The dollar strengthened to a seven-month high against the yen and government bonds fell before data that analysts forecast will show expansion in U.S. manufacturing. Commodities tumbled as oil and gold sank.
Oil popped after jobless claims fell more than expected. Yet we also saw the market rise on a report that U.S. intelligence thinks there is a high probability that Putin’s incursions into Ukraine are far from over.
The top Republican on the Senate Energy Committee urged President Barack Obama to end a 39-year ban on exports of U.S. crude oil, joining what is shaping up as an major election-year debate over energy policy.
Companies such as Royal Dutch Shell Plc and China National Petroleum Corp. are starting to drill for gas and oil in shale rock in Sichuan, the nation’s most seismically active province, a process geologists say raises the risk of triggering quakes.
Oil and gas is getting bigger, deeper, faster and more efficient, with new technology chipping away at “peak oil” concerns. While hydraulic fracturing has been the most visible revolutionary advancement, other high-tech developments are keeping the ball rolling.