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Mortgage & Housing Market News from HSH.com
April 25th, 2008 (Modified on July 28th, 2008)

Oil Prices: No Solution in Sight

by

 

Oil prices peaked at $119 a barrel today after tensions in Nigeria and Iran put a continued strain on the already volatile commodity. A strike by Nigerian Exxon Mobil workers continued for a second day today as a Nigerian rebel group claimed responsibility for yet another pipeline bombing. A U.S. cargo ship fired flares and warning shots at two Iranian ships today when the vessels did not respond to warnings that they were getting too close.

In an effort to solve the nation’s dependence on oil, U.S. ethanol production has come under fire due to global and environmental concerns. The global demand for corn has raised its price to three times what it went for two years ago. Critics complain corn should be grown to feed people, not to produce the inefficient and expensive ethanol. The average ethanol plant uses 400,000 gallons of water per day, and when the product is completed, the ethanol must be shipped to market in large fuel-consuming trucks, instead of via less-costly pipelines.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

Our bloggers:

Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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