Financial Markets

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Last week, the oil company executives listed below, delivered prepared remarks on the reasons why the price of oil is around $135/barrel today. In a nutshell: O World economic growth, specifically 2-3 billion in  people in China/India rising into the middle class and seeking better lifestyles O National Oil Companies(NOC), state owned, control about 80% of world reserves; consequently [...]

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Secretary of Defense Robert M. Gates laying the groundwork for getting the US military focussed on the likely challenges of the future rather than extrapolating from past experiences :  In my view, America’s key asymmetric advantage is our people. And getting the present right when it comes to care of our men and women in [...]

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The market traded sideways today, at a lower level . . . absorbing the news/implications of higher energy prices. If the higher energy prices spread to the rest of the world and governments reduce energy subsidies e.g. Indonesia, global economic growth may slow.

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More bad news  . . crude oil futures trade up to $134/barrel . . . markets heads down for a second day.

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Banks are bracing for a new round of writeoffs : hedge funds. Separately, Boone Pickens was quite blunt in saying that the world oil demand is 87 mm barrels/day while supply was 85 mm barrels/day . . the difference coming from rapidly declining inventories around the world. He said that the US was spending $600B/year on [...]

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