The U.S. trade deficit narrowed for a record sixth consecutive month in January to the lowest level in six years as imports and exports both slumped on weak domestic demand, government data showed on Friday.

A massive slump in oil exploration spending pummeled Schlumberger Ltd. (SLB), the world’s largest oilfield services corporation, as profit fell 17% in the fourth quarter. But the company said curtailed spending could be setting the stage for a rebound in oil and gas prices as supplies dwindle.

Venezuelan President Hugo Chavez said a few months ago that if the United States invades Iran, we could expect to see oil at $200 a barrel. With oil already approaching the $120 mark, we may get there even without invading Iran.

After a strong 2007 campaign, solar stocks – and the overall clean energy sector – fell hard in the first quarter of 2008. The PowerShares Wilder Hill Clean Energy Portfolio (PBW), an industry standard, plunged nearly 30%.