Word: crude
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...stability. That's why at week's end the cartel suggested that its goal was to lift production enough to bring prices down to between $22 and $28 per bbl.--a level that should ease the sense of crisis felt from Washington to Tokyo. Last week the price of crude oil closed...
...began to appear, laboring to push, as it were, out of the ether behind them. Then, in 1970, he unveiled a complete change. Inspired by the banal, ordinary objects in his apartment and studio, Guston began to paint shoes, books, easels, clocks and the like with a confident, almost crude, naivet, reveling in the physical nature of things, of paint and of the act of painting. The ensemble of 27 small paintings in A New Alphabet that together recreate a wall of Guston's Woodstock, N.Y. home circa 1970 neatly represents the range and form of Guston's new vocabulary...
...than about supply and demand. By itself, a million barrels a day for 30 days is not enough to change the market equation drastically. Coupled with the threat of additional releases, however, it might be. But easing the burden requires more than a change in the spot price of crude. Domestic refineries are running at about 95% of capacity, and Richardson's estimate that the release could translate into an additional 3 million to 5 million bbls. of heating oil this winter seems optimistic. Since it will take 40 days or more for the oil to work its way from...
...that Gore urged be released is not sold but "swapped": companies who win bids for it can sell it at current market prices, but they will have to return the same value of crude to the reserve next summer or fall. Prices will probably be lower then, so the companies will actually have to return more oil than they have taken out. Gore also proposes to ease the coming pain by giving a temporary tax credit for distributors who build up their oil stocks before winter and by asking Congress to spend $400 million to help low-income families...
Pumping more crude oil into the system won't help since refineries are already operating at 95% capacity, and not enough crude can be turned into heating oil to make a real difference by winter. Besides, if oil-producing countries cut back supply in response to the U.S. release, they will wipe out its impact. Bush maintains the reserve should be used only in a true crisis. He agrees that the government should help low-income elderly with their heating bills, but he proposes no other short-term way of bringing down prices, other than to argue that he would...