Word: opec
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...Obama's ambitious plans will ultimately depend on politics, and most scientists are about as adept at Beltway Kabuki as most politicians are at freezing atoms. Chu has already created a miniflap by telling reporters it wasn't his job to badger OPEC about oil prices, and he has struggled to explain why he once called coal a "nightmare." Several of his scientific initiatives have stalled on Capitol Hill, victims of lackluster salesmanship. He got his unofficial welcome to politics in February, during a tour of the University of Pennsylvania's operations facility, when a snippy Vice President Joe Biden...
...member countries of the OPEC cartel voted in Vienna on Thursday to maintain output at current levels rather than increase supplies in order to bring some relief to consumers, particularly in the gas-guzzling West. The OPEC oil ministers, whose countries account for about 40% of the world's entire crude-oil supply, also renewed their commitment to stick to their agreed quotas, rather than ship extra oil, as they began doing last April when several members ignored their agreed output limits. OPEC leaders, many of whose economies are heavily dependent on oil exports, have struggled to stabilize prices...
...analysts believe OPEC's decisions on Thursday could help push oil prices even higher; oil futures on the New York Mercantile Exchange have risen 36% in just two months, to about $63.46 a barrel on Thursday. And that appears to be on track to achieve targets set by OPEC leaders. Saudi Oil Minister Ali al-Naimi - OPEC's key power player - said Wednesday that oil prices ought to rise to between $75 and $80 a barrel by the end of the year. "Demand is picking up, especially in Asia," he told reporters puffing alongside him as he jogged through...
...other important and relatively new economic concern for the summer is oil prices. OPEC has not been clear about what it will do with supply. The Saudi's have spoken out for keeping it unchanged and because of the size of their output they usually rule the day. Speculators still seem prepared to trade crude above $60 on most days. A fair number of analysts see oil moving to $70 or $75 by Labor Day. The cost of a barrel of crude will move up if there is strong evidence that the demand in China is growing. Ironically if there...
...reason: demand is recovering, slightly, for some raw materials. In the case of oil, supplies have been reduced by OPEC cutbacks. And commodities traders are bidding up market prices in general on expectations that supply shortages will return with just a modest improvement in demand. That's because miners, farmers and oil drillers, hit by the credit crunch, can't finance investments that would increase their production capacity. Many won't invest today even if they have access to financing because depressed prices make projects uneconomic. The amount of investment in the oil sector, for example, will likely...