Economy
EIA sees U.S. oil over $85 per barrel through June
WASHINGTON, Jan 30 (Reuters) - U.S. crude oil prices are expected to stay above $85 a barrel, on a monthly basis, through June, even if OPEC keeps output close to current levels when it meets this week, the U.S. Energy Information Administration said on Wednesday.
“While prices have declined from their peak, crude oil prices do [...]
Exxon tries for new all-time profit record
Surging crude prices could help the oil giant post the biggest bottom line ever for a U.S. firm; refining margins, rising costs could get in the way.
NEW YORK — Exxon Mobil, the world’s largest publicly traded oil company, is within striking distance of setting an all-time profit record - again.
Analysts are expecting the company to [...]
Survey shows gas prices down 9 cents
CAMARILLO, Calif. - The national average price for gasoline dropped about 9 cents over the last two weeks, according to a survey released Sunday.
The average price of regular gasoline on Friday was $2.98 a gallon, mid-grade was $3.10, and premium was $3.22, oil industry analyst Trilby Lundberg said.
Of cities surveyed, the nation’s lowest price was [...]
Gasoline prices fall below $3 per gallon
NEW YORK (Reuters) - The average price for a gallon of gasoline in the United States fell below $3 due to less demand and slightly lower oil prices, and was likely to hold steady, according to an industry analyst.
The national average for self-serve, regular unleaded gas was about $2.98 a gallon on January 25, down [...]
OPEC shrugs off pleas to raise supply of crude oil
OPEC yesterday dismissed further calls to boost oil output from top consumer the United States, saying the global market is well supplied and the producer group has little control over oil prices near US$90 (HK$702) a barrel.
Qatar’s oil minister said there is no need for OPEC to boost output at its February 1 meeting.
In the [...]
America is being bought out from under us.
When US President, George Bush, finished doing his sword dances and Arabian stallion inspections, when he finished making a speech in Abu Dhabi on the importance of freedom that fell flat, when he finished lounging in his fur-lined George of Arabia robe in the Saudi king’s tent, he went home. Or to what was left [...]
Slower ships to China as ship owners save fuel
BERLIN (Reuters) - Oil at more than $90 a barrel is concentrating minds in the shipping industry. Higher fuel costs and mounting pressure to curb emissions are leading modern merchant fleets to rediscover the ancient power of the sail.
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US and Saudi Arabia worried over high oil prices
RIYADH, Jan 19: When the Saudi King sat across the President of the US, it was not just a meeting of two world leaders; it was a meeting between the world’s largest crude producer and the largest consumer. And with oil prices rallying around the $100 mark, it was but natural that the issue would [...]
US reaches agreement on oil stability
US Energy Secretary Samuel W. Bodman and his Saudi counterpart Ali al-Nuaimi agreed on the need to maintain stability in oil markets.
The two men discussed “the situation in the world oil markets, with respect to supply, demand and the inventory level, while there has been an agreement over the importance of maintaining balance and stability [...]
Construction gains pace
THE construction boom is gathering strength, with the value of work on the books doubling since the middle of 2006 to almost $50billion.
Huge new oil, gas and mining projects are competing with state government infrastructure projects for construction teams.
In June 2006, the value of work outstanding on state government infrastructure projects was just $5.9 billion. [...]
