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By New York Times News Service | December 16, 2008
With the global economy in the throes of a recession, oil producers are facing their toughest business prospects in 25 years. Oil demand is expected to decline this year and next, the first drop since the energy shocks of the early 1980s. As economic growth slows sharply, oil prices have collapsed from their summer peaks in record time. The stunning speed of the downturn has made for a nightmare for producers, who face shrinking revenue next year. Oil has lost $100 a barrel, or 70 percent of its value, since July.
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NEWS
By Peter Morici | September 4, 2013
President Barack Obama's vacillation on Syria - first delaying military action and then booting the decision to Congress - poses grave threats to U.S. prosperity. Imminent military action, especially in the Middle East, instigates fears of shortages and creates panic in oil markets. Two years ago, oil prices jumped to more than $110 in anticipation of the U.S. action in Libya but then subsided when the worst did not happen to oil supplies. With mounting evidence that Syria used chemical weapons, oil prices again jumped, and a prolonged debate in Congress could push gasoline above $4. That would dent Detroit's resurgent auto sales, shelve investment decisions across manufacturing and weigh on already flagging new home sales.
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BUSINESS
By Maura Reynolds, Elizabeth Douglass and Victoria Kim and Maura Reynolds, Elizabeth Douglass and Victoria Kim,LOS ANGELES TIMES | December 14, 2007
WASHINGTON -- Soaring energy costs helped fuel a record rise in wholesale inflation and an unexpectedly strong gain in retail sales, government reports showed yesterday, sending mixed signals about the state of the economy. The figures come as retailers, bankers and consumers struggle to get a fix on their financial future, and economists scrutinize statistics, searching for signs of either an impending recession or recovery. The latest economic data produced a bit of both. On the gloomy side, wholesale prices leapt 3.2 percent in November, the second-highest one-month gain in the Producer Price Index since the energy crisis of the 1970s, raising fears that high energy costs could be spreading beyond the fuel pump to ignite inflation throughout the economy.
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.
NEWS
October 7, 1990
President Bush's response to the Persian Gulf crisis has been masterful in bringing global pressure against Iraq but maladroit in responding to a doubling of oil prices.Saddam Hussein can take perverse satisfaction in the chaos that has descended on world financial and commodities markets as a result of his seizure of Kuwait. Though there is little evidence he anticipated the isolation and embargo that have made a wreck of his own economy, he has driven up the price of oil, which was one of his initial objectives in trying to bring Kuwait to heel.
BUSINESS
By New York Times News Service | June 16, 1994
DALLAS -- Oil prices bounded yesterday to their highest levels in a year as OPEC vowed not to boost crude production this year and a report showed that stockpiles had fallen in the United States.Crude oil for July delivery rose 91 cents, to $19.86 a barrel on the New York Mercantile Exchange yesterday, continuing an advance from the $14 range in March.Analysts also pointed to fears of a Korean confrontation with the West over nuclear weapons, and fresh signs that no oil would soon be flowing from Iraq.
BUSINESS
By New York Times News Service | December 11, 1990
PARIS -- As it prepares for its annual meeting in Vienna, Austria, starting tomorrow, the Organization of Petroleum Exporting Countries is in disarray, perhaps more so than at any time in its 30-year history.And it faces a long period of uncertainty because of the consequences of Iraq's invasion of Kuwait.The OPEC system of country-by-country production quotas has been discarded by most of the 13 member states, which are pumping all the oil they can pull out of the ground.OPEC is producing much more than its ceiling of 22.5 million barrels a day, even though exports of 4 million barrels a day from Iraq and Kuwait have been shut off since Iraq invaded the oil-rich sheikdom in August.
BUSINESS
By New York Times News Service | October 2, 1990
...TC Crude oil prices dropped sharply yesterday on the hint of peace.In trading on the New York Mercantile Exchange, crude for delivery next month closed at $37.09 a barrel, down $2.42, one of the steepest one-day drops in recent weeks. The low for the day was $35.85.Gasoline and heating oil also were sharply lower. Considering the trading range yesterday, the volume was light, floor brokers said.The market opened lower, following the lead set by trading in London. Prices dropped there in response to a speech by President Saddam Hussein of Iraq over the weekend that traders took as conciliatory.
NEWS
By Ahmed Zaki Yamani | March 14, 1991
Sheik Ahmed Zaki Yamani was Saudi Arabia's oil minister from 1962 to 1986. He currently heads the London-based Centre for Global Energy Studies.THE FIRST item on the post-gulf war agenda is the restoration of stability in the region. The second item is avoiding global economic turmoil by stabilizing the price of oil.In this latter regard, there are two scenarios: sharply reduced production of oil, leading to sharply higher oil prices; or increased production, leading to a low price. Sharply rising oil prices would, of course, hurt the consumer countries -- noitably the United States -- that came to the defense of Kuwait and Saudi Arabia.
NEWS
By Michael Gordon | April 3, 2001
PHILADELPHIA -- At the close of another heating season, I am disturbed by heating oil supplier practices around the country that suggest suppliers don't believe that consumers are smart. The heating oil market operates with suppliers driving a truck to an oil terminal and buying the oil for delivery to residential users, with the cost marked up to the consumer. Residential oil prices today range from $1.10 to $1.75 per gallon. They reflect a mark-up to the consumer of 35 cents to $1 a gallon.
