U.S. States Consider Gas and Oil Levies

Cash strapped states are considering raising taxes on oil production to plug yawning budget gaps, but they face strong resistance from oil companies, which warn the moves could lead to lost jobs and higher energy prices. Lawmakers in Pennsylvania and California have proposed what are known as severance taxes on oil and natural gas produced in their states. A tax increase took effect in Arkansas at the beginning of the year, and Alaska last year raised its oil production tax.....Complete Story

Chevron's $27 Billion Problem

Sometime later this year a judge in the sleepy Ecuadoran town of Lago Agrio is likely to sock Chevron Corp. with as much as $27 billion in damages over pollution left over from oil drilling by Chevron's Texaco unit in the 1970s and 1980s. The funny part is, Chevron (CVX-news-people) wanted it this way. When the case was originally filed in New York in 1993, Texaco, then an independent company, argued it would be fairer to hear it in Ecuador.....Complete Story

Crude Oil Hints at Sideways Trading This Week

August crude oil was higher overnight due to light short covering but remains below the 20 day moving average crossing at 70.20. Stochastics and the RSI are turning bullish hinting that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 70.20 are needed to confirm that a short term low has been posted. If August renews last Monday's decline, the 38% retracement of this spring's rally crossing at 62.25 is the next downside target.

Mondays' pivot point, our line in the sand is 69.75

First resistance is the 20 day moving average crossing at 70.20
Second resistance is the reaction high crossing at 71.29

First support is last Tuesday's low crossing at 66.37
Second support is the 38% retracement level at 62.25

New Video: Energy Fields....and Gold?

In this new video we analyze the gold market in a way that "we've never divulged before." We will be talking about energy fields in the gold market and how you can put them to your advantage to make money. The video is short in duration, only four minutes, but I’ll give you specific levels to look at should certain events take place. I suspect that these events will occur and for the lucky few who are prepared the rewards will be great.

The video is free to watch and there is no need to register. Please leave a comment as we would love to know what you think of the video!

Just Click Here to watch the video.

Venezuela to Borrow to Pay Oil Debts

Venezuelan Oil Minister Rafael Ramirez' announcement that the state will borrow more money to help pay off national oil company debts follows the disclosure by President Hugo Chavez of a letter urging Moscow to cooperate in selling oil at $100 a barrel.
State petroleum company Petroleos de Venezuela has run up billions of dollars in debts to contractors since global oil prices began tumbling nearly a year ago. Although denying that PDVSA had cash-flow problems.....Complete Story

Green Bill's Biggest Test Awaits In The Senate

Following intense last minute wrangling among its members and lobbying from President Obama, the House of Representatives passed potentially landmark legislation Friday that seeks to reduce the release of carbon dioxide by making industry pay for its emissions. The Democrat sponsored American Clean Energy and Security Act of 2009 passed by a razor thin margin, with 219 votes in favor, including eight from Republicans just one more than the minimum needed.....Complete Story

Kentucky USA Energy Reports on Drilling at New Albany Shale Leasehold

Kentucky USA Energy has provided an update on the Company's drilling operation on its leasehold property in the New Albany Shale in western Kentucky. The Company's drilling contractor mobilized its rig to the Company's next drilling location, Jimmy Jackson #1, spudded-in, and is presently drilling at approximately 1,172 feet. The Hunter Wells #4 location has been acidized in the Dutch Creek formation at 2,610 to 2,625 feet and at 2,705 to......Complete Story

Using DBO, USO and Oil to Play Crude Oil

This article provides some straightforward insight as to how a retail trader/investor can implement a directional play on the price of crude oil. Included is a discussion of the manner in which the forward market for crude oil can cause crude oil ETF returns to deviate from spot market returns. This article is not intended to be authoritative, comprehensive, or highly technical. It is simply a compilation of previous discussions on the topic.....Complete Story

Iraq Warily Moving Ahead on Contracts With Oil Companies

On Monday, when Iraq puts development rights to some of its largest oil fields up for auction to foreign companies, the bidding will be a watershed moment, representing the first chance for petroleum giants like ExxonMobil to tap into the resources of a country they were kicked out of almost 40 years ago. Yet, there are widespread doubts about whether Iraq is ready for a sudden infusion of capital from international oil corporations.....Complete Story

Russia to Cooperate With Shell on Sakhalin 3 and 4

Russia is prepared to cooperate with Royal Dutch Shell Plc, Europe’s largest oil producer, on oil and gas projects in the Russian Far East known as Sakhalin-3 and Sakhalin-4, Russian Prime Minister Vladimir Putin said. Putin, speaking at his residence in Novo-Ogaryovo, outside Moscow, met with Shell Chief Executive Officer Jeroen van der Veer, and Peter Voser, who will become the next chief executive. Now is an “ideal time” to move quickly.....Complete Story