Big Bad Ben Bernanke
Energy Report
by Phil Flynn
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2008-08-25
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The NHC says that that tropical wave located about 525 miles East-Northeast of the Leeward Islands is less conducive but some slow development of this disturbance is still possible during the next couple of days.
More on Georgia. Dow Jones news wires report that French President Nicolas Sarkozy, whose country holds the rotating presidency of the European Union, will convene a special European summit on the crisis in Georgia on September 1. Sarkozy called the summit on the future of relations between the E.U. and Russia and on aid to Georgia at the request of various European countries. French Foreign Minister Bernard Kouchner had warned this week that Sarkozy might convene an emergency E.U. meeting on the Georgia crisis if Russia failed to pull back its forces from positions in the ex-Soviet republic.
Also adding to tensions, Russian parliament voted on a non-binding resolution to recognize Georgia's breakaway regions of South Ossetia and Abkhazia independence. Also as AFP reported, over the weekend a train carrying fuel exploded Sunday near the Georgian city of Gori after hitting a mine on the railway that then blocked a vital east-west transportation link. Georgia's economic development minister charged that Russian forces had a hand in the blast, saying Moscow wanted to disrupt the energy corridor from the Caspian Sea to Europe that bypasses Russian territory. "Georgia provides an alternative corridor for exporting oil and gas that is not controlled by Russia," said Economic Development Minister Ekaterina Sharashidze. He said, "Russia tried everything possible to make sure this corridor does not exist anymore." An intense fire was burning, sending plumes of thick dark smoke into the air that could be seen from kilometers around, according to an AFP correspondent. "A train carrying fuel exploded," interior ministry spokesman Shota Utiashvili said. "The railway was mined and that was the reason for the explosion." The blast occurred in a rural valley just outside the village of Skra, about five kilometers (three miles) west of Gori. The governor of the surrounding Shida Kartli region, Lado Vardzelashvili, said the train was traveling near a military base occupied by Russian troops until Friday and the explosion had caused no casualties. Omar Yuramashvili, a shepherd who saw the blast, told AFP the train had been traveling west from Gori. "When it went off it was the loudest explosion I've ever heard. The force was so great that some of the
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Phil Flynn
Phil is one of the world’s leading energy market analysts, providing individual investors, professional traders and institutions with up-to-the-minute investment and risk management insight into global petroleum, gasoline and energy markets.
Energy Report has contributed 227 issues.Our users give the newsletter an average rank of 8.4/10 (24 votes)
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