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Stein’s law says oil prices will rise: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – “If something cannot go on forever, it will stop,” according to Herbert Stein, former chief economist to U.S. President Richard Nixon (“What I think: essays on economics, politics and life” 1998). Stein’s law is one of the most simple but important statements in economic theory, ...

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Editorial: President agenda is anti-shovel-ready

President Barack Obama campaigned on a promise of “shovel-ready” jobs. It was the modern “chicken in every pot” but never quite panned out. “Shovel-ready was not as, uh, as shovel-ready as we expected,” Obama quipped in 2011, conceding the pledge seemed beyond his grasp. Today, his platform can be described as anti-shovel-ready. The president took to a White House lectern ...

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Editorial: Right call on Keystone XL

After seven years and enough hot air to launch a thousand balloons, President Obama announced Friday he will not approve a permit for construction of the Keystone XL pipeline to carry oil from Canada’s tar sands to the Gulf of Mexico. We applaud the President’s decision. As Obama said in his statement, the importance of Keystone has been “overinflated” by ...

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Gas deal could signal Southern’s drift from new nuclear projects

Six months ago, three top executives at Georgia’s largest utility companies met over steak dinners at Bones restaurant in Atlanta to explore possibly joining some planned pipeline projects aimed at tapping the Midwest’s booming production of natural gas. But the talk quickly stretched to a more ambitious agenda: Southern Company was interested in buying AGL Resources, the Atlanta natural gas ...

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Oil prices surge in short-covering rally: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – Front-month Brent crude futures surged more than 10 percent higher yesterday, one of the largest daily percentage movements on record, as traders raced to cover short positions. U.S. crude futures rose almost as much, with the October contract ending the day up by more than ...

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