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Showing results for tags 'oil price'.
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Global Oil Glut Sends Prices Plunging - WSJ Economists say falling oil prices could kill off Russia’s flagging economic growth, forecast at no more than 0.5% this year. Evgeny Nadorshin, chief economist at Russian conglomerate AFK Sistema, said Russia’s economy could begin contracting by the end of this year if oil prices remain near $90 a barrel. Leading Russian politicians and executives believe the Saudis are pushing down prices to target Russia’s oil-export-dependent economy and Mr. Putin, as an extension of ongoing sanctions.
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[extract] On 5 Aug 11, S&P downgrades the US credit rating from AAA to AA+. The following day, world stocks plummeted due to concern over the US economic health. The fear of a recession was in everybody
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Rapidly escalating oil and gas prices have drawn the attention of political leaders, including President Barack Obama and Attorney General Eric Holder. While the government can do little to affect prices, it can monitor the activities of traders and speculators to ensure that no laws are being broken. Attorney General Holder was clear that there is no current evidence of fraud or illegal activity, and that the move was preemptory in nature only. As quoted by CNN, Holder said,
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