In the last months, and in the wake of the May OPEC meeting, many market analysts were somewhat surprised by the run-up in oil prices (see Abraham Energy Report story on Oil Prices: How High Can They Go?). It appeared to some that the market was looking way ahead of itself to the day when the world economy and oil demand would recover, leading once more to tighter markets and higher oil prices. We look at the factors that have influenced the market in recent months in advance of the Sept. 9, 2009, OPEC meeting in Vienna.

Cloudy Skies Ahead for Climate Bill

The climate change steamroller hit a roadblock in Congress in late July and then received a near-death blow in late August as Democratic leaders in the Senate announced they were postponing the introduction of comprehensive cap-and-trade legislation until the end of September. Citing of series of factors—the death of Sen. Edward “Ted” Kennedy, Sen. John Kerry’s health woes and the problems around health care reform, the chief sponsors—Kerry, D-Mass., and Barbara Boxer, D-Calif.—decided to delay the bill’s introduction again.

More headlines from this issue:

» Japan Maintains Influence on Global Energy Policy and Markets
» U.S. Sen. Max Baucus: Power Player in Climate Bill
» Canadian Oil Sands Pipeline Secures Stable Energy Supply
» Reins Could Tighten on Energy Futures Trading
» Russia and LNG: A new Supplier in the Market

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