In early December, Christophe de Margerie, CEO of Total, the Exxon à la Française, shocked the French when he said that there was “no doubt” that a liter of gasoline would reach €2 and that the only question was when. He cited the calamities in the news at the time to justify the skyrocketing prices of oil and gasoline—source of Total’s mega profits. He was talking his book, obviously, which isn’t illegal, not even in France.
Energy
The Natural Gas Massacre
by Wolf Richter • • Comments Off on The Natural Gas Massacre
Natural gas is dirt cheap, hovering at a 10-year low. In the US, that is. In other parts of the world, natural gas is four, five times more expensive—a rare discrepancy in a globalized economy. But the US, largest producer in the world, stunningly, has no facilities to export it. So President Obama has made dirt-cheap natural gas a cornerstone of his energy policy, but investors are bloodied, and drilling activity is falling off a cliff.
The Astounding Fuel Price Conundrum
by Wolf Richter • • Comments Off on The Astounding Fuel Price Conundrum
Republicans are trying to tar President Obama with gas prices that are creeping up on $4 a gallon and are shooting for an all-time high. The strategy is working. Obama’s approval rating on handling gas prices has plunged. In San Francisco, gas is already $4.50. Yet across the Bay are five oil refineries that together are the largest exporters of petroleum products in the nation.