Oil Prices Dip Below $100... Briefly
September 12, 2008
09/12/08 Continued worries over a weakening global economy leading to a decrease in demand finally sent oil prices just below the $100 per barrel mark this past trading session.
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Showing posts with label oil prices. Show all posts
Showing posts with label oil prices. Show all posts
Saturday, September 13, 2008
Tuesday, May 13, 2008
Pelosi: President Should Push OPEC for Increased Production, Abandon His 'Drill and Veto' Policies
13 May 2008 17:45 Africa/Lagos
Pelosi: President Should Push OPEC for Increased Production, Abandon His 'Drill and Veto' Policies
WASHINGTON, May 13 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi released the following statement prior to President Bush departing today on a five-day trip to the Middle East, including a stop in Saudi Arabia on Friday:
"The White House has indicated that President Bush will push Saudi officials for OPEC to increase production in an effort to bring down prices for American consumers. As the largest oil producer and exporter, Saudi Arabia is uniquely positioned to influence the price at the pump and the President must use his close ties to help consumers who are in desperate need of relief.
"While I hope the President will return with concrete assurances that OPEC will take swift action to bring down prices, in the past the Administration's calls have been ineffective, making it all the more necessary for Congress to step in to help American consumers.
"Today, the House and Senate will take action to temporarily suspend filling the Strategic Petroleum Reserve, directing the Administration to take action that the President has refused to do. By Memorial Day, the House will act on a new bill that will crack down on possible price fixing by OPEC-controlled entities.
"Two years ago, the President declared in his State of the Union that the United States was 'addicted to oil.' In his seven years in office, the President's energy policies have left us more dependent on foreign sources of oil, and, as costs skyrocket, the President continues to call for increased domestic drilling while threatening to veto any legislation that would provide relief to consumers.
"The President and Congressional Republicans have spent the last seven years doling out billions of dollars in subsidies to the Big Oil companies, instead of working toward energy independence. As gas prices have hit new records all spring, the President has repeatedly rejected Democratic proposals to invest in renewable energy sources, hold OPEC accountable for its cartel-pricing activities, investigate and punish price gougers, temporarily halt filling the Strategic Petroleum Reserve and repeal the unnecessary subsidies to Big Oil in a time of record profits.
"The President should reverse his 'drill and veto' policies and return from his Middle East trip with firm guarantees from OPEC for increased production levels that will decrease the price at the pump for American consumers."
Source: Office of the Speaker of the House
CONTACT: Brendan Daly or Drew Hammill, +1-202-226-7616, both of the
Office of the Speaker of the House
Web Site: http://www.speaker.gov/
Pelosi: President Should Push OPEC for Increased Production, Abandon His 'Drill and Veto' Policies
WASHINGTON, May 13 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi released the following statement prior to President Bush departing today on a five-day trip to the Middle East, including a stop in Saudi Arabia on Friday:
"The White House has indicated that President Bush will push Saudi officials for OPEC to increase production in an effort to bring down prices for American consumers. As the largest oil producer and exporter, Saudi Arabia is uniquely positioned to influence the price at the pump and the President must use his close ties to help consumers who are in desperate need of relief.
"While I hope the President will return with concrete assurances that OPEC will take swift action to bring down prices, in the past the Administration's calls have been ineffective, making it all the more necessary for Congress to step in to help American consumers.
"Today, the House and Senate will take action to temporarily suspend filling the Strategic Petroleum Reserve, directing the Administration to take action that the President has refused to do. By Memorial Day, the House will act on a new bill that will crack down on possible price fixing by OPEC-controlled entities.
"Two years ago, the President declared in his State of the Union that the United States was 'addicted to oil.' In his seven years in office, the President's energy policies have left us more dependent on foreign sources of oil, and, as costs skyrocket, the President continues to call for increased domestic drilling while threatening to veto any legislation that would provide relief to consumers.
"The President and Congressional Republicans have spent the last seven years doling out billions of dollars in subsidies to the Big Oil companies, instead of working toward energy independence. As gas prices have hit new records all spring, the President has repeatedly rejected Democratic proposals to invest in renewable energy sources, hold OPEC accountable for its cartel-pricing activities, investigate and punish price gougers, temporarily halt filling the Strategic Petroleum Reserve and repeal the unnecessary subsidies to Big Oil in a time of record profits.
"The President should reverse his 'drill and veto' policies and return from his Middle East trip with firm guarantees from OPEC for increased production levels that will decrease the price at the pump for American consumers."
