Need to Know

Logistics
The United States Commerce Department reported that United States export of good and services decreased by 2.3% in June 2011. The export value of these goods was $170.9 billion. U. S. imports decreased 0.8% over the same period to 223.9 billion, resulting in a 4.4% increase in the United States trade deficit. The U. S. Department of Transportation announced $417.3 million in grants for projects that include maintenance of interstate highways, development of innovative road and bridge materials and construction materials.

Petroleum
Tony Hayward formerly of super major BP has left the board of TNK-BP the Russian oil company.

Politics
Russias Prime Minister Vladimir Putin has opted to end the uncertainty on his role in the countrys presidential elections scheduled for March 2012, announcing over the weekend to run for the post of the President. The decision indicates a continuation of the strongman rule that many western observers feel is a retreat from democracy. Too many Russians he is seen as a strong decisive leader. Putin is by far the best known political figure in Russia and is seen as an advocate of the countrys global importance. His election in March 2012 is seen as a near certainty, and will be able to serve for six years as the constitution changes in 2012 from 4 to 6 years. President Medvedev will take over the role of Prime Minister as a result of the United Russia party vote to nominate Putin as President. With a second Putin presidency what might we expect in a country troubled by corruption, Islamist insurgency and massive inequality and sees itself of as a resurgent international power. First, the tensions between the United States and Russia over the European Missile Defense System will continue. Second the economic situation will require Russia to develop reforms designed to attract more foreign investment. Third there will be more partnering with super majors to develop the nations oil and gas in the challenging northern and eastern environments. We can also expect to have greater dependence on Russian natural gas in Europe.

Information from AP, Upstream.com, Worcester Telegram, Christian Science Monitor