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Cheap Oil

CALIFORNIA | LOCAL
March 7, 2000 | MUHAMMAD SAHIMI, Muhammad Sahimi is chairman of the chemical and petroleum engineering department at USC
Crude oil and gasoline prices have soared to a high not seen since the Persian Gulf War in 1990-1991. Oil futures have passed $30 a barrel, whereas they were as low as $9.50 about a year ago. This dramatic rise has been brought about by the success of the Organization of Petroleum Exporting Countries in lowering its oil production by more than 4 million barrels per day since last March.
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CALIFORNIA | LOCAL
November 24, 1999
A barrel of oil that sold for $10.35 last December now costs close to $26, and the price could go higher still. Rising world demand for energy, led by the recovering Asian economies, is one reason. The OPEC oil cartel's production cuts in March, which reduced world supplies by about 7%, is another. This week Iraq agitated oil markets by threatening to halt its exports unless the U.N. Security Council agreed to lift fully the trade embargo it imposed in 1990 after Iraq invaded Kuwait.
CALIFORNIA | LOCAL
March 16, 1999
Asia's economic woes have slashed its energy needs and helped push down world oil prices to an inflation-adjusted level not seen for decades. The response from oil producers, led by OPEC, the Organization of Petroleum Exporting Countries, has been to try to reduce output. Last June, the producers agreed to a cut of 3.2 million barrels a day, which has been only partly met. Last week, they agreed to apportion an additional cut of 2 million barrels a day among major oil exporters.
BUSINESS
January 30, 1999 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
The curse of cheap crude may turn out to be a blessing of sorts for the oil industry if the yearlong crash in prices forces the reopening of the Persian Gulf to foreign investors.
BUSINESS
January 20, 1994 | MARK BOUSIAN, TIMES STAFF WRITER
The U.S. economy is pumping along at a steady clip, but Southern California remains a stubborn weak spot and the region is losing ground to most of the rest of the country, the Federal Reserve said Wednesday. Separately, tumbling oil prices in November helped narrow the U.S. trade gap, which shrank by 6.7% to $10.17 billion, the Commerce Department said Wednesday.
CALIFORNIA | LOCAL
February 21, 1991
I felt a sickening sense of horror as I watched the newscast showing the bombed-out bunker where hundreds of old men, women and children who sought shelter from our bombing raids in Baghdad were killed or wounded. I saw the relatives weeping and crying out their terrible grief over the loss of their loved ones. I wonder how Americans can watch the agony of these people and still feel proud enough to wave their flags? How can we be willing to see these atrocities being committed for the sake of cheap oil?
CALIFORNIA | LOCAL
November 28, 1990
The dilemma President Bush, Congress, the United Nations and all of America, if not the world, finds itself in, seems to be a choice of which is the lesser evil. No one wants to see war break out. And thoughtful people do not want to see Hussein with hostages or chemical, germ, nuclear and missile systems that threaten and dominate an important portion of the globe, one which contains half the world's oil. The neat and simple dismissal "Our soldiers are only there for cheap oil" may in fact have some critically important considerations.
CALIFORNIA | LOCAL
November 13, 1990
As an executive of a major U.S. energy company, I found Marlette's cartoon (a big oil representative telling a U.S. soldier "I only regret that you have but one life to give for my company," Nov. 3) to be both illogical and insulting. The point of this cruel jest seems to be that American troops have been sent to the Middle East to protect "big oil's" interests and promote high oil prices. In fact, President Bush has responded to Iraq's invasion of Kuwait by striking back at this act of aggression and demanding a return to the status quo--sovereignty for Kuwait and cheap oil for America.
BUSINESS
October 18, 1990 | From Times Wire Services
Its oil exports frozen by a U.N. embargo, Iraq today tried to woo customers by offering cheap oil and pledging not to touch the money until the Persian Gulf crisis is over. Oil Minister Issam Abdul-Rahim Chalabi, in a statement carried by the official news agency INA, said Iraq would sell its oil to any buyer at $21 a barrel. "Iraq is fully prepared to sell its oil to states and companies who want to buy, including the United States . . .
CALIFORNIA | LOCAL
October 12, 1990
Bravo, Anthony Day, for your succinct, coherent analysis of our role in the Persian Gulf, ("Americans Have Patience to Let International Action Succeed," Commentary, Sept. 29). Yours is a voice of reason that answers the specious arguments of the "war party," which is trying to brainwash the American people to accept the inevitability of war--a war that we can easily win with a quick surgical strike. I think Vietnam taught us the futility of fighting a political war, a war that claims the lives of thousands of men and women for a cause that does not claim our hearts.
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