Word: price
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...prices began to fall in late summer, after gas topped $4 a gallon, and the drumbeat of bad economic news has sent them ever lower. "Prices got to an insane level," Texas economist M. Ray Perryman says, "but they are equally insane now." With the price of a barrel of oil hovering in the $45 range and natural gas cut in half from a high of $14 per thousand cubic feet, the domestic energy sector is now at a critical "tipping point," Perryman says. If prices dip lower, he adds, the pace of the slowdown will quicken as domestic...
...that could soon change as the economics turn dark for the energy sector. High prices bankroll high-cost production and fund technology improvements that make hard-to-reach minerals accessible, while low prices mean wells with high production costs are shut in. The threshold price for oil-operations expansion is around $50 a barrel, according to Combs. "This constant roller coaster [in prices] is something the industry is really getting sick of," Ingham says. (Read "Web-Savvy Homeowners vs. Landmen...
...Falling prices are only the No. 2 concern on the worry list of 21% of chief financial officers at U.S. oil and gas companies, according to a survey by BDO Seidman, an accounting and consulting firm. The No. 1 concern of 57% of the CFOs was access to capital. While the industry is not as capital-intensive as it once was, Perryman says, it is still intertwined with the health of the financial system. However, in Amarillo, where the energy sector is about 25% of the economy, the talk around the coffee shop is still dominated by the price...
Texas Tea. Oil prices dropped to about $35 a barrel at press time; the further they drop, the better your rates at The Joule hotel in Dallas. On the second night of your stay, the hotel will match the price of your room to whatever the price of oil is at the opening bell that morning. Plus, if you book the "Black Gold Experience," you get a $100 gift card to Neiman Marcus, conveniently located next door. Rates start at $340, through March 1, 2009. 1530 Main Street, Dallas...
...policy fellow at the European Council on Foreign Relations, says it sets the tone for what the E.U. hopes will be a fresh start once Obama takes office. "It is a symbol of Europe's eagerness to clean the slate and forge a different relationship," he says. But the price of European cooperation will be the expectation that from now on the U.S. fight terrorism on the basis of international rules and norms rather than on the unilateral improvisations that created the Guantánamo problem in the first place...