Word: petroleum
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While that statement heartened U.S. oil drillers, along came a more dire forecast by Mani Said al-Oteiba, the Oil Minister of the United Arab Emirates. He declared OPEC--the Organization of Petroleum Exporting Countries--to be in disarray and predicted that prices could fall as low as $5 per bbl. His remarks helped send the price of West Texas Intermediate, a benchmark crude, tumbling to $9.75 per bbl. Tuesday on the New York Mercantile Exchange...
Wall Street has become so enthralled by cheap oil that the slight rise in crude prices at the end of last week helped trigger a spasm of disappointment in the stock market. Fearing that petroleum has already fallen as far as it can go, investors sent the Dow Jones industrial average plummeting a record 82.50 during the week, to close at 1739.22. Earlier the Dow had ended the first quarter up 17.6% since the beginning of the year...
...Minister Arturo Hernandez Grisanti, who is currently OPEC's chairman. Even as Saudi Arabia's Yamani was calling for other countries to cut back, he was at work in his Geneva hotel room lining up a large order for new oil deliveries, according to Kenneth Miller, executive editor of Petroleum Intelligence Weekly...
...drilling budgets. Last week Ohio-based Standard Oil said that it will spend only about $450 million this year looking for crude, a 50% cut from 1985. The cutbacks affect not only the U.S., but also the allies from which it buys oil. In Britain's offshore fields, observes Petroleum Intelligence Weekly, "concern is starting to center on a spending slowdown that could leave the North Sea industry ill equipped to pick up again...
...bust has spoiled the economics of alternative energy sources as well. Many of the ballyhooed 1970s-era programs to extract petroleum from oil shale and tar sands have been mothballed because they cost too much to operate. The hundreds of mom-and-pop solar-power companies that sprang up in the past decade have mostly folded, even in the Sunbelt. Says Susan deWitt, executive director for the California Solar Energy Industries Association: "Our customers no longer feel the urgency to pursue renewable energy." The U.S. is not alone in that regard. Brazil's innovative alcohol-fuel program will...