Tuesday was an important day in the nation's journey back toward energy independence, as President Barack Obama announced the approval of $8.3 billion in loan guarantees to help the Southern Co. (SO) build a nuclear power plant in Georgia.

The Obama administration has made a large increase nuclear power a top priority in its energy policy, in an effort to play catch-up for the decades lost without a coherent energy policy and without the wholesale development of the proven and innovative nuclear technology. Incredibly, no new nuclear plants have been licensed in the United States since 1979.

Oil prices have been on the rise today, following a government report that showed inventories fell more than expected last week.

Going into today's inventory report, analysts had been expecting to hear that oil inventories shrank by around 2 million barrels last week, but according the the Department of Energy the actual draw was much steeper at 3.7 million barrels.

Nuclear power is coming back into style, and perhaps just in time for the climate, and for the United States.

Environmental groups, previously opposed to nuclear power, are starting to support the technology, as it represents the lesser of two evils compared to coal-fired electric power generation plants, The Washington Post reported Wednesday. And the choice is obvious enough: faced with either processing nuclear waste or seeing the atmosphere heat up to irreversible levels, via coal-producing climate change, nuclear technology wins.

The past couple of trading days it started to look as though oil had finally run out of steam and was coming back to "reasonable" levels. Well, prices are moving higher once again today following news that Iran has test-launched 9 missiles today.

After heading up to $145 a barrel last week, oil had fallen nicely over the past two trading sessions, and as of last night prices were down at $136.04. Today, oil is moving up $1.63 a barrel as the market once again is facing the hard reality of an unpredictable future in the Middle East.

Iran has been all over the news over the past couple of years, and the main theme is the country's nuclear energy ambitions. The West, and Israel, have been claiming for a long time now that Iran has one goal in mind... nuclear weapons. But Iran has been defiant in its claims that it is only after nuclear energy and that its nuclear program is purely for peaceful means.

As Joseph Lazzaro wrote earlier today, oil prices were surging once again in today's market, and traders set a new record, pushing prices up as high as $114.08 today.

Fueling today's rally were concerns over global supply, as news spread that Russian oil production has fallen this year. This is the first time in a decade that Russia is seeing a decline in its production.

Russia is not the only country making headlines. We were also given the news that China had a massive jump in its diesel oil imports last month of a remarkable 49%. So, we are being given both the news that Russia is producing less, while China is demanding more; the perfect recipe for a strong day for oil prices. Other oil producers, Mexico and Nigeria, announced that they had temporarily shut down some of their production as well.

At the current pace of usage, there exists a real threat of depletion of current domestic helium supplies. So say managers of our only national helium stockpile near Amarillo Texas. A report from Kim McGuire at the St Louis Dispatch makes clear that this reality concerns more than the just attendees of children's birthday parties and a few Donald Duck impersonators.

Scientist claim that helium reserves could be depleted in as little as ten years, a reality which worries experts in the fields of medicine, microchip manufacture, nuclear science, and Garfield balloons. Helium, which is abundant in our universe yet relatively scarce here on earth, plays a major role in many facets of industrial production. It is reported that dwindling helium supplies have driven helium prices up by as much as 50% over the past twelve months, deeply affecting companies such as Praxair, Inc. (NYSE: PX). It is also worthy of note that NASA uses massive amounts of helium annually to pressurize fuel tanks for shuttle missions.

Lee Sobotka, a chemistry and physics professor at Washington University stated "...it's incumbent upon us to have a vision, and tell it like it is, (helium is) a resource that is more strictly nonrenewable than either oil or gas."

Presently, efforts are successfully under way to make helium use more efficient and to recapture helium at it's points of use. Helium as an element can be captured as a by product of natural gas extraction but intensity in those efforts needs to be redoubled. Adding to the supply concerns currently faced are the facts that two off shore helium producers have faltered in their efforts to bring helium plants on line, and several domestic producers have shuttered domestic helium plants in recent years.

MAJOR PAPERS:

• Mattel Inc (NYSE: MAT) is expected to soon announce another recall of toys made in China, reported the Wall Street Journal.
• Merck and Co. Inc (NYSE: MRK) CFO Judy Lewent sold 200K shares for $10.3M from July 26 through Aug. 7, at an average price of $51.31 per share, reported Barron's Online's "Inside Scoop" column.
• The Royal Bank of Scotland (OTC: RBSPY)-led consortium seeking to purchase Dutch bank ABN Amro Holdings NV (NYSE: ABN) raised its stake in ABN to more than 3% between Friday and Monday, reported the Financial Times.

OTHER PAPERS:

• The Independent reported that Barclays' (NYSE: BCS) bid for Dutch bank ABM Amro was approved by the Netherlands' Ministry of Finance yesterday.
• A highly publicized civilian nuclear deal with the U.S. still allows India to test nuclear weapons, according to Prime Minister Manmohan Singh, reported the Associated Press.

