Saturday December 10, 2005

Brazil takes a major step toward oil self-sufficiency

peakoil.com -> mercurynews.com :

Brazil, once almost completely dependent on imports for oil, is poised to mark an energy milestone that promises to shield it from the twists and turns of the international market. Early next year, Brazil will begin producing as much oil as it consumes, and shortly thereafter it'll join the ranks of the world's net oil exporters.

The accomplishments are due to a years-long push to find oil within Brazil's borders and to decades of government efforts to keep oil consumption low by encouraging the use of alternatives such as ethanol from sugarcane and soy.

The energy turnaround is astonishing for a country that in the 1980s imported 40 percent of its energy needs and whose fragile economy repeatedly has felt the inflationary pressure of soaring energy prices. This year, despite record-high world energy prices, inflation in Brazil has stayed low.

Six other Latin American countries - Argentina, Bolivia, Colombia, Ecuador, Mexico and Venezuela - also have reached the self-sufficiency mark and are producing at least as much oil as they consume.

(2005-12-10 00:23:29 SGT) [Energy] Permalink

Housing Slowdown May Claim 800000 Jobs

abcnews.go.com :

A sustained decline will hit the U.S. housing market next year, costing the nation as many as 800,000 jobs, according to a new economic report released Wednesday. The slowdown is likely to last several years, with as many as 500,000 construction jobs and 300,000 financial sector positions lost, the quarterly Anderson Forecast predicted.

New home sales have declined. Applications for home mortgages have trended downward since late September as rates increased. In some regions, homes are remaining unsold longer and the pace of housing construction is outpacing population growth, which could spell a decline in demand.

Economist Ryan Ratcliff said the state's housing market will see a slowdown in spending along with job losses in construction and related sectors. "If the housing market slows more than we are expecting, a recession is not out of the question," Ratcliff wrote.

See also :

1. Global house prices : Hear that hissing sound?
2. The housing bubble has burst
3. Come short the housing market

(2005-12-10 00:04:21 SGT) [Biz] Permalink

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