Word: crudeness
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Saudi to the Rescue? From Iraqi insurgents targeting pipelines to Russian prosecutors targeting Yukos to storms in the Gulf of Mexico, threats to oil production have sent the price of crude soaring. With growth in global demand at a 24-year high and supply overstretched, any hint of disruption becomes a market mover. Oil prices hit $46.65 per bbl. last week - the highest in the 21-year history of New York Mercantile Exchange futures - amid fears of political unrest in the wake of oil-rich Venezuela's recall referendum on President Hugo Chávez. The soaring price might...
...This is the Saudis trying to talk the price of oil down," he says. Saudi Arabia's problem isn't a lack of oil; rather, it needs to modernize its drilling and refining infrastructure. Even then, says Wardell, Saudi Arabia's extra capacity comes in the form of heavy crude - good for making diesel but not the in-demand light, sweet crude that refineries need for gasoline. And so most analysts now predict prices will hit $50 per bbl., a far cry from the less than $10 per bbl. that crude fetched back in 1986. Supply and demand are powerful...
Traders blamed the bitter dispute at Russian oil giant Yukos for propelling crude prices to record levels last week. But what's less clear is how a company that produces just 2% of the earth's oil supply can trigger a worldwide hike in the price of September crude, which reached $44.60 a barrel on Friday...
...radical as it was 11 years ago, Doom looks pathetically crude compared with Carmack's new brainchild. A first glance at a computer screen running Doom 3 is confusing to the eye: the illusion the game creates is so realistic. The secret? Light. Carmack has spent the past four years painstakingly studying optics, and he has figured out how to make photons bounce around in a virtual space in much the same way that they do in the real world. Suddenly, pebbly surfaces cast pebbly shadows. Air ripples from the heat of a broken steam pipe. There is a crispness...
Will the price of gas ever come down? Crude-oil futures, spurred by worries that Russian oil giant Yukos will turn off the spigot, last week exceeded a record $43 per bbl. That's not a high in real terms--oil reached nearly $80 per bbl. in inflation-adjusted dollars after the 1979 Iranian revolution. But it's enough to cause concern that pump prices, already up 50¢ per gal. this year, won't drop much soon. Consumers should get a small break in the fall, analysts say, when demand will ease as the summer driving season ends. Paul Horsnell...