Word: crude
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...said Constantine Fliakos, who follows the oil industry for Merrill Lynch. "You can imagine what will happen when the real flooding of an already glutted market begins." A price war would be a risky, last-ditch change in strategy for OPEC, which has been floundering in an ocean of crude. For the past four years OPEC has tried to shore up prices by limiting the worldwide oversupply. The cartel squeezed its output from a peak of nearly 32 million bbls. per day in 1979 to just 18 million now. But such competitors as Britain and Mexico defeated that strategy...
...launch an all-out campaign of slashing prices to boost OPEC's declining share of the world oil market. The pronouncement sent petroleum traders into a temporary selling frenzy. On the futures market in New York City, the January-delivery price of West Texas Intermediate, the U.S. benchmark crude, took a record two-day plunge of $3.51, to $25.23 per bbl. Some traders lost millions of dollars overnight. "It was the oil market's 1929. It was catastrophic," said Peter Beutel, a petroleum specialist for Manhattan's Rudolf Wolff Futures...
...would be at least 45 to 90 days after a drop in the cost of crude before the price of such consumer products as gasoline and heating fuel would be affected. Refiners tend to delay passing along the savings to customers until competitive pressure forces them to do so. Yet gasoline prices, which currently average $1.21 per gal. in the U.S. compared with a peak of $1.42 in March 1981, could fall about 2 1/2 cents for every $1 decline in crude prices. The response of heating-fuel prices to an oil-price drop depends partly on the weather...
While OPEC's woes inspire visions of energy-to-burn for U.S. consumers, petroleum experts warn that the cartel could get the upper hand again in the 1990s. By then, many alternative sources, notably Alaskan and North Sea oil fields, will be on the decline. Low crude prices could help OPEC make a comeback by discouraging exploration for new sources. Says Elihu Bergman, executive director of Americans for Energy Independence: "We shouldn't let down our guard. We should take advantage of this to prepare for the future...
...official cover letter for his Crimson application, an attempt to clear his record once and for all of any taint of Communist politics. Any anti-Soviet junior Cold Warrior at The Crimson could have written Joe's "opinion piece" (though to be fair most would not be so crude...