NEWS
April 24, 2012
University of Maryland business professor Rafael Corredoira's claim that higher domestic oil production won't affect prices is flat wrong ("More domestic production won't lower gas prices," April 20). The only way that a cartel, such as OPEC, can exist is if it controls a large enough proportion of production of the product, in this case, oil. If another large supplier enters the market, OPEC must reduce its output to maintain the world price, which means that the revenue to the OPEC members will decrease.
NEWS
Tim Wheeler | April 23, 2012
The Obama administration's move to open the mid- and South Atlantic coasts to offshore oil and gas exploration is scheduled to get a public airing in Annapolis on Wednesday. The Annapolis session is one of a series being held from Florida to New Jersey to take public comments on the Interior Department's proposal to permit seismic and other testing off the Atlantic coast from Delaware Bay to just south of Cape Canaveral, FL The administration had proposed lifting the long-standing ban on Atlantic offshore exploration in 2010, but then reinstated it in the wake of the massive Deepwater Horizon drilling rig blowout in the Gulf of Mexico. Last month, Interior Secretary Ken Salazar announced Atlantic testing was back on as part of President Obama's "all-of-the-above" energy strategy.
NEWS
April 23, 2012
Rafael Corredoira's understanding and explanation of the U.S. petroleum markets is ludicrous. ("More domestic production won't lower gas prices," April 20.) I would need a full page to rebut his assertions. He is as astute as Nancy Pelosi and her view that more imported Canadian crude would be refined and exported. More crude is imported than is required for U.S. markets. Petroleum products are exported because there has been excess refining capacity in the U.S. since 2008 when the U.S. economy went into the tank and oil demand declined.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | April 4, 2012
Baltimore-based Pompeian Inc. has become the first olive oil maker to have the quality of its products backed by the United States Department of Agriculture, the company announced. The manufacturer has obtained approval for its extra virgin and extra virgin organic olive oils through the USDA's Quality Monitoring Program, which tests products to verify purity and quality. To enter the USDA program, Pompeian agreed to unannounced visits and testing of product samples. The product verification will allow the privately owned company to start placing a USDA logo on its products this month and will give consumers additional assurances, said David Bensadoun, chief executive officer of Pompeian.
NEWS
Susan Reimer | April 2, 2012
Gasoline prices continue to climb, and the Republican presidential candidates would have us believe that this is the direct result of President Barack Obama's energy policies. They say that if only he would get out of the way of the oil companies and stop dreaming up ever more environmental regulations, we'd all be paying $2.50 a gallon. They are wrong, of course. Gasoline prices are high because demand is high. And while the unquenchable thirst for petroleum in India and China has a place it all of this, it is mostly my fault.
NEWS
By Peter Morici | April 2, 2012
Campaigning for office, President Barack Obama promised to do something about high gas prices, but now he is denying he can do much about what Americans pay to drive. He is too modest. In September 2008, Steven Chu said to The Wall Street Journal: "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe" - and Barack Obama picked him to be secretary of the Department of Energy. When President Obama was inaugurated, gas was selling for $1.90 a gallon, and it is now nearly $4. Not quite European levels, but doubling gas prices is a good start.