Michael Giberson Great news! I was reading through some bailout, uh, rescue commentary this morning, and found this political advice from Joel Stein at the L.A. Times: If I were in Congress, I’d hold out. Every representative who voted no on the bailout got something totally sweet in the bill that passed the Senate. Jim …
Michael Giberson Writing with a calmness and patience not typically seen when economists write about price gouging, here is Geoff Styles, at Energy Outlook, Gas Lines and Bank Runs: …[W]ith a significant shortfall in deliveries along these pipelines, and US gasoline inventories that were already extremely low going into the storms, local prices should have …
Michael Giberson The results from the first RGGI auction have been announced, coming in louder than a whimper, but softer than a bang. As the WSJ Environmental Capital blog reports, “Demand was actually pretty strong.” About 50 million units were bid upon, while just 12.5 million were offered. The demand pushed the clearing price to …
Rggi – Results from the First U.S. Cap-and-Trade GHG Permit Auction Read More »
Michael Giberson Yes, Texas has a price gouging law, and yes the Attorney General recently has issued a press release warning against price gouging – actually multiple press releases (Sept 16, Sept 19, Sept 24; a second press release of Sept 16 noted that state hotel tax collections were suspended for persons displaced by Hurricane …
Michael Giberson The Regional Greenhouse Gas Initiative held their first CO2 permit auction today. At the WSJ Environmental Capital blog, Keith Johnson said RGGI “is more likely to start with a whimper than a bang,” and asks “Will it work?” Johnson reports: RGGI’s first auction today, of about 12.5 million emissions permits, isn’t attracting a …
First Rggi Auction Today, Results to Be Posted Monday Read More »
Michael Giberson Robert Rapier at R-Squared Energy Blog noticed the EIA showing gasoline inventories at their lowest levels since 1967, and because consumption rates are higher now than in 1967, he pointed out that “days of supply” in inventory is probably at its lowest level ever. Rapier comments: Someone asked during a panel discussion at …
Supply Problem + Price Gouging Law = Rationing Gas by Running out Read More »
Lynne Kiesling One of the consequences of the current financial market upheaval is MidAmerican’s buyout of Constellation Energy. See also the discussion at WSJ’s Environmental Capital of this and other possible consequences for energy industries. Keith Johnson at WSJ also thinks that this move shows an interest on Warren Buffet’s part in nuclear assets. Electricité …
Michael Giberson On the last day of trading for NYMEX’s October contract for crude oil prices jumped a record $16.37/barrel to close at $120.92/barrel. To some observers, the sharp movement on the last day of trading suggests a classic manipulative squeeze. From Bloomberg: “This looks like a squeeze play,” said Phil Flynn, senior trader at …
Today’s Record Nymex Oil Price Jump – Is It a Manipulative Squeeze? Read More »
Michael Giberson My former employer in the news.* The Regional Greenhouse Gas Initiative (RGGI) announced earlier this week that it had selected Potomac Economics to “perform market monitoring services for the states participating in RGGI auctions.” “We went looking for and hired an experienced watchdog to ensure market participants that the RGGI auction process is …
Market Monitor Announced for Rggi Cap-and-trade Auctions Read More »
Lynne Kiesling Oil prices have declined since their July high, but the decrease has been particularly precipitous in the past week. As of 8:23 EDT this morning, the NYMEX future price is $91.73/bbl. Less than $100! Why? Here are my off-the-cuff thoughts: 1. Financial market instability Oil prices are a leading indicator of expectations of …
Why the Precipitous Decline in Oil Prices? Adapting to Changing Expectations Read More »
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