Word: demand
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...industry players from pointing fingers at each other. At Monday's opening plenary, British Petroleum CEO Tony Hayward called the suggestion that speculation was behind the doubling of crude prices in the past year a "myth," and instead blamed geopolitics, a decline in Russian production and increased demand for the crunch. "Supply is not responding adequately to rising demand," he said. "The problem is above ground, not below it." ExxonMobil CEO Rex Tillerson echoed the last part of Hayward's equation: "Look, it's hard for us to fully understand what's behind the high prices - there's a decoupling...
...need for more investment to answer that question came with its own polemics. "Exxon will spend $1.25 billion on research," said ExxonMobil CEO Rex Tillerson. "My company alone is investing at a rate of 60% of OPEC's." But asked what the OPEC was investing to secure future demand, Khelil responded by suggesting his organization was being unfairly targeted. "What are other countries doing? Why don't you ask Brazil? Why don't you ask China? Those aren't OPEC countries," he said. Meanwhile, BP's Hayward blamed high taxes for stymieing necessary investment...
...clear point of accord was that the era of cheap energy is over. On Tuesday, the IEA released its medium-term oil market report at the congress, predicting a lessening of demand in the coming 18 months, but an increase after that. "There will be short-term improvement," says Tanaka, "but after that there will be a tighter market until 2013. Demand will go back up in 2010, and although the supply side is growing, it's not as much as we want...
...small part of the company's overall profits but its biggest prospect for future growth. And not all U.S. growth has ground to a halt: Starbucks will open between 200 and 250 stores in the U.S. over the next few years in markets where they still aren't meeting demand...
...Nonetheless, the coffee company has a long haul ahead. Resizing its footprint to better fall in line with demand is a step in the right direction, but hardly a cure-all. Morgan Stanley's Glass points to "deteriorating underlying trends," such as the slowing economy and stepped-up coffee competition from the likes of Dunkin Donuts and McDonald's. Steven Kron, an analyst at Goldman Sachs, pointed out in a research note that while short-term investors may be enthusiastic about store closings, long-term investors still need to know more about how broader business trends play...