MAJOR PAPERS:

• Time Warner Inc (NYSE: TWX) senior executives are considering reducing the company's cable-TV holdings over time, reported the Wall Street Journal.

OTHER PAPERS:

• The $27B private equity buyout of Clear Channel Communications Inc (NYSE: CCU) is in greater jeopardy as the California Public Employees' Retirement System, or CalPERS, said yesterday that it plans to vote against the deal, reported the New York Post.
• According to diplomatic sources in Beijing, Iran and North Korea are working to "deepen cooperation" on the countries nuclear weapons technology, reported the Telegraph.
• India's Economic Times reported that Mid-sized Indian pharmaceutical companies including Orchid Chemicals, Strides Arcolab, Glenmark Pharma, Granules India, Shasun Chemicals and Plethico Pharmaceuticals are all looking for acquisitions in Russia, Europe and the United States.

WEBSITES:

• LightReading.com reported, citing a source close to the matter, that Sprint Nextel Corporation (NYSE: S) is considering a buyout of Vonage Holdings Corporation (NYSE: VG) and the two have been in talks to attempt to resolve Sprint's patent lawsuit against the VoIP provider.
• Rumors are swirling that "quality problems" may cause Apple Inc (NASDAQ: AAPL) to delay the launch of its upcoming iPhone, according to LoopRumors.com, citing Smarthouse News Australia.

MAJOR PAPERS:

• According to the Wall Street Journal, citing sources close to the situation, Las Vegas casino company Station Casinos Inc (NYSE: STN) has entered into a definitive agreement with Fertitta Colony Partners to be acquired by the company for about $5.5B and taken private.
• The Wall Street Journal's "Heard on the Street" column reported that many investors are getting cautious on REITs, saying "If Sam Zell is selling, I should too." The article advises to be cautious, and not to flood the REIT market, but not to be too worried by these signs.

OTHER PAPERS:

• In more Sam Zell related news, the Chicago real estate billionaire who just sold his office development company for $39B wants to buy the Tribune Company (NYSE: TRB), according to the New York Times.
• Also according to the New York Times, Citigroup Inc (NYSE: C) is expected to name Gary Crittenden as its new CFO, replacing Sallie Krawcheck.
• According to Bloomberg, Dow Chemical Co. (NYSE: DOW) is expected to receive an LBO offer of up to $54B, or $60 per share, from a private equity consortium.
• According to the Sunday U.K. Times, EQT is close to acquiring Hilton Hotels Corporation (NYSE: HLT) Scandic Hotels for around $1B.
• The Associated Press, citing an Iranian State-run radio, is reporting that President Mahmoud Ahmadinejad said Iran will move forward with its nuclear program despite international demands to halt the uranium enrichment.

MAJOR PAPERS:

• According to the Wall Street Journal's (subscription required) "Heard on the Street" column, Crocs Inc (NASDAQ: CROX) is quietly planning a surprising strategy aimed at avoiding fad status: a bold step into everything from women's fashion footwear to apparel.
• Also in today's Wall Street Journal, a new Bank of America Corporation (NYSE: BAC) program is reportedly offering credit cards to customers without Social Security numbers, mainly illegal Hispanic immigrants.
  
• According to the Financial Times (subscription required), citing the European Union, Iran will be able to develop enough weapons-grade material for a nuclear bomb and there's little that can be done to prevent it.
  
• Also in the Financial Times, Vodafone Group (NYSE: VOD) is still looking for more emerging market deals, targeting Africa, eastern Europe and Asia.

OTHER PAPERS:

• The U.K. Times reported that BHP Billiton Limited (NYSE: BHP) and Rio Tinto (NYSE: RTP) are independently looking to take over Alcoa Inc (NYSE: AA).
  
• According to the Detroit News, General Motors Corporation (NYSE: GM) is expected to announce a ramped-up incentive program.
  
• The Daily Telegraph reported that Woolseley may buy the wholesale distribution business of Home Depot Inc (NYSE: HD). The unit is said to be worth around $10B.
  

Over the last week or so oil has been tempting to bust through the psychological $60 barrier but so far had come up just a little short. On Tuesday, oil prices rose up and kissed $60 but until today we had not seen prices break through their resistance.

Oil hit a high earlier today of $60.42 and is currently (early morning) trading just a bit north of $60 at $60.05. We got the needed push necessary today as we have seen fresh threats coming out of OPEC giant Iran directed towards America.

As we all know, Iran and America have been in heated debate recently regarding Iran's interest in developing nuclear power. The Iranians insist upon the fact that they are merely interested in providing more effective power for their citizens, but America thinks that the country has more sinister ideas in mind.

The anti-General Electric Company (NYSE:GE) camp must be quaking in their shoes. The perennial giant is set to comfortably leap above $40 per share...again. There are those of us who have seen this coming for quite some time. If you bought into GE a couple of months ago, this should come as a pleasant entry into the new year.

