Higher Oil Prices Could Lead to Higher Overall and Core Inflation Rates: St. Louis Fed Analysis

Although the price of petroleum has moderated recently, a permanent increase to $150 per barrel by the end of 2008 could have a significant negative effect on the rate of real gross domestic product (GDP), at least in the short run, based on an analysis from the Federal Reserve Bank of St. Louis. Kevin L. Kliesen, an economist with the St. Louis Fed, analyzed the price of oil and the U.S. macroeconomy... 

TransCanada License for Alaska Natural Gas Pipeline Approved by Alaska Legislature

TransCanada Corporation received the support of the Alaska Legislature to award the company a license for the Alaska Pipeline Project under the Alaska Gasline Inducement Act (AGIA). “The Legislature’s decision represents a significant milestone in advancing this major natural gas pipeline project to connect stranded U.S. natural gas reserves to Alaskan and Lower 48 consumers. We are pleased... 

Stocks stumble on record oil, inflation worries

Wall Street tumbled Tuesday after oil prices spiked to a new record above $129 a barrel and a government report raised investors’ concerns about the impact of inflation on consumer spending. The Dow Jones industrials fell nearly 200 points. Crude jumped after OPEC’s president was quoted as saying his organization won’t raise its output before its next meeting in September. That sent... 

Terri Irwin to fight wildlife reserve mine

Mining company Cape Alumina has lodged a mining lease application for an area that encroaches on the 135,000ha Bertiehaugh Cattle Station, which was purchased by an Irwin family company with the help of a Federal Government grant after Steve Irwin’s death in 2006. Renamed the Steve Irwin Wildlife Reserve after the late Crocodile Hunter, the land is about 50km north of Weipa on Cape York, in far... 

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Big decline in the gold price predicted

Somphong Vajirakaphan, CEO of one of Chinatown’s better-known goldsmiths, said if the long queues at gold stores in China on the day gold prices hit US$1,000 (Bt31,200) an ounce indicated anything, it was that the market remained jittery and panicky. Although touted as a safe haven for investors seeking to cover their losses in the volatile equity and bond markets, commodity prices have also... 

Oil prices down on Bear Stearns concerns

Oil prices have plunged Monday at least temporarily retreat to record levels, investors were concerned that the financial crisis that forced the sale of Bear Stearns is a sign of deep economic difficulties. Oil slump – falling $ US4.53 to settle at $ US105.68 barrel on the New York Mercantile Exchange – came hours after futures reached a new peak of $ US111.80 trading on the Federal Reserve... 

Stocks plunge, oil soars in market turmoil

World markets saw another day of turmoil and investor jitters Monday as Asian shares plunged, oil hit a fresh high and the dollar fell to a new bottom after the near-collapse of US bank Bear Stearns. Dealers said an emergency cut by the US Federal Reserve to its discount rate and a weekend deal for JPMorgan Chase to buy Bear Stearns at a fire-sale price had added to the sense of crisis in financial... 

Gold mining returns to Arctic as Miramar prepares Doris North site

Gold is returning to the North as Miramar Mining (TSX:MAE) readies a site along Canada’s Arctic coast for the first new gold mine development in a generation. “It’s a great opportunity to see it coming back,” said Larry Connell, Miramar’s environmental manager. Crews are now quarrying rock near the Vancouver-based company’s Doris North deposit in Nunavut and at the... 

New Jersey Mining Company Starts Feasibility Study

New Jersey Mining Company announces it will commence a feasibility study for a 5,000 tonnes per day flotation mill in the Murray, Idaho area. The study will investigate the economics of a central mill processing copper-silver ore from the Niagara deposit and gold ore from the Golden Chest mine, and possibly other sources. Currently, the company has 17.3 million tonnes of gold, silver and copper resources... 

Most Asian Markets Rally as Nikkei Hits 10-Month High and India, Australia Reach Records

Most Asian markets rose Friday, with Japanese stocks climbing to their highest in nearly 10 months and markets in India, Singapore and Australia all rose to records. Malaysian shares finished at a new 10-year high. Stocks rose in Tokyo amid optimism about growth prospects for the U.S. economy, a key export market. The benchmark Nikkei 225 index climbed 27.61 points, or 0.16 percent, to wrap up the...