Word: crude-oil
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Volatile energy prices are another worry. When crude-oil prices rise to $100 a barrel, for instance, UPS and FedEx both recover that increase through a fuel surcharge. "They essentially lose money on the way up but make it back on the way down," Ross says. "Longer term, though, higher prices hurt the consumer, and they will downgrade service...
That's no reason to party. Here's why: unlike the global crude-oil market, the market for natural gas is incredibly localized. The U.S. produces nearly 90% of what it consumes, and the rest is imported from Canada or from overseas - the latter amounting to only about 2.5% of U.S. consumption. Thus, a glut of domestic gas doesn't really affect imports...
...Washington Speculators Face Fresh Scrutiny Federal regulators are weighing whether to impose restrictions on energy speculators, whom some have blamed for triggering the wild fluctuations in crude-oil prices over the past year. From its peak of $145 in July 2008, the price of a barrel of crude plummeted to about $35 in January before rebounding to almost $70 this summer. Some analysts deny that futures-trading has driven the swings, noting that commodity-price volatility is a normal by-product of difficult economic times...
Twenty years since the Exxon Valdez tanker ran aground in southeastern Alaska on March 24, 1989, spreading an 11-million-gallon crude-oil inkblot into Prince William Sound, the formerly pristine coastal waters once again appear clean and untouched...
...countries of the OPEC cartel voted in Vienna on Thursday to maintain output at current levels rather than increase supplies in order to bring some relief to consumers, particularly in the gas-guzzling West. The OPEC oil ministers, whose countries account for about 40% of the world's entire crude-oil supply, also renewed their commitment to stick to their agreed quotas, rather than ship extra oil, as they began doing last April when several members ignored their agreed output limits. OPEC leaders, many of whose economies are heavily dependent on oil exports, have struggled to stabilize prices...