Minister of Science, Technology Energy and Minining, the Hon. Phillip Paulwell.
Mr. Speaker, I rise in support of the motion in this 2013/2014 Budget Debate, truly a critical point for our country, our economy and the well being of our people.
Over the past 15 months, as we negotiated this new crucial IMF Extended Fund Agreement from the ru
NEW YORK, USA (AP) — As the number of nights without power stretched on for thousands left in the dark after Superstorm Sandy, patience understandably turned to anger and outrage.
But an Associated Press analysis of outage times from other big hurricanes and tropical storms suggests that, on the whole, the response to Sandy by utility companies, especially in hardest-hit New York and New Jersey, was typical – or even a little faster than elsewhere after other huge storms.
NEW YORK, USA (AP) – The price of oil is down slightly as the market eyes a massive storm heading for the US East Coast with the potential to force refinery closures and delays in import deliveries.
Benchmark oil fell 9 cents to US$85.96 per barrel Friday.
The big spike in gasoline prices is just about over, but it’s too late to bring much relief for Labour Day weekend.
The national average price for gasoline inched up just 0.3 cents Friday to $3.83 per gallon, ending a string of dramatic increases caused by Hurricane Isaac.
“We’re in the ninth inning of this,” said Tom Kloza, chief oil analyst at the Oil Price Information Service.
Still, drivers will pay the highest pump prices ever for this time of year.
The sky-high prices are keeping people like David Keup of Cedarburg, Wisconsin, home. He was planning to visit a few friends near Coleman, Wisconsin this weekend, but now he’s going to abandon the 285-mile round trip.
“It’s not worth the added expense,” he said.
Isaac, now slowly disintegrating over the middle of the country, forced several Gulf Coast refineries to shut down or operate at lower rates. This has deprived markets of millions of gallons of gasoline and sent prices sharply higher.
The storm pushed the national average gasoline price up 10 cents per gallon in one week, including a 5 cents gain Wednesday that was the biggest one-day gain since February of 2011.
But the price surge appears to be over. Kloza expects average gasoline prices to creep higher during the weekend then start falling after Labour Day, the last big driving weekend of the summer.
Pump prices were on the rise even before Isaac arrived. The average gasoline price rose about 40 cents from July 1 to mid-August because of refinery problems in the Midwest and West Coast, and sharply higher crude oil prices.
Crude has traded between $94 and $97 per barrel for two weeks, after rising from a low near $77 in late June.
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The price of oil is dropping on fresh concerns about Europe‘s economy.
Benchmark oil fell US$1.44 on Friday to US$91.53 per barrel in New York. Brent crude, which is used to price international varieties of crude, was down US$1.42 to US$106.38 in London. A decline would be the first after seven straight gains.
The main focus for traders was Spain, where the government predicted that the country’s recession will extend into next year and the region of Valencia said it needed help from the central government to pay its bills. But Germany was also a concern as finance officials there said growth in Europe’s strongest economy likely slowed somewhat in the second quarter. Meanwhile, in the UK, the government said it had to borrow more than expected last month.
Europe’s lengthy battle with a massive government debt crisis has affected industries in other countries, such as the U.S., that do business there. It also has cut demand for oil and other energy products.
Oil had risen about 10 per cent since July 10 on concerns that renewed tensions between the West and Iran could result in a disruption of oil supplies from the Persian Gulf.
“After the long run-up in prices we’ve had the last 10 days or so, I think (events in Europe) kind of reminded people that the demand picture is still not very rosy,” said Michael Lynch, president of Strategic Energy & Economic Research.
Meanwhile, natural gas prices hit the highest level since early January as businesses and consumers cranked up air conditioning systems to stay cool in the hot weather. Natural gas rose three cents to US$3.01 per 1,000 cubic feet.
The price of natural gas fell below US$2 for the first time in more than a decade in April after a production boom boosted inventories. At the same time, a mild winter kept demand in check. The cheaper prices prompted many utilities to switch to natural gas from coal to fuel their generators.
In other energy trading, heating oil fell 3 cents to US$2.91 per gallon and wholesale gasoline prices fell 3 cents to US$2.91 per gallon.
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Oil prices dropped near their lows for the year following warnings of a “severe recession” in Europe and an apparent easing of tensions over Iran’s nuclear program.
Benchmark US crude on Tuesday lost 91 cents to end the day at US$91.66 per barrel in New York while Brent crude fell by 40 cents to end at US$108.41 per barrel in London.
Both contracts hit a low for 2012 on Friday at US$91.48 and US$107.14, respectively.
Oil has declined almost every day this month as elections in Greece and France threatened existing plans to fix the eurozone economy. A top economist for the Organization for Economic Cooperation and Development warned Tuesday that the eurozone could fall into recession this year if leaders fail to stimulate the economy.
Stunt growth
If that happens, it would stunt growth in world oil demand at a time when supplies are expanding.
Fears of a protracted standoff with Iran had helped push benchmark crude near US$110 per barrel in February. Prices have since fallen below levels of early November, when the United Nations first warned of a potential nuclear threat from Iran.
Uninterrupted Iranian exports could boost world oil supplies to an average of 89.15 million barrels per day, according to the latest projections from the Energy Information Administration. That would be more than enough to meet world demand.
In other futures trading, natural gas added 9.8 cents, up 4 per cent, to finish at US$2.707 per 1,000 cubic feet.
Natural gas prices have jumped by 42 per cent since hitting a 10-year low on April 19 as supplies declined.
Heating oil and wholesale gasolene were both flat, ending the day at US$2.8614 and US$2.937 per gallon, respectively.
– AP
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