After rallying first thing this morning, energy stocks continued to shake shares of stock away from timid investors. Is the ballgame over for the energy sector? Not by a long shot.

I am hearing kook after kook mention how alternative fuels are going to come to the rescue. Heck, even the President is talking about corn husks and wood chips. Yeah, right.

Behind the scenes the global energy crisis is getting more and more interesting. The International Atomic Energy (IAE) agency voted to report Iran to the United Nations’ Security Council. Russia and China decided to vote with the IAE only if they agreed to wait in submitting the report for a month. Argentina voted against the report.

Oddly, Russia and China can still break away from the IAE report since China currently gets 13.6% of its oil imports from Iran. China also is in the process of importing natural gas from Iran.