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To: richardred who wrote (1108)	4/3/2008 9:10:51 AM
From: richardred	Respond to of 3363

Paulson Calls for China Energy Alliance Thursday April 3, 7:41 am ET By Joe Mcdonald, AP Business Writer Paulson Calls for US-China Energy Cooperation, Lower Tariffs on Environmental Technology BEIJING (AP) -- Treasury Secretary Henry Paulson called Thursday for closer U.S.-Chinese cooperation on energy conservation and for Beijing to cut import duties on environmental technology. Speaking at a government think tank in the midst of a trip to discuss trade and other contentious issues, Paulson lauded China's recent steps to tighten environmental rules and said it could become a leader in deploying advanced technology for conservation. "Technology must be developed and adopted at a faster pace," Paulson said, according to a text of his speech distributed by the Treasury Department. "U.S. and Chinese institutions need to manage the new demands of energy and environmental issues in innovative ways." Washington and Beijing agreed in December to cooperate over the next 10 years on climate change, energy security, promoting sustainable use of natural resources and other environmental issues. The United States and China are the world's top two oil consumers. "Only through greater cooperation will we be able to better organize our efforts and target some of the most pressing issues that the United States and China will face in the coming decade," Paulson said. Paulson met Thursday with Premier Wen Jiabao, who affirmed Beijing's commitment to the U.S.-Chinese Strategic Economic dialogue, which was launched in 2006 to address strains over China's soaring trade surplus and defuse demands by American critics for punitive action. The next full meeting of the dialogue is in June. "It can not only enhance out mutual trust but solve problems and difficulties in our economic and trade ties," Wen said as reporters were allowed to watch the beginning of their meeting. "The mechanism can also set the long-term direction for our economic cooperation and design the details, and therefore it's of great importance." No details of their talks were immediately released. On Wednesday, Paulson met Chinese President Hu Jintao and Wang Qishan, Beijing's new point man on trade ties with Washington. Paulson calls Wang, a former star Chinese banker, a friend and says their relationship should help to produce a smooth transition in the economic dialogue following the retirement of his predecessor, Vice Premier Wu Yi. In the speech Thursday, Paulson repeated a key theme of his trip -- the need for Beijing to push ahead with liberalizing its state-dominated financial industries. He said Wednesday that the U.S. credit crisis might be making Chinese leaders hesitant. "A deep and more efficient financial sector will help Chinese households earn a higher return on their investments and thus achieve their financial goals," he said. Referring to China's efforts to curb inflation by freezing retail prices of gasoline and diesel, Paulson warned that the United States ran into problems in the 1970s with price caps that led to heating oil shortages and rationing. "China, by setting price controls on fuel, is facing similar consequences today" with widespread shortages, he said. "And because market forces can never be completely eliminated, price controls often lead to smuggling and corruption." Paulson said China could benefit from importing technology to improve energy efficiency, reduce greenhouse gas emissions and supply cleaner water. But he said that is hindered by high tariffs and other import barriers. "A high priority should be given to eliminating tariffs and non-tariff barriers on products, goods and services that can improve the health and welfare of the Chinese people," he said. biz.yahoo.com

To: richardred who wrote (1108)	4/11/2008 9:48:21 AM
From: richardred	Read Replies (1) \| Respond to of 3363

Gas, Diesel Prices Hit New Records Thursday April 10, 3:28 pm ET By John Wilen, AP Business Writer Gas, Diesel Prices Hit New Records a Day After Crude Hits Its Own New High Mark NEW YORK (AP) -- U.S. retail gas prices extended their record run Thursday, adding to the pain consumers feel every time they fill up. Experts predict prices will rise even higher as peak summer driving season approaches. Meanwhile, crude oil futures fell as the dollar strengthened, giving investors an opportunity to collect profits from the previous session's record rise above $112. At the pump, the national average price of a gallon of gas climbed 1.4 cents overnight to a record $3.357 a gallon, according to AAA and the Oil Price Information Service. Prices have set a string of records in recent weeks and are 56 cents higher than a year ago. Retail diesel, the fuel of trucks, trains and ships, rose overnight to a new national record of $4.045 a gallon. The Energy Department expects gasoline prices to average as much as $3.60 a gallon this summer, but believes the national average price could spike as high as $4 a gallon at times. "Gas hitting $3.60, $3.65 a gallon seems like a done deal," said James Cordier, president of Tampa, Fla., trading firms Liberty Trading Group and OptionSellers.com. Gasoline prices are rising, in part, because of a supply crunch that occurs every spring when refiners switch over from making winter grade gasoline to the less polluting fuel they're required to sell during the summer. Summer grade gasoline is more expensive to make. Also, refiners try to sell off all of their winter grade fuel before the switchover, which drops supplies to very low levels. This year, the spring price spike is being exacerbated by two unusual factors: tight supplies of key gasoline blending components and record oil prices. Analysts say alkylate, an ingredient critical to the manufacture of summer grade gasoline, is in short supply and will push prices higher. Meanwhile, crude oil, the main ingredient in gasoline, fell Thursday, but remained close to record levels. Light, sweet crude for May delivery dropped 76 cents to settle at $110.11 a barrel on the New York Mercantile Exchange. The dollar strengthened against the euro, giving some investors an opportunity to take profits. Crude prices rose to a new trading record of $112.21 on Wednesday after the Energy Department said supplies fell unexpectedly last week. Many analysts place most of the blame for oil's run above $100 in recent months on the steadily falling dollar. But the effect reverses when the greenback rises, making commodities such as oil a less effective hedge against inflation. Also, oil is more expensive to investors overseas when the dollar strengthens. Oil prices also were pressured Thursday by data from tanker tracking firm Oil Movements showing that OPEC oil shipments rose last week. That suggests more supplies might soon come to market. However, analysts are reluctant to define a single day's decline as the end of crude's bull run. Many believe investors will continue plowing money into crude futures on expectations that Federal Reserve rate cuts -- perhaps two more this year -- could weaken the dollar further. "We could now see a lot of 'system money' join the upside breakout, propelling prices even higher," said Edward Meir, an analyst at MF Global UK Ltd., in a research note, referring to hedge fund investors. In other Nymex trading Thursday, May gasoline futures rose 1.79 cents to settle at $2.7921 a gallon, while May heating oil futures fell 4.05 cents to settle at $3.194 a gallon. Earlier, heating oil futures rose to a trading record of $3.3204 a gallon due to falling supplies and strong demand overseas. Nymex natural gas for May delivery rose 4.2 cents to settle at $10.098 per 1,000 cubic feet. The Energy Department said natural gas supplies fell by 14 billion cubic feet last week, in line with analyst expectations. In London, May Brent crude fell 27 cents to settle at $108.20 a barrel on the ICE Futures Exchange. biz.yahoo.com