Word: petroleum
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...more mergers a sign of fair weather ahead? Fred Green thinks so. Expecting a revival in corporate takeovers, Green, co-manager of the Merger Fund, has begun accepting new money from investors for the first time in two years. And his timing looks good. Last week Phillips Petroleum agreed to acquire Conoco for $15 billion in stock, followed swiftly by carpetmaker Mohawk Industries' $1.4 billion deal to buy flooring company Dal-Tile and the announcement of a $3 billion cruise-line merger of Royal Caribbean with Princess. There was even talk that cruise-line heavy Carnival might pre-empt that...
...shares in that windfarm yet. So far, the attacks seem only to have helped make dirty old petroleum even cheaper. Benchmark crude has fallen from $27 to $19 since Sept. 10. With the U.S. shocked into recession mode - into which it seemed to be heading in any case - and airlines cutting back dramatically on their jet-fuel consumption, world oil demand has taken its steepest drop since the early 1980s. What's more, the oil producers still can't get their act together. This month, opec decided to cut back production by 1.5 million barrels a day - but only...
...long term, the U.S. can and should do more. The next four decades will see an enormous demand for oil from developing economies like China and India. Energy conservation and the development of new transportation technologies--68% of all petroleum consumed in the U.S. is used in transport--are desirable for all kinds of reasons. One of the most important is this: such policies would enable the U.S. to talk honestly to Saudi Arabia about the ways that its society might best develop. Both countries would benefit...
...late: Vozrozhdeniye has been unguarded for a decade. The shrinking of the Aral Sea has revealed a peninsula that makes the island accessible by wading. The Uzbek state petroleum company even conducted test drills for natural gas. Although Washington believes no anthrax has been extracted, no one can be sure. "God only knows," says the analyst. "There's been nobody out there watching...
...afford not to know when or where or how big the next hit is going to be. All the management tools from every consultant with a hot book won?t help you solve for X when there?s no constant. Says economist Larry Goldstein, president of the Petroleum Industry Research Foundation: "We know where we are, but we don?t know where we?re going...