Word: oilmen
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...spot market is closely watched by oilmen for signs of future price trends in the industry as a whole. Last week oil was being sold for as much as $34 per bbl., up sharply from the $27.50-per-bbl. price in March...
...world of lower energy prices, though, is presenting new and different challenges to both Government and industry. Cheaper oil could undermine the incentives to save and conserve that have led to the drop in prices. Moreover, it might reduce the willingness of oilmen to take large financial risks to search for new oil supplies. Gyrating prices might also play havoc with the ability of businessmen to plan their investments or even know what their operating costs will be from one day to the next...
...balance, some oilmen think that the best possible outcome of the Vienna meeting would be no agreement at all. Instead of the familiar spectacle of cartel members announcing yet another price increase, OPEC's quarrelsome ministers may simply head home in scowling silence, sending the price of oil down even more...
...other hand, the weakening market means that oilmen will be less willing to invest the millions, and sometimes even billions, of dollars needed to explore for new sources of crude. That, in turn, could lead to a renewed supply squeeze in two or three years. Energy Analyst Constantine Fliakos, of the Merrill Lynch investment brokerage firm, warns: "There is really no doubt that demand eventually will bounce back; the question is simply when...
Under the terms of the deal, Marathon's management would be retained, and the company's headquarters would remain in Findlay (pop. 36,000), where they have been almost since Marathon was founded in 1887 by 14 local oilmen. Hoopman got a hero's welcome when his Lockheed JetStar touched down last week after the deal was concluded. Findlayites swarmed around him on the tarmac, shouting, "Hoop, Hoop, hurrah!" Said one Wall Street analyst: "People did not want big oil in their town...