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Friday, June 06, 2008

$45 trillion to combat global warming ... and other news you can use

$45 trillion needed to combat warming- The world needs to invest $45 trillion in energy in coming decades, build some 1,400 nuclear power plants and vastly expand wind power in order to halve greenhouse gas emissions by 2050, according to an energy study released Friday.

More on this story HERE.

Mexico sees lower oil exports for 2008 Pemex Chief Executive Jesus Reyes Heroles said the state-run company's oil exports were headed for an average of 1.40 million to 1.45 million barrels per day over 2008, around 15 percent below a goal set in Mexico's 2008 budget of 1.683 million bpd. The estimation is also well below an average export level of 1.686 million bpd in 2007.

Crude Oil Rises a Second Day on Supply Concerns, Dollar Outlook ``People are really responding to longer-term supply issues,'' said John Vautrain, vice president at consultants Purvin & Gertz Inc. in Singapore, in an interview with Bloomberg Television. ``Every time we hear good news about some big new find somewhere you have to counteract that with the news that there are a couple of million barrels a day disappearing from the market every year just because of natural declines.''

Corn Reaches Record, Soybeans at Three-Month High on Heavy Rain in Midwest Corn climbed for a third day to a record and soybeans rose to a three-month high in Chicago as excessive rains in the U.S. Midwest flooded some fields, raising concerns about slowing crop development and production losses.

Gold Gains in London Trading Before U.S. Jobs Report; Platinum Also Climbs Gold led precious metals higher in London on speculation a U.S. jobs report will indicate slower economic growth, buoying investor demand for a hedge against declines in the U.S. dollar.

Apache May Take Two Months to Restore Partial Gas Supply to West Australia Western Australian natural gas output may be reduced for the next two months because of an explosion, cutting supplies to Rio Tinto Group, Alcoa Inc. and Newcrest Mining Ltd. at a time of rising metals demand and prices.

China May Auto Sales Grow at Faster-Than-Expected Pace of 16% After Quake China's passenger-car sales grew a faster-than-expected 16 percent last month, as demand spurred by economic growth withstood the effects of the country's deadliest earthquake in 32 years.

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