NEWS
By Rafael Corredoira | April 19, 2012
The argument for increasing oil production in the U.S. to decrease gas prices at the pump has sparked passionate debate, but it undervalues the influence of the Organization of Petroleum Exporting Countries (OPEC). In recent years, OPEC has shown an ability to manipulate the price of oil around the world, making it unlikely for an increase in U.S. oil production to reduce gas prices. However, this unfortunate fact has a silver lining: OPEC's need to sustain its market base and hold off the alternative energy industry is likely to keep oil prices from skyrocketing.
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 Matthew Hay Brown, The Baltimore Sun | March 15, 2012
With rising oil prices creating a drag on the economy and his re-election effort, President Barack Obama mocked Republican critics of his alternative-energy policy Thursday, comparing them to the "cynics and naysayers" who didn't believe the Earth was round or that television would take off. Obama used a campaign-style appearance at Prince George's Community College to launch a new, more aggressive line of attack against the GOP presidential contenders...
NEWS
By Robert B. Reich | February 29, 2012
Nothing drives voter sentiment like the price of gas -- already up nearly 30 cents from the start of the year and hitting $4 in many places. The last time gas topped $4 was 2008. And nothing energizes Republicans like rising energy prices. House Speaker John Boehner is telling Republicans to take advantage of voters' looming anger over rising prices at the pump. House Republicans have passed a bill to expand offshore drilling and pressure the White House into issuing a permit for the Keystone XL pipeline.
NEWS
February 24, 2012
The news article by Gus Sentementes about the reasons for the current rise in gas prices ("Increases fueled by demand in China and India, turmoil in Mideast," Feb. 22) curiously omits three other and more important reasons for the rise in gas prices: failure of the Obama administration to approve new U.S. land and offshore oil drilling permits, failure to approve the Keystone XL pipeline to Texas, and failure to proceed with investigations into oil speculation. In 2007, when gas prices were at the unbelievable rate of $3.22, then-Senator Barack Obama demanded the FTC investigate "big oil. " In the 2008 presidential election year, presidential nominee Barack Obama blamed the Bush administration for lacking an energy policy to combat high oil prices.
NEWS
August 30, 2011
Of course, the representative of the American Petroleum Institute would promote a tar sands oil pipeline from Canada to the U.S. ("Keystone XL pipeline is a step toward the future," Aug. 25). Unfortunately, this is not, as the headline says, "a step toward the future," but is a step backward. Why? Because fossil fuels are no longer viable long-term sources of energy. Neither Cindy Schild nor the op-ed writers opposed to the pipeline mention the broader issue, which is that we are past the peak of cheap oil. Oil executives and politicians know this but don't talk about it. (See the film, "The End of Suburbia.
TOPIC
By Paul Roberts and Paul Roberts,SPECIAL TO THE SUN | April 24, 2005
Although $50-per-barrel oil is getting to feel normal, many U.S. policy-makers and other oil "optimists" still talk about high prices as a temporary spike lasting at most a couple of years. Oil prices, they tell us, are being driven mainly by those gouging Machiavellians at OPEC and are therefore relatively short term. According to the optimists, the same high prices that are filling OPEC's coffers today will encourage other, non-OPEC oil producers, such as Russia or Kazakhstan, to drill more oil wells to cash in on the hot prices.
BUSINESS
By New York Times News Service | August 9, 1994
The decline in oil prices that helped bring down inflation in the United States to 3 percent may be ending.Many oil analysts and economists are suggesting that this year's sharp price increases, which have brought the price of oil up nearly $6, to around $20 a barrel, are going to hold. Some others contend that they see signs that point to rising oil prices for the rest of this decade."Using a very reasonable set of assumptions, I can foresee several years of price increases after 1995," said Vahan Zanoyan, senior director at Petroleum Finance Co., a consulting firm based in Washington.
NEWS
By Gal Luft | June 1, 2011
At a time when Americans are engaged in a heated debate about cutting domestic social services and entitlement programs, we are forced to fund more and more social programs — for other nations. How so? In February, after seeing fellow Sunni Muslim regimes destabilizing throughout the Middle East, Saudi King Abdullah rushed back from New York, where he was recovering from a back injury, to the kingdom to stave off any potential spillover. After all, if Egyptian President Hosni Mubarak had been ousted, anyone could be. In an attempt to pacify its subjects, the House of Saud announced a "stimulus package" that included an increase in subsidies, a 15 percent salary raise to all government employees, and housing benefits to military and religious groups in exchange for support of his ban on protests.
NEWS
May 10, 2011
How come the gas prices went up every day for the past month and a half when the price per barrel of oil went up, but now the price of a barrel of oil dropped almost $15 and not one gas station has dropped their price per gallon. Someone needs to check on the oil companies and see why prices have not come down and what are the oil companies doing with all their profits. What is good for the goose is good for the gander. If we had to pay when the price went up, we should get the benefit of lower prices when oil prices drop.
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