Several subtle moves by GE have spurred this new and invigorated growth, the most recent of which is the refinancing of Indiana-based Hacienda Restaurants by GE Capital Solutions, Franchise Finance division. The $7.6 million deal allowed Hacienda to buy finance warrants that were still outstanding from investors. This move places 100% control of the restaurant chain directly into the hands of its owners.

General Electric and Hitachi Ltd. (NYSE: HIT) have signed a letter of intent to enter into partnership in the development and resourcing of nuclear energy assets. This is a continuation of GE's push into energy conservation and non-petroleum based energy solutions. The two companies expect to exchange percentage ownership in their respective nuclear energy divisions in order to more efficiently exploit each of their existing nuclear programs. You can get a good look at Hitachi with this link.

A new breed of natural gas fired electric turbine is being installed in Romoland,California by General Electric to produce energy which will be marketed by Calpine Energy Services. This new generation turbine will generate energy to serve the needs of more than half a million homes. General Electric will own the Inland Empire Energy Center facility, while Calpine will manage the facility operations and market the output. The cooperative agreement between GE and Calpine calls for eventual ownership of the facility to be taken over by Calpine Energy Services.

If you're still not sure that GE is leading the pack, I suggest a tour of the General Electric website. It does a nice job of keeping investors up to date. I hope you'll get a feel for just how forward moving and well run a company it is. Watch the stock tickers, see the investors swoon. You just can't write these folks off the page.

Usually, I make a comment regarding the Asian markets toward the end of my pre-market summary. Not today. Today I woke up to hear of a successful underground nuclear test N.Korea claims to have pulled off. The Russians have confirmed but the U.S. is still investigating. Needless to point out the implications of such an act as even "The Chinese government is firmly opposed to this." The U.S. is already in talks with international allies trying to push sanctions.

Naturally, the South Korean stock market reacted and stocks plunged, closing 2.4% lower. Other Asian markets also fell on the news: Singapore, Sydney, Jakarta and Manila. The Hang Seng, Hong Kong's blue-chip index, lost 1.2%. Japan and Taiwan markets were closed for a holiday. European markets, on the other hand, are mixed at the moment.

Oil is back above $60 a barrel as once again reports of OPEC cutting production to 1 million barrels of crude a a day have surfaced. Geopolitical concerns also helped oil gain some ground.

Also affecting the markets this week will be earnings season that is to start in full swing and a few economic reports, mainly the FOMC minutes released on Wednesday and retail sales on Friday.

Some M&A news:

• PNC Financial Services Group (NYSE: PNC) agreed to buy Mercantile Bankshares Corp. (NASDAQ: MRBK) for $47.24 per share in a cash and stock deal worth around $6 billion.
• The Dolan family, which controls Cablevision Systems Corp. (NYSE: CVC) offered to take Cablevision private and buy out the company's public shares for $27 a share in cash, according to a report in the Wall Street Journal.
• Citigroup Inc. (NYSE: C) CEO said the bank is considering acquisitions of banks in Taiwan, Turkey, Central America, China and Western Europe, according to an interview published Monday in the Financial Times.

Futures are negative in early morning trade (8:00 a.m.), pointing to a lower start for stocks.

Here's a look at some key Blogging Stocks:

Apple Computer, Inc. (NASDAQ: AAPL) last traded at $73.95 in pre-market trading, down from Friday's close of $74.22. This article examines retro, or classic games, the kind Apple will offer on iPod.

General Electric Company (NYSE: GE) closed at $36.14 Friday. GE is among the companies money managers seek for dividend payouts.

Time Warner Inc. (NYSE: TWX) last traded at $18.65 in pre-market trading, down from Friday's close of $18.78. Waner Bros' The Departed and New Line Cinema's The Texas Chainsaw Massacre: The Beginning topped the weekend box office list with $27 million and $19.5 million respectively.

Wal-Mart Stores, Inc. (NYSE: WMT) closed at $48.32 Friday. A man is suing Wal-Mart for falsely accusing him of stealing a jacket at the Wal-Mart Supercenter in Coralville.

Well this is probably not going to be promoted under GE's Ecomagination series: GE is expecting two new contracts to build nuclear power plants.

The company already has a series of nuclear power plants under management for Entergy Corp, so this will put GE in a position of being a nuclear plant leader, and part of an initiative by the current administration to invest more in nuclear power. GE will be working on building five new nuclear power plants.

The last nuclear power plant in the US had been finished in 1971, so GE is in position to become the forefront of this total sea change, prompted by fears of foreign oil dominance, high oil prices, and higher need for energy. Another example of GE looking forward.

And with Greenpeace founder Patrick Moore making an impassioned case that nuclear is the true green technology, maybe GE will be able to tout nuclear energy as part of their Ecomagination line of technologies. Or not...