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| Hundred-Dollar Oil My Foot |
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 TheInterloafer writes: A good part of the rise in the oil price has been the result of simple inflation, totally separate and apart from anything going on in the supply and demand for oil itself. I know this is true because the oil price measured in dollars has nearly doubled over the last two years, but when measured in euros it's up only by about half. The difference is the inflation that has eroded the value of the dollar, but has not touched the euro.
If such a large fraction of the rise in the dollar price of oil is really the dollar's fault â and not oil's â then to think that the oil price will double from here would seem to require that the U.S. dollar collapse to catastrophic lows.
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| Chevron Texaco Buying Unocal |
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Guest writes: ChevronTexaco Buying Unocal in $16.4B Deal
NEW YORK - ChevronTexaco Corp., the nation's second biggest oil concern, is buying rival Unocal Corp., the ninth biggest U.S. oil and gas exploration and production company, for about $16.4 billion in cash and stock.
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| Petrol fuels rate rise (Australia) |
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| THE odds in favour of a rate rise on Wednesday shortened over the weekend after the global price of a barrel of oil touched a fresh high of $US57.20c.
The Reserve Bank board meets tomorrow to decide whether it will make another interest rate move after last month's quarter of a per cent rise to 5.50 per cent.
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| EU cuts eurozone growth forecast to 1.6% |
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| High oil prices and a strong euro will depress economic growth in the euro zone to 1.6 percent this year from 2 percent in 2004, but growth will rebound next year, the European Commission forecast on Monday.
In its twice-yearly forecast the European Union executive said gross domestic product in the 12-nation euro zone would accelerate to 2.1 percent in 2006 thanks to growing domestic demand and investment amid falling inflation and unemployment
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| UK PRESS: Oil Prices Force Philippines Working Week Cut |
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Guest writes: LONDON -(Dow Jones)- The Philippines government has shortened its official
working week from five days to four to reduce energy demand, as part of an
attempt to lower its crude imports of 300,000 barrels a day, reports the
Financial Times.
http://www.ft.com
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| Gasoline may pass $2.25 a gallon |
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| Oil prices rallied to a record close above $57 a barrel Friday, sparked by a surge in gasoline futures that could send the average retail cost of gasoline above $2.25 a gallon within a few weeks.
Analysts said the nearly $2-a-barrel run-up in oil prices suggested there is new money coming into the market from hedge funds and other speculators, as well as from commercial players, such as airlines and fuel distributors, that are trying to lock in prices now out of fear that the upward trend may continue.
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| Fuel prices up, airlines raise fares again |
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| The airlines are at it again.
The major U.S. carriers are trying to raise fares for the fourth time in a month, by $10 per round trip on many domestic routes, including Alaska and Hawaii flights. The airlines blame the rising cost of jet fuel.
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| Jobs sag in March as oil prices pinch employers |
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| Itâs a bumpy road that Americaâs unemployed are traveling.
Just a month after hopes were raised of better days for job seekers, companies were stung by higher energy bills, making them more cautious in their hiring.
Only 110,000 jobs, the fewest in eight months, were added nationally in March. Still, that was enough to push the unemployment rate down.
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| Sputtering - Stephen Roach |
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| Stubborn to the end, I remain in the âold schoolâ that insists savings, deficits, and debt matter. So far, the US has yet to flinch as pressures mount on all of these fronts. But as Fed tightening enters a new phase and real interest rates finally tip to the upside, those days may be numbered. Nor can the headwinds imparted by high energy prices be taken lightly; thatâs certainly the message from the recent slippage in consumer confidence, the uptick in jobless claims, and a disappointing March employment survey. The resilience of Americaâs asset-driven economy may be about to meet its sternest test.
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| Goldman Sachs: Oil Could Spike to $105 |
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| ntbktrader writes: Reuters via MSN Moneycentral
LONDON (Reuters) - Oil markets have entered a ``super-spike'' period that could see 1970's-style price surges as high as $105 a barrel, investment bank Goldman Sachs said in a research report.
Goldman's Global Investment Research note also raised the bank's 2005 and 2006 New York Mercantile Exchange crude price forecasts to $50 and $55 respectively, from $41 and $40.
These forecasts sit at the top of a table of predictions from 25 analysts, consultants and government bodies surveyed by Reuters.
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| Shell pumps twice as much as it finds |
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Guardian UK
International regulators meet in London today to mull over safety and other issues in the oil and gas industry.
Their forum could not come at a more appropriate time given last week's BP refinery explosion in Texas and a warning to the same company last weekend from Alaskan safety authorities.
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| German Joblessness Rises to 12%; French Rate at 10.1% |
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Bloomberg
March 31 (Bloomberg) -- Unemployment in Germany rose to a postwar record of 12 percent and France's jobless rate held at a five-year high, threatening prospects for economic growth in the dozen nations sharing the euro.
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With oil prices 63 percent higher than a year ago, the European Commission may also lower its 2005 growth forecast on April 4, according to Ian Stewart, Merrill Lynch & Co.'s chief European economist. Merrill expects the commission to cut its prediction for euro region growth to 1.7 percent from 2 percent.
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| Japanâs February industrial production falls 2.1% |
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Financial Express
MARCH 30: Japanâs industrial production had the biggest drop in a year in February, led by electronic parts and machinery, adding to signs that a recovery in the worldâs secondâ biggest economy may stall.
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Rising interest rates and gasoline prices are leaving consumers in the US, the biggest market for Japanese exporters, less to spend. US consumer confidence fell in March for a second straight month, a report showed on Tuesday.
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| Thailand's Production Falls for First Time in More Than 3 Years |
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Bloomberg
March 31 (Bloomberg) -- Thailand's factory production fell for the first time in more than three years in February as rising fuel prices and falling overseas demand cut production of automobiles and electronics parts.
Manufacturing output dropped 1.6 percent from a year earlier compared with a 3.2 percent gain in January, the Bank of Thailand said. A Bloomberg News survey of seven economists had a median forecast of a 3 percent increase. The decline in production was the first since December 2001.
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