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Best of the Blogs: The End of the Crude Oil Powerhouses?

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Minyanville's daily roundup of some of the best financial commentary from around the Web.

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This column highlights the most interesting and useful business and financial commentary from around the Web each day. Use our comments section to post your own suggestions for blog content that you've read or written.

National Geographic: The Great Energy Challenge
Link: New Survey of Undiscovered Oil Shows Shift Away from Middle East, Russia
"The Western Hemisphere is looking more promising as a source of crude oil, while today's oil powerhouses - the Middle East and the Former Soviet Union - may have significantly less undiscovered oil than previously estimated, according to a new study by the US Geological Survey (or USGS). Also, the prospects for finding more oil are getting dimmer, at the same time the outlook for natural gas is getting brighter, according to the assessment." (For related content, see Money Flow Into Commodities: A Look at Crude Oil.)

Wall Street Journal: Driver's Seat
"US auto sales continued at a brisk pace in April although the total volume of vehicles sold increased only slightly due to a quirk in the calendar, lower sales to rental fleets and weaker deliveries from General Motors Co. (GM) and Ford Motor Co. (F) Annualized sales were at a 14.4 million pace, according to researcher Autodata Corp., indicating that auto purchases in the U.S. remain on track to rise by 10% or more this year compared with 2011. Auto makers expressed confidence in the sales over the remained of the year."

Zero Hedge
Link: David Einhorn Explains Why Only Gold Is An Antidote To The Fed's Destructive "Jelly Donut Policy"
"David Einhorn who crushed it this week with huge profits on his short positions in both Herbalife and Green Mountain, finally takes on the ultimate challenger: the Federal Reserve, seemingly unaware to never "fight the Fed", likening its "strategy" to a Jelly Donut policy, and explains what everyone who has been reading Zero Hedge for the past 3 years knows too well: 'I will keep a substantial long exposure to gold -- which serves as a Jelly Donut antidote for my portfolio. While I'd love for our leaders to adopt sensible policies that would reduce the tail risks so that I could sell our gold, one nice thing about gold is that it doesn't even have quarterly conference calls.'" (Also read Guess Who's Gold's Best Friend?)

Smart Money: Real-Time Advice
Link: Stocks Have Outgrown the Economy
"Already this year, the S&P 500 (SPY) index of US stocks has gained 11.8%, not counting dividends. With just one more push like that it will hit an all-time high. US shares are now worth more than yearly GDP. That has investors wondering if prices have once again gotten frothy. By one measure, they haven't. The 500 index trades at 13.3 times Wall Street's prediction for 2012 company earnings – on par with its historic average. Another measure bodes worse, however."

New York Times: Bits
Link: Microsoft Taps Yahoo Scientists for New York Research Lab
"Microsoft (MSFT) is opening a research lab in New York City, and the back story is a further sign of the brisk market for computing brains these days. Last month, Yahoo (YHOO) announced it was shedding 2,000 employees, about 14 percent of its workforce, with cuts across the board, including its research staff. The new Microsoft lab, announced on Thursday, is essentially a transplanted team from Yahoo.The initial 15 scientists include well-known researchers in hot niches of computing research like Duncan Watts (online social behavior), David Pennock (prediction markets) and John Langford (machine learning)." (Also read Can Yahoo Be Saved?)
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No positions in stocks mentioned.
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