculate. (Let me thank my sixth-grade English instructor for teaching me how to compose that sentence.)
Remember when oil ran…
15Jul2008 | The Penny Sleuth | Comments Off | Continued
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