Word: crude
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...wells, filthy-rich Arabs and the irritating antics of OPEC. But suddenly oil's new situation is hitting home with the wallop of a 42-gal. oil barrel dropped on the front porch. Last week consumers, businessmen and traders around the world watched in awe as the price of crude dipped below $10 per bbl. for the first time in almost a decade. Oil, which as recently as January was selling for $26 per bbl., was on a breathtaking--and dangerous--ride down a slippery slope...
...will set up the U.S. for another oil shock in the future. In fact, when adjusted for the inflation that has taken place over the years, today's oil price is virtually as low as it was in the pre-oil-crisis days of 1973, when crude cost about $4 per bbl. If prices stay at this level, U.S. producers could be devastated, and the country could return to the dreaded dependence on foreign oil that it has largely escaped. Says M.I.T. Economist Lester Thurow: "At this price level, we will probably shut down a lot of our wells...
...Mani Said al-Oteiba, the Oil Minister of the United Arab Emirates. He declared OPEC--the Organization of Petroleum Exporting Countries--to be in disarray and predicted that prices could fall as low as $5 per bbl. His remarks helped send the price of West Texas Intermediate, a benchmark crude, tumbling to $9.75 per bbl. Tuesday on the New York Mercantile Exchange...
Wall Street has become so enthralled by cheap oil that the slight rise in crude prices at the end of last week helped trigger a spasm of disappointment in the stock market. Fearing that petroleum has already fallen as far as it can go, investors sent the Dow Jones industrial average plummeting a record 82.50 during the week, to close at 1739.22. Earlier the Dow had ended the first quarter up 17.6% since the beginning of the year...
...many Californians, the proposal makes no sense. If the world is awash in oil and petroleum prices are plunging, then why do energy companies want or need to drill for additional supplies of crude off the U.S. coasts? Nonetheless, despite the crash in the oil market, the Federal Government intends to go full speed ahead with its controversial plan to sell a new set of offshore leases. Along the California coastline, where many of the oil tracts are located, environmentalists, fishermen and many politicians are alarmed and angry...