Some mining companies decide to stay in mine-field Ecuador

Despite the tumultuous political climate in the country, some oil companies have decided to sit down with the Government and negociate. Petrobras (Brazil), Repsol (Spain) and Andes Petroleum (China) are the companies who have made good with the Government, despite the legal spider-web that President Correa has woven around the energy sector over the past 10 months.

These companies are braving this storm in spite of the investor-hostile environment the country displays at present. Let's hope their stay is a good precedent for others in similar positions.

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Alas! Oil prices drop to lowest point in three-month stretch

Today oil prices were as low as $111 per barrel, which translates into less expensive heating oil and lower gas prices. Given the approaching end of summer, heating expenses are in the mind of just about everyone, so this is good news for those who have oil-base heating. Cheaper gas also helps, particularly when you have an SUV or a long commute, ouch!

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In the midst of Summer, is oil on your mind?

As a New Englander, even in the hottest day I can't help but wonder about oil for the upcoming fall and winter. Last year alone, I spent close to 3,500 to warm up a 1100 sq. ft. condo. This year, I don't wanna know... Granted, I've spent a good chunk of July getting my burners serviced and getting in new replacement windows. I have hope... maybe next winter I won't have to resort to coal to stay warm. Those were the good old days, I guess, when you could buy cheap, reliable coal to stay warm. Granted, it's a bit messy, but with fuel and oil prices these days I'd gladly go for coal, given the chance.

Below some links to pieces on the subject:

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Oil prices finally come down!!

NEW YORK—Oil prices shed nearly $4 Wednesday, tumbling below $125 a barrel for the first time since early June on growing fears that high prices and the weak economy are destroying demand.
Light, sweet crude for September delivery dropped $3.98 to settle at $124.44 a barrel on the New York Mercantile Exchange, crude's lowest finish since June 4. The August contract expired Tuesday at $127.95.
At the gas pump, prices continued to let up. Regular gasoline dropped more than a penny to an average of $4.0402 a gallon nationwide, according to auto club AAA, the Oil Price Information Service and Wright Express. That is down more than 7 cents from last Thursday's all-time high. Diesel slipped 0.6 cent to $4.802.
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