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Artic Ice Melting Could Lower Gas Prices

CNN) — Most Americans think of the Arctic as an icy, distant place; beautiful, remote and teeming with wildlife, but unrelated to their daily lives. Nothing could be further from the truth.

This summer, big doings on America’s northern doorstep will have enormous consequences to the economic, strategic and environmental future of the nation. Yet we are unprepared for the challenges and opportunities.

What happens in the Arctic as ice melts there could soon cheapen the cost of the gas you buy and products you purchase from Asia. It could help make the nation more energy independent. It could draw our leaders into a conflict over undersea territory. It is already challenging Washington to protect millions of square miles filled with some of the most magnificent wildlife on Earth, and native people whose culture and way of life is at risk as a squall line of development sweeps across the once inaccessible top of the planet.

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Gasoline Prices Headed Back Up?

Gasoline futures settled in New York at the highest price in nearly two months, surging over 20 cents in July alone.

August RBOB (New York Mercantile Exchange: RBCV1) gasoline futures gained nearly 1.5 percent and closed above $2.85 a gallon on Monday, mirroring the climb in oil prices as the U.S. dollar weakened and tensions rose in the Middle East.

Some analysts suggest the slide toward a $3.00 retail gasoline may have permanently stalled. Retail gasoline prices often follow the trend in the futures market within a week or so, analysts say.

The national average for regular self-serve gasoline is $3.40 a gallon, up 2 cents from a week ago, according to AAA.

While a few areas in the Southeast have sub-$3.00 gas, along the East and West Coasts prices are well over $3.50 a gallon.

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Survey: Gasoline May End Downtrend Shortly

“(Reuters) – Consumers have caught a break from the slowing economy as gasoline prices extended their steep three-month decline, but the cost of filling the tank may soon head back up, a widely followed survey said on Sunday.

The Lundberg Survey said the national average price of self-serve, regular gas was $3.41 on July 13, down from $3.478 on June 22, and from $3.615 a year ago.

That decline was the sixth straight in the survey of 2,500 gas stations, which comes out every other or every third week.

Gasoline prices have fallen 14 percent from a recent peak of $3.967 a gallon set on April 6. The record high is $4.112 set on July 11, 2008.”

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Oil Drops Below $87 as China Cautions on a Slowing Economy

“BANGKOK (AP) — Oil fell slightly in Asia on Monday as the Chinese premier’s downbeat comments on the economy underlined the possibility of weak demand from the world’s second biggest crude consumer.

Benchmark oil for August delivery was down 41 cents at $86.69 a barrel at midafternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $1.02 to finish at $87.10 per barrel in New York on Friday. Brent crude was up 6 cents at $101.48 on the ICE futures exchange.”

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Wilbur Ross Says U.S. Coal Is Facing Years Of Headwinds

“Billionaire Wilbur Ross, who built a company from distressed U.S. coal assets and sold it last year for $3.4 billion, says the industry’s current slump differs from earlier setbacks and may last for years because of the shale-gas boom.

A combination of cheaper natural gas, environmental regulations and a mild winter has spurred the closure of mines and the loss of thousands of mining jobs in the U.S. Domestic demand is at a 24-year low and the fuel has lost its status as the leading source of electricity, with gas accounting for the same share for the first time in at least four decades.”

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Corn Prices Are Soaring

Got corn?  Corn futures are again surging Sunday evening. See the charts and some brief analysis here.

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The Price of Gold Has Been Manipulated. This Is More Scandalous than Libor

The average Joe knows nothing of Libor. The average Joe knows a lot about gold. Manipulating the price of gold would certainly awake the masses.

As with everything in economics, there is a correctional market mechanism for this scenario – the flight to commodities, particularly precious metals like gold. Gold holds its value when paper money loses value, because it is beyond the gift of the government to simply will gold into being and give it to friends in high places or voters in low ones.

If gold has been manipulated downwards and if that process continues, then all recourse to a store of value (other than land and property) has been taken from the individual.

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Consumer Have Not Reaped the Benefits of Lower Natty Gas Prices

Despite lower natty gas prices helping utility companies to spend less on the energy needed to create electricity, consumers of electricity have not benefited.  In fact the consumer has experienced price hikes all across the nation.

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OPEC: Crude Demand Growth to Fall in 2013

“In its monthly Oil Market Report released today, OPEC projects that demand for crude would rise by an average of 900,000 barrels/day in 2012 and that growth would decline to 800,000 barrels/day in 2013. Expected demand for crude in 2013 totals 89.5 million barrels/day, of which demand on OPEC totals 29.6 million barrels/day. The cartel estimates 2012 demand of 88.68 million barrels/day, up 1% from 2011.”

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Oil Falls as the Norwegian Strike Ends

“Oil dropped for a third time in four days after Norway ended a strike that threatened to halt production by western Europe’s largest crude exporter, while China reduced purchases of the commodity.

Futures slipped as much as 1.6 percent in New York while London-traded Brent lost 2.1 percent after the Norwegian government ordered compulsory arbitration in the dispute, preventing a platform workers’ lockout scheduled to start at midnight yesterday. The nation pumped about 1.8 percent of global consumption, data from the Norwegian Petroleum Directorate show. China’s net crude imports fell to the lowest level this year, according to customs data today.”

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Oil Spikes on Potential Norwegian Labor Strikes

“Oil rebounded in New York after the biggest drop in two weeks as a labor strike threatened to halt production in Norway, Western Europe’s biggest exporter.

Futures advanced as much as 0.9 percent. Statoil ASA (STL) said it may declare force majeure on fuel deliveries as it prepares to halt more offshore fields at midnight. Prices slid 3.2 percent on July 6, the biggest decline in two weeks, after a report showed the U.S. created fewer jobs than estimated in June. Iraq’s Deputy Prime Minister for Energy Affairs Hussain al-Shahristani said oil’s two-month plunge is unjustified. European Union sanctions on Iranian imports took effect at the start of this month.”

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