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Energy News: Saudi Arabia Uses Your Gas Money to Invest in Solar Energy

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Plus, can the economy deal with high oil prices?

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This column highlights the most interesting and useful business and financial commentary on energy from around the Web.

VentureBeat
Link: Saudi Arabia Uses Your Gas Dollars to Fund Solar Energy
"Renewable energy, especially solar, is making inroads into the US power grid, but it's a very slow process. And especially in the wake of the Solyndra collapse, it's one fraught with political wrangling. But there's another country that plans to invest heavily in solar power, hoping to provide fully 30% of its energy needs from the sun in just 20 years."

Seeking Alpha
Link: Exxon Mobil May Dip Before It Continues Up
"Even though we have been facing slow economic growth and falling future prices for gas and oil, the energy sector as a whole (NYSEARCA:XLE) saw prices rise as the Government unleashed the QE3. Can Exxon Mobil (NYSE:XOM) the stock continue to maintain its upward pace with the economy the way it is?"

EIN News
Link: Magnolia Solar Awarded $750,000 Phase II STTR Program by the United States Air Force
"Magnolia Solar Corporation (OTC:MGLT) ('Magnolia Solar'), developer of revolutionary thin-film solar cell technologies employing nanostructured materials and designs, announced today that its wholly owned subsidiary, Magnolia Solar, Inc., received a $750,000 Phase II award from the United States Air Force as part of the Small Business Technology Transfer ('STTR') program. The goal of this two-year program is to develop ultra-high efficiency, thin-film solar cells for space power applications."

The Motley Fool
Link: Has Cliffs Natural Resources Become the Perfect Stock?
"Every investor would love to stumble upon the perfect stock. But will you ever really find a stock that provides everything you could possibly want? One thing's for sure: You'll never discover truly great investments unless you actively look for them. Let's discuss the ideal qualities of a perfect stock, then decide if Cliffs Natural Resources (NYSE:CLF) fits the bill."

Bloomberg
Link: Chevron Rebuffed by Top U.S. Court on Ecuador Award
"Chevron Corp. (NYSE:CVX) lost a US Supreme Court bid to block a $19 billion judgment by an Ecuadorean court in an almost two-decade legal battle over pollution in the Amazon rain forest. The highest U.S. court today let stand a federal appeals court ruling against Chevron. The appellate court said a federal trial judge in New York couldn't bar a group of Ecuadoreans from seeking to collect the award anywhere in the world."

The Oil Drum
Link: Can an Economy Learn to Live With Increasingly High Oil Prices?
"As I see it, increasingly high oil prices weaken an economy because they reduce discretionary spending and indirectly cause people to be laid-off from work. They have many other adverse effects as well–they tend to raise food prices, with similar effect. The laid-off workers require unemployment compensation payments, and the same time they are contributing less tax revenue. All of this creates a huge imbalance between revenue collected by governments and expenditures paid out. If oil prices rise again, it will tend to make the imbalance worse."
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