1. The G8 is meeting in Muskoka, Ontario, Canada. If you don't know anything about them, watch this clip. It was the G6 until Canada and Russia were added. Brazil, China, India, Mexico and South America could be next. They dabble in the environment and energy, and every so often do something about poverty, but the focus is almost always on the world economy. Next year France hosts, then, in 2012, President Barack Obama. The exact locations have not been announced.
2. The G20 meets in Toronto from tomorrow. How can the leaders be in two places at once? Well, these are finance ministers and bank governors from the most prominent nations, plus the European Union. Europe remains dominant in the proceedings mostly because they invented the concept. Seoul will be the next gathering in November.
3. I have a prediction on both meetings. Nothing monumental will be decided. Maybe Barack is waiting for the 2012 summit to foist on the world the 10% solution, although I wouldn't hold your breath waiting.
4. This is Day 67 of the oil spill, and BP reports about 15 million gallons of petroleum have been recaptured. That is less than 10% the 169 million gallons that might have leaked. Remember, the Exxon Valdez was 11 million gallons. However, at least 30% of the gush is now being recovered, and might well be 75% if the high end 2.5 million gallons per day is, instead, say, 1 million GPD. However, there remain 2 billion gallons in that reservoir. I can't imagine how two relief wells tapping into this same pool will stop the flow from the damaged one. The big fear now is a possible major storm (see below).
5. Congressional negotiators apparently reached agreement on the financial regulation legislation, meaning that President Obama should be able to sign the bill soon after the July 4th break. Bank stocks zoomed up because the compromise allows them wiggle room to compete at the international level. The uncertainty is gone. Let's see now, medical care has passed, now Wall Street has been checked. That's a pretty good record for the Administration. What about energy and the environment? You would think that the oil spill would have greased the track for passage. However, there is something about direct personal grief that is not present with gasoline prices steady and carbon dioxide increases not inconveniencing anyone. Unless tens of millions perish from heat this summer or oil suddenly skyrockets to $150/barrel, nothing much will happen. Who is to blame? Read "Why is There No National Energy Policy?"
6. Televised coverage of Ghana (#32) versus the USA (#14) on ABC will begin Saturday at 2:30PM EDT or 8:30 Hawaii time. On the basis of ratings, the USA should win. Ah, but there is something about this game that makes this all so unpredictable. Ironically enough, Ghana knocked the U.S. out of the World Cup in 2006. Interesting that, if American prevails, they won't need to play against the victor of Germany versus England. Instead, we would play the winner of South Korea versus Uruguay. Oh, John Isner got zapped today at Wimbledon.
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The Dow Jones Industrials edged down 9 to 10,144, while world markets also mostly dropped, the Japan Nikkei minus 191 to 9737. Gold increased $13/toz to $1256 and crude oil is around $79/barrel.
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There are three storms in the Atlantic (one close to Africa) and two in the Pacific. Hurricanes Celia (130 MPH) and Hurricane Darby (120 MPH) are monsters, but, if you look at those colors, it is almost certain that they will begin to dissipate over the next few days by moving over cooler waters.
However, that pestiferous tropical depression is still expected to enter the Gulf of Mexico, and BP says it needs 5 days notice to safely evacuate.
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