Source: Office of the Speaker of the House
CONTACT: Brendan Daly or Drew Hammill, +1-202-226-7616, both of the
Office of the Speaker of the House
Web Site: http://www.speaker.gov/
Saturday, May 10, 2008
Platts Survey: OPEC Pumps 31.87 Million Barrels per Day of Crude Oil in April, Down 350,000 b/d
9 May 2008 21:57 Africa/Lagos
Platts Survey: OPEC Pumps 31.87 Million Barrels per Day of Crude Oil in April, Down 350,000 b/d
LONDON, May 9/PRNewswire/ --
The 13 members of the Organization of Petroleum Exporting Countries (OPEC) pumped an average 31.87 million barrels per day (b/d) of crude oil in April, a 350,000 b/d decrease from March, according to a Platts (http://www.platts.com/) survey of OPEC and oil industry officials released Friday. The sharp drop was largely the result of steep output losses in Nigeria.
Excluding Iraq, the 12 members which participate in output agreements pumped an average 29.49 million b/d, 360,000 b/d down from an estimated 29.85 million b/d in March.
"OPEC production has been relatively steady in recent months, but the sharp fall in Nigerian output shows how vulnerable overall supply from the group can be to developments in one country," said John Kingston, Platts global director of oil. "Given that spare capacity is also relatively tight, any disruption has a bigger impact on markets."
Ongoing losses in Nigerian supply as a result of continuing strife in the Niger Delta were exacerbated by a week-long pay strike at ExxonMobil, which shut down most of the company's 800,000 b/d of production and forced it to declare force majeure on exports from the 400,000 b/d Qua Iboe terminal.
Other smaller decreases came from Angola, Iran, Qatar, Saudi Arabia and Venezuela.
Iraqi volumes were a shade higher at 2.38 million b/d, with a slight dip in exports offset by slightly higher internal supply. Libyan output also edged up, to 1.75 million b/d from 1.74 million b/d in March.
The latest estimates show the OPEC-12 missing their 29.673 million b/d output target by 183,000 b/d.
Platts OPEC Survey 2008
Country April March February January Target
Algeria 1.390 1.390 1.390 1.390 1.357
Angola 1.850 1.900 1.900 1.850 1.900
Ecuador 0.500 0.500 0.490 0.500 0.520
Indonesia 0.860 0.860 0.860 0.830 0.865
Iran 3.940 3.960 3.930 3.980 3.817
Kuwait 2.550 2.550 2.550 2.550 2.531
Libya 1.750 1.740 1.740 1.740 1.712
Nigeria 1.800 2.020 2.100 2.100 2.163
Qatar 0.830 0.840 0.830 0.830 0.828
Saudi Arabia 9.100 9.150 9.150 9.200 8.943
UAE 2.590 2.590 2.590 2.590 2.567
Venezuela 2.330 2.350 2.400 2.400 2.470
OPEC-12 29.490 29.850 29.930 29.960 29.673
Iraq 2.380 2.370 2.400 2.290 N/A
Total 31.870 32.220 32.330 32.250
For more information on OPEC, go to the "Platts Guide to OPEC" at http://www.opec.platts.com.
About Platts:
Platts, a division of The McGraw-Hill Companies (NYSE: MHP), is a leading global provider of energy and commodities information. With nearly a century of business experience, Platts serves customers across more than 150 countries. From 17 offices worldwide, Platts serves the oil, natural gas, electricity, nuclear power, coal, emissions, petrochemical, shipping and metals markets. Platts' real time news, pricing, analytical services, and conferences help markets operate with transparency and efficiency. Traders, risk managers, analysts, and industry leaders depend upon Platts to help them make better trading and investment decisions. Additional information is available at http://www.platts.com.
About The McGraw-Hill Companies:
Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2007 were US$6.8 billion. Additional information is available at http://www.mcgraw-hill.com.
Web site: http://www.platts.com
The McGraw-Hill Companies
Platts OPEC Survey
Source: Platts
Kathleen Tanzy, +1-212-904-2860, Kathleen_tanzy@platts.com; or Europe: Shiona Ramage, +44-207-1766153; or Asia: Casey Yew, +65-653-06552
Wednesday, April 30, 2008
Energy: The Rising Toll on Perceptions of America's Foreign Policy
30 Apr 2008 05:01 Africa/Lagos
Energy: The Rising Toll on Perceptions of America's Foreign Policy
NEW YORK, April 30 /PRNewswire-USNewswire/ --
Rising fears about the health of the U.S. economy are spilling over into the public's thinking about foreign policy issues, and their concerns about the nation's dependence on others to satisfy its energy needs are particularly pronounced. The Spring 2008 edition of the Confidence in U.S. Foreign Policy Index from Public Agenda and its partner Foreign Affairs reveals that six out of ten Americans (60 percent) say reducing energy dependence would strengthen our nation's security "a great deal," the highest percentage since the Index's inception and now the most highly rated of 12 basic strategies to improve national security explored in the survey.
