The largest oil exporter in the Middle East has teamed up with the second largest consumer of oil in the world (China) to build a gigantic new oil refinery and the mainstream media in the United States has barely even noticed it.
Feb. 10 (Bloomberg) — Gasoline and heating oil fell as commodities retreated on concern that Greece’s bailout was unraveling over German demands for deeper budget cuts and that the region’s debt crisis would spread.
Commodity prices fell broadly as a plan to fix Greece’s crippling debt crisis remained far from settled, renewing concerns about global economic growth.
Concerns about the debt crisis have weighed on oil markets in recent weeks, adding to worries about weak US economic data that could hit fuel demand.
“It doesn’t look like the two biggest items were seriously discussed today — the potential for a euro bond and the size of the stabilization/bailout fund,” said Edward Meir, senior commodity analyst for MF Global in New York.
Crude prices dropped before the meeting as data showed sluggish German growth hobbled the euro zone, dragging US stocks. The euro slid against the dollar.
The Dow Jones industrial average plunged more than 300 points and erased its gains for the year as investors grew more concerned about economic weakness in the U.S. and Europe.