Jay Hawk Resources LLC - The Labor Department

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The Labor Department also said Wednesday that consumer prices shot up 1.1 percent last month, the second fastest pace in 26 years. Rising energy prices accounted for two-thirds of that increase, which was far worse than expected.

Testifying before Congress for a second day on Wednesday, U.S. Federal Reserve Chairman Ben Bernanke said central bank policymakers are facing "significant challenges" in stabilizing a U.S. economy troubled by weak growth and inflation.

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In October last year, Swedish firm Lundin Petroleum signed an agreement with the Kenyan government to explore oil deposits in the lake's Anza Basin for the next four years.

The basin, covering an area of some 14,748 square kilometers, is an extension of the Muglad Basin of Sudan, which has recoverable reserves of at least 300 million barrels of oil.

Kenyan geologists concluded the northwestern area was likely to have oil deposits after the discovery of oil and gas in neighbouring southern Sudan and along the Uganda-Democratic Republic of Congo border.

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Jay Hawk Resources articles: Natural gas futures for August delivery fell more than 8 percent Thursday, marking their biggest one-day drop in nearly a year, according to Nathan Golz, researcher at Wachovia Securities in St. Louis. Prices for the key heating, cooking and power generation fuel settled 86.1 cents lower at $10.537, their lowest point since April.

A number of market observers say there simply wasn't enough support for the recent run up in natural gas prices, and that this week's sell-off of oil has only helped speed the declines.

"Any time oil goes up or down on Nymex, it's going to have a carry-over effect on natural gas," said Michael Rieke, senior managing editor for power and gas at energy research firm Platts.
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Which is good news for retailers, who often have trouble luring customers inside.

"One of the pitfalls for convenience store owners these days is that people pay at the pump," said Richard Divine, head of the marketing department at Central Michigan University. "People don't want to go inside the store anymore. But at the gas pump, you've got a captive audience."

On a recent workday at a Shell station in Miami, the FuelCast screen above the pump aired 15-second ads for fuel-efficient Chevy cars, Norwegian Cruise Lines, and, of course, Shell gasoline.

Anna DaSilva, a 59-year-old retiree from Doral, Fla., said she had never seen the screens at gas stations until this month, when she fueled up at a Shell station near her home. DaSilva said she liked the idea not because of the ads but because it distracted her from the high gas prices.

"I think that's the whole purpose of the TVs," she said.

Orlando Garcia, a Miami engineer, didn't even look at the TV screen as it broadcast a Norwegian Cruise Lines ad at the Shell station on a recent workday. He was too busy pumping $75 into the tank of his Range Rover.

Jay Hawk Resources - Oil Investments
Jay Hawk Resources News: Broken down, the Arctic energy reserves would account for about 13 percent of the undiscovered oil, 30 percent of the undiscovered natural gas, and 20 percent of the undiscovered natural gas liquids in the world, the report said.

The majority of the undiscovered 90 billion barrels of crude oil, USGS experts estimate, are lying in Alaska, where 30 billion are hiding, Russia's Barents Basins, East and West Greenland and East Canada.

"The Alaska platform really looms as the most obvious place to look for oil in the Arctic right now," said Gautier.

Jay Hawk Resources - Oil and Gas Industry
Natural gas company Chesapeake Energy Corp (CHK.N) will fund its ambitious exploration plans for 2009 and 2010 by selling assets rather than debt or equity, it said in a U.S. regulatory filing.

Over the next several years, Chesapeake is ramping up spending to develop the Haynesville Shale gas field in northern Louisiana and other plays. Chief Executive Aubrey McClendon has said Haynesville could be the most significant find in the company's history.



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25.7.08 16:40



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