The IEA remains concerned that oil prices are going too high for the fragile global economy:

PARIS, Sept 15 (Reuters) – If oil prices continue to rise, they could damage a fragile economic recovery, IEA Executive Director Nobuo Tanaka said on Tuesday.
“If prices move up further, it could create problems, but it depends on how the economic recovery happens,” Tanaka told reporters.

Tanaka gave a similar warning in early June, when oil prices were also in the $65 to $70 range. His language may be somewhat tempered – he does say it depends on how the economy recovers – but it’s interesting that despite the signs of economic improvement that some have leapt on, Tanaka views the risk as still present.

On FT Energy Source:

Markets: Oil recovers in spite of trade tensions

Opec still has storage concerns

A signal for carbon trading?

Should the US majors be rushing into shale gas?

Natgas shoots up 11%

Further reading:

FERC chairman urges overhaul of US grid, regardless of Waxman-Markey vote (Climate and Energy)

Better Place unveils electric car software (NY Times)

ONGC Russian unit slashes oil output, costs rocket (Economic Times)

Audi shows electric E-tron concept, but maintains electric vehicles are still ‘outsiders’ (Autoblog)

Will Scharzenegger classify nuclear power as a ‘renewable’? (WSJ Environmental Capital)

Angola is a US priority for oil supply (Bloomberg)

Study shows clean energy will create more jobs than coal (Consumer Energy Report)

GE boosts solar power production
Crucial step to boost its multibillion-dollar renewables business (FT)

Seabed minerals drive India’s naval strategy
Navy has identified future energy resources in Indian Ocean (FT)

Wheat drops to lowest since April 2007
Price falls as global supplies swell (Bloomberg)

Zac Goldsmith: ‘I don’t need to become a political automaton’
Tory candidate on how he is going to green the party (Guardian)

Commissioner calls for wider CFTC powers
Plans to call for broader powers to police manipulation (FT)

Europe signals limits on climate funds
EU wary of offering more than is necessary to secure global climate deal (NYT)

Bglobal in Gazprom deal
Russian giant plans to attack the UK electricity market (FT)

Petrobras oil reserves to hit 30-35bn barrels by 2012
Drilling costs now $100m per well, but could fall (Reuters)

Editorial comment: Resource nationalism
$70 oil is high enough to produce stirrings of nationalism (FT)

BP says biofuel to replace 25% of gasoline in US
Change will occur in the next 20 years (Bloomberg)

JPMorgan counters EcoSecurities bid
JPM offered £129 for the carbon trading company (FT)

Roc Oil quits Aim in cost-cutting move
Comapany has merged with Anzon Energy in Australia (FT)