Analysis and data for questions asked in all six editions of the CFPI are available at: http://www.publicagenda.org/CFPI6
Whereas improving intelligence operations used to top the list of strategies for improving national security, now reducing energy dependence is the highest national security priority for the American public. There has been a very large jump of 16 percentage points over the past six months of those saying they worry "a lot" about the rise in cost of gas and fuel (70 percent). And there has been a 14-point jump in those saying they worry "a lot" that problems abroad may hurt our supply of oil and raise prices (54 percent), with 35 percent saying they worry somewhat.
The public may be more dispirited about what can be done about the energy challenge. Fewer say it is realistic to think that the U.S. government will be able to maintain a stable supply of oil at a reasonable price.
Grades on Iraq Improve but Overall Attitudes Still Negative. Fundamental attitudes about Iraq have not changed. There has been some improvement in how the public grades U.S. performance in Iraq since the last edition of the CFPI.
More in the report: Increasing support for diplomacy, especially on dealing with Iran. Perceptions of Muslims changing. Increasing favorability of global development strategies. New public thinking on fighting Al Queda in Afghanistan and Pakistan.
Supported by The William and Flora Hewlett Foundation and the Ford Foundation, the index covers more than 25 issues through more than 110 survey questions and has been issued biannually since June 2005.
CONTACT: Michael Hamill Remaley of Public Agenda, +1-212-686-6610 ext. 13, mremaley@publicagenda.org
Source: Public Agenda
CONTACT: Michael Hamill Remaley of Public Agenda, +1-212-686-6610 ext.
13, mremaley@publicagenda.org
Web Site: Public Agenda
Energy: The Rising Toll on Perceptions of America's Foreign Policy
NEW YORK, April 30 /PRNewswire-USNewswire/ --
Rising fears about the health of the U.S. economy are spilling over into the public's thinking about foreign policy issues, and their concerns about the nation's dependence on others to satisfy its energy needs are particularly pronounced. The Spring 2008 edition of the Confidence in U.S. Foreign Policy Index from Public Agenda and its partner Foreign Affairs reveals that six out of ten Americans (60 percent) say reducing energy dependence would strengthen our nation's security "a great deal," the highest percentage since the Index's inception and now the most highly rated of 12 basic strategies to improve national security explored in the survey.
Analysis and data for questions asked in all six editions of the CFPI are available at: http://www.publicagenda.org/CFPI6
Whereas improving intelligence operations used to top the list of strategies for improving national security, now reducing energy dependence is the highest national security priority for the American public. There has been a very large jump of 16 percentage points over the past six months of those saying they worry "a lot" about the rise in cost of gas and fuel (70 percent). And there has been a 14-point jump in those saying they worry "a lot" that problems abroad may hurt our supply of oil and raise prices (54 percent), with 35 percent saying they worry somewhat.
The public may be more dispirited about what can be done about the energy challenge. Fewer say it is realistic to think that the U.S. government will be able to maintain a stable supply of oil at a reasonable price.
Grades on Iraq Improve but Overall Attitudes Still Negative. Fundamental attitudes about Iraq have not changed. There has been some improvement in how the public grades U.S. performance in Iraq since the last edition of the CFPI.
More in the report: Increasing support for diplomacy, especially on dealing with Iran. Perceptions of Muslims changing. Increasing favorability of global development strategies. New public thinking on fighting Al Queda in Afghanistan and Pakistan.
Supported by The William and Flora Hewlett Foundation and the Ford Foundation, the index covers more than 25 issues through more than 110 survey questions and has been issued biannually since June 2005.
CONTACT: Michael Hamill Remaley of Public Agenda, +1-212-686-6610 ext. 13, mremaley@publicagenda.org
Source: Public Agenda
CONTACT: Michael Hamill Remaley of Public Agenda, +1-212-686-6610 ext.
13, mremaley@publicagenda.org
Web Site: Public Agenda
Wednesday, November 7, 2007
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