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Pinnacle Energy Corp. (OTCBB: PENC) went unchanged Monday on news that the company has signed a letter of intent to form a royalty land organization with Clayton Resource Partners that will facilitate its diversification into the coal and coal bed methane marketplace.

According to today’s news release, both parties expect the deal, which will most likely result in a restructuring of the current management hierarchy and enable Pinnacle to effectively target privately-held owners of proven coal reserves for acquisition, to close within the next month. Read the rest of this entry »

Oil prices tanked below $40 today for the first time in more than four years despite OPEC’s announcement of a record 2.2 million barrel per day production cut as comparisons between U.S. monetary policy and Texas hold em poker reached an all-time high.

The Federal Reserve exhibited its willingness to go “all in” this week by pledging a virtually unlimited bankroll to purchase a multitude of troubled assets from banks in effort to entice them to start lending to consumers again. President Obama has also jumped into the fray and is reportedly contemplating a $100 billion economic stimulus package that will be rolled out over his initial two years in office. Read the rest of this entry »

Found a good article on Geothermal Energy – The Energy Debates: Geothermal Energy

The US has the greatest amount of ‘untapped’ geothermal power which could be all that is needed to lead the charge off our foreign oil dependence. As a matter of fact, a common joke in the industry is: “God gave the Arab nations oil, he gave the US geothermal power.”

Now it is up to us to make good use of it.

America’s current $440 annual foreign oil dependency is showing promise to create a cataclysmic situation in which the country is reliant upon its staunchest enemies to fuel everyday life.

Worldwide energy consumption is pegged to increase 50% over the next two decades with the U.S. now accounting for roughly 25% of global demand. Moreover, political tensions between the U.S. and both Iran and Venezuela near a boiling point. So, clearly president Obama’s recently stated plan to eliminate our reliance on Middle Eastern and Venezuelan oil within the next decade is essential to ensure the safety of our country’s future.

Solar energy, bio-fuel, wind farms, and hydropower all hold significant promise to help the U.S. decrease its carbon footprint and end its reliance on foreign oil. However, each comes with their own set of limitations that prevent them from being able to shoulder the load of doing so in any significant manner over the near-term.
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With the world economy spiraling out of control and all industrialized nations banning together seeking a cure, OPEC ministers decided to cut output today. In an emergency meeting today to help fend off dropping profits, the 13 nation OPEC cartel agreed to cut daily oil production by 1.5 million barrels per day. Read the rest of this entry »