Word: lichtblau
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...been on the upswing. It used to be that Americans were happy with a full tank and an open road. Now they don't even need the road, given the growing passion for heavy sport-utility vehicles. "If there hadn't been this shift to larger vehicles," says John Lichtblau, chairman of the Petroleum Industry Research Foundation, "you would have seen a lower increase or perhaps a leveling off of demand...
...Thursday after an avalanche of sell orders forced a one- hour halt in trading moments after the opening bell. The frantic trading slashed the oil price to near the $20-per-bbl. level that prevailed just before the gulf crisis began. "Euphoria is too weak a word," observes John Lichtblau, president of the Petroleum Industry Research Foundation. "The market assumes that the allied forces will be victorious and that Saddam Hussein will not have a chance to inflict any damage" on oil supplies. Prices stabilized for a time after Iraq's missile attack on Israel, but then closed the week...
...mercurial minister let it be known that he had entered negotiations that could lead to lower Saudi Arabian crude prices for some customers. The move was seen by many as evidence that prices of the hard-pressed OPEC cartel might be on the verge of cracking. Said John Lichtblau, president of the Petroleum Industry Research Foundation: "The era of official prices is ending...
...industry experts believe that OPEC'S crisis will prompt an emergency meeting of the group in September or October. In the meantime, the Saudis may try to bolster prices by announcing that they will cut back production as soon as they have paid for the planes. Said John Lichtblau, president of the Petroleum Industry Research Foundation: "There is still a possibility they can correct the situation by substantially reducing their output. But it is difficult to recontrol prices once they start running away." -By Stephen Koepp. Reported by Jay Branegan/Washington and Timothy Loughran/New York
Experts are still reluctant, however, to dismiss OPEC as a price-setting force. Says Lichtblau: "This is not the end of OPEC. It has weakened since the end of 1981, but the price of oil is still substantially above what it would be in a free market right now." Walter Levy, a top oil consultant, believes that adversity could save the organization. Says he: "If the fear of Allah enters OPEC members, maybe they will say that it is better to work out a program among themselves rather than face a free-falling oil price that leads to revenue losses...