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Kevin Hall of McClatchy wrote about Wikileaks releases showing that the Saudis were concerned about oil market speculation leading to unduly high prices in 2007 and 2008. In 2008, we wrote that the Saudis said they did not see tightness in the market, and they also warned that prices were excessive.

The wikileaks releases confirm the fact that the Saudis were not attempting to shift the blame to speculators while privately enjoying profit, but were genuinely concerned over the effect that speculators had on spiking market prices. 2007/2008 saw a jump in oil prices that was unprecedented at the time; in 2007 alone, the price of oil was $58.74/Bbl in February, reaching $65.08/Bbl by June of the same year.

Ultimately this merely reaffirms anxieties that oil prices are likely at the whim of speculators rather than actual market availability. Unfortunately, markets are partially based on faith in one's investments; It would be wise in the future to trust the Saudi reports and take into consideration that everyone in the worldwide oil market- including western businesses- are in it for the money.

It has often been said that even without a price on carbon there will be a meaningful shift to renewable energy sources once global oil supply peaks.

Roberts is vice-chairman of renewable energy investments within CIBC's wholesale banking group. He says the big petroleum companies are making some investments in green energy, such a solar, wind and biofuels, but it's a "drop in the bucket" compared to the money being spent on the exploration, drilling and extraction of unconventional - i.e. heavy - oil.

Until there is a meaningful price on carbon in North America and China, oil companies will continue along this path. They'll go further, deeper and thicker. They'll take on more financial risk and take more chances with the environment. They'll scrape the bottom of the barrel, and they'll make generous profits doing it.

Economists have cut forecasts for economic growth in the second quarter following the dismal 1.8 percent pace in the first, with indicators of industrial production, consumer spending and unemployment all appearing soft. Economists said they still foresee a stronger second half, as consumers and businesses adjust to the higher oil price Ian Shepherdson, U.S. economist for High Frequency Economics, said the sharp rise in the price of oil has helped stifle job creation. "The trend in claims has nudged up a bit as companies have responded to the rise in oil prices," he said.

Federal Industry Minister Tony Clement said Thursday he wants the petroleum industry to explain how it sets gasoline prices. "No one can understand why last year, when oil per barrel was around $140 or $150, we were paying $1.37 per litre, when this year oil is south of $98 a barrel and yet we're paying more," Clement said.

"Interest rates have recently being going somewhere unexpected: down. With the United States government bumping up against its debt ceiling, inflation ticking upward, and a growing debt crisis in Europe, most expected interest rates to be increasing.If so, it will mean pain for savers, but good news for borrowers .A drop in interest rates is equivalent to a sale on the price of money, and corporations are already rushing to take advantage of the easy lending conditions, even if they're in no immediate need of funds. Mortgage rates have fallen, too - good news for homeowners looking to refinance. But lower rates have not turned out so well for some of the market's savviest players, including Bill Gross, the founder of Pimco, the world's biggest bond fund. Earlier this year, he sold his U.S. Treasuries, because he thought interest rates were poised to rocket higher, which would drive down prices of bonds. Oil has been trading consistently around the $100-a-barrel level, thereby lifting inflation, another bond-market negative. Investors are getting nervous and growing more willing to buy super-safe government bonds."

Lately, oil price is extremely volatile due to disappointing economic data from the US and eurozone, uncertainty about a potential debt-restructure in Greece and weaker oil demand from the US, China and Japan. Gasoline demand is expected however to pick up in the coming weeks as Americans take to the road for their summer holidays. On the New York Mercantile Exchange, West Texas Intermediate (WTI) or light sweet crude for July climbed to $100.35 a barrel from $97.41. Gold and Silver remain to be the safest investments during problematic economic times. As a result the precious metals have increased in price: on the London Bullion Market, gold jumped to $1,533 an ounce from $1,491 the previous week; Silver rose to $37.69 an ounce from $34.80.

Neither the Republicans' nor the Democrats' policy proposals have much chance of having a significant effect on prices. Your taxis and town cars and commutes are not going to be made any cheaper-at least in the near-term-by ending oil company subsidies or drilling in the Arctic National Wildlife Refuge There isn't much that politicians can do to lower gas prices, but there is some good news for politicians panicked about the potential effect of high gas prices on their re-election chances.

Toyota Motor Corp. reported Friday that Japan production in April fell 74.5 per cent to 79,341 vehicles while its global production declined 48 per cent to 346,297 vehicles.

Auto production works in a unique method in that different factories produce different parts, and oftentimes supply is exclusive to a few choice factories. This causes significant problems when there is a sudden rise in demand for these parts, or if production must be halted, as was the case with the 2011 Japanese Earthquake.

Japanese Auto Dealers sell around 9,000 models per month in Canada alone; Honda's production has fallen 81%, producing 14,168 vehicles in April 2011.