Wednesday Morning Links -- Hess Reports Doubled Production From Bakken YOY

Independent Stock Analyis, including this link:

Slowly but surely the anti-fracking fear-mongering zealots (and, I might add, faux-environmentalists) are being put to bed by reputable mainstream publications, Newsday in this case

and,

Iraq's oil exports to fall for third month in July, MEES

RBN Energy: a very timely discussion on ethanol mandates when corn crop is in rough shape

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Hess beats by $0.20, beats on revs: Reports Q2 (Jun) earnings of $1.61 per share, $0.20 better than the Capital IQ Consensus Estimate of $1.41; revenues fell 5.1% year/year to $9.31 bln vs the $8.82 bln consensus. Oil and gas production increased to 429,000 barrels of oil equivalent per day, up from 372,000 in Q2 of 2011. Oil and gas production from the Bakken increased to 55,000 barrels of oil equivalent per day, up from 25,000 in Q2 of 2011; transcript:

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Flashback! "The Emptied Prairie," National Geographic, January, 2008. The story/link sent in by a reader overnight; thank you.

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Apple took it on the chin last night. Fascinating story.

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For folks interested in monitoring frack sites wireless, visit "Top Ten: Fracking Companies" and scroll down through the comments. 

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From CNBC (on-line CNBC stories -- I generally just read the headlines):

Why oil is just a headline away from $100.
Ben keeps talking ("ready to intervene, sooner than later"), but no one's listening
New US home sales decline ... drum roll ....  almost 10%; inventories rise; prices drop

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From Drudge Report, the world economic system looks bleaker than ever:

Japan posts record first-half trade deficit

Japan posted its biggest first-half trade deficit on record, according to government figures released Wednesday, highlighting the economic consequences for this nuclear-averse country of importing fossil fuels to meet its energy needs.

... reflected not only Japan’s surging need for oil and liquefied natural gas (LNG), but also weakened exports to slumping markets such as Europe and China. 

An opportunity for energy-rich US but like most things in this administration, it will be an opportunity missed.

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Greece will run out of money by August 20. No, they won't.  The French will send them cash.

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France is scrapping all but the most necessary of projects! Reality bites. Something tells me green projects (wind and solar) are dead. Even funding for more high-speed rail may be derailed.

"A stimulus plan focused on infrastructure projects that only makes the deficit worse bears medium-term risks that outweigh the weak boost to growth in the short-term," said economist Denis Ferrand at think-tank Coe-Rexecode.

Yup.

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UK experiencing longest double-dip recession in 50 years; surprised by most recent contraction. Soon we will be reading about the costs associated with the Olympics which have not yet begun.

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US Secretary of the Treasury: "Hey, things are tough all over." (para-phrased) "Congress has the authority...." but then doesn't spell out the specifics because the specifics are at odds with his boss. Something about a fiscal cliff.

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This speaks volumes about how worried the president is about the election: he sounds like a Republican with regard to gun control.

"I believe the majority of gun owners would agree that we should do everything possible to prevent criminals and fugitives from purchasing weapons; that we should check someone's criminal record before they can check out a gun seller; that a mentally unbalanced individual should not be able to get his hands on a gun so easily," he said. "These steps shouldn't be controversial. They should be common sense."

But Obama also offered a nod to the difficult politics of gun control, portraying himself as a believer in the individual right to bear arms ...

The laws are already on the books about felons and gun control; the suspect in Colorado theater killings had absolutely no criminal record. What's the president even talking about? I don't think I've seen a liberal Dem be this weak on gun control. Wow.