Fueled by uncertainty and heightened tensions between Israel and surrounding oil-rich Arab countries following the continued airstrikes by Israel on the Palestinian Gaza Strip, oil prices managed to trade up over $40 per barrel. Perhaps now the executives at Exxon Mobil (XOM) and Chevron (CVX) will send the Israeli government a nice "thank you" card.Less than 2 weeks ago, oil prices had hit a multi-year low of $32.40 per barrel after dropping off a cliff from the mid-summer all-time high of $147.27. Though crude supplies have been reportedly unaffected so far by the continual bombings, uncertainty is anathema for keeping prices of valuable local commodities such as crude oil low.Regarding two of the super-major integrated oil companies cited earlier -- Exxon and Chevron -- both companies are trading up over a percentage point thus far this morning, even though estimate revisions for both ...

As 2008 comes to a close, let’s take a look back at the predictions this pundit made a year ago. Let’s start out with some of my correct calls:

1- At some point during the year the price of crude oil will trade below $75 a barrel. This will be great for the consumer as they save a lot of money at the pump, and will cause a crashing of many alternative energy stocks, especially the Solar plays like First Solar(FSLR).

Nailed that one!

4- Late in the summer the current Israeli government headed by PM Ehud Olmert will fall, and new elections will be called.

Many will say that was a no-brainer.

6- The earth will cool, there will be no global warming.

Just look outside your window.

Now for some of the less accurate predictions:

2- There will be no recession in the US economy, despite the best

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As submitted by I’m Right…You’re Wrong

So all the analysts are in great moods as Israel joined the rest of the world in bailing out troubled companies.

According to the JPOST.com: “A further NIS 5b. will be used to set up a number of investment funds in partnership with the pension institutions (provident funds, pension funds and managers’ insurance providers) for the provision of non-bank credit and to deal with the refinancing of bonds. The establishment of the private investment funds will be on the basis of tenders. Out of the NIS 5b., NIS 3b. will be allocated with immediate effect and NIS 2b. in five months time. “The move is designed to support holders of corporate bonds when the bonds mature and to help assure

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So today the Manufacturers Association of Israel is out calling on the government to implement some kind of emergency rescue program to save the fledgling textile industry. They say that due to the Shekel strength over the last year or so, exports have fallen and about 5% of workers in the industry have lost their jobs in ‘08.

According to a report in Globes: “While textile exports fell 3.3% to $520 million in the first half in real terms, compared with the corresponding period, textile imports (especially from Asia), rose 18.6% to $656 million.”

Unfortunately what they neglect to say is that this is nothing new. Israel has lost textile market share for years, as even local producers have turned to Jordan and other countries with much cheaper production costs. Basically, due to the fact that many in the Israeli textile industry are unionized, they have succeeded in pricing themselves out

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