The Energy Report Wednesday December 5th 2012
Fiscal Cliff Offsets Geo-Political Risk
While tensions continue to heat up in Egypt and Syria it seems that the energy markets are more focused on the upcoming recession. It seems that the showdown over the fiscal cliff means that we are getting ready to go through more economic pain. The weakness in the dollar suggests that it will be the Fed and its magical printing press will be the only hope of keeping the economy afloat as it has been for most of President Obama’s tenure. President Obama says that business leaders are ready to hire and invest but want some type of certainty. Yet when it comes to certainty that is not what this President has offered. He has offered more uncertainty during his tenure with a hastily constructed healthcare bill an uncertain regulatory environment not to mention a budget proposal. Yet all he says is that he wants to tax the rich more not because it will actually solve any of our fiscal problems but because he wants to stick it into the face of Republicans.
President Obama says that Business leaders want certainty and tried to those statements to the fiscal cliff talks. Yet when it comes to certainty that is not what this President has offered. He has offered healthcare and an uncertain regulatory environment and no budget. A deal to raise rates on the rich just to avoid a showdown over the fiscal cliff will only be a political victory for Obama yet it will be an excuse not to seek real reform that will actually allow our economy to flourish.
Gas supplies surge according to the API as supply increases on the East Coast. Gas supply increased by 5.7 million barrels crude supply off 2.2 million and distillates up 1.1 million. Still with all of the data being mixed the market lacks a real sense of direction.
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Keep a civil tongue.