Environmental Capital re-visits the surprising fact that oil prices have not been affected by recent petro-sensitive world events, such as the Russian invasion of Georgia, and the impending landfall of Gustav. EC notes that experts are attributing this to the fact that oil demand has softened substantially due to U.S. drivers cutting back due to high fuel prices. (Again illustrating our point that we need to take advantage of these high prices to make fundamental changes in our energy policy.)
Mexico is building a $4 billion shipping port in Baja in order to meet much of the overflow business from the ports of LA and Long Beach, which have been constrained by population growth and environmental concerns.
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