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CALIFORNIA | LOCAL
January 19, 1989
The Times series on the high costs of the oil glut provides a valuable public service. It could be instrumental in launching a renewed debate on the need for a consistent national energy policy. In Woutat's thorough and well-written journey through the arcane world of oil cartels and conflicting national policies he brought the consequences of complacency to life: a possible repeat of the '70s. Woutat correctly noted that many of the successes resulting from the '70s scramble for alternatives and greater energy efficiency have been endangered by cheap oil. The state's wind industry is but one of many examples.
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BUSINESS
November 24, 2010 | Reuters
NEW YORK/SINGAPORE - An oil glut that has weighed on prices for two years is dissipating, with U.S. stockpiles falling their fastest in over a decade this autumn, crude being whisked ashore from storage at sea, and China running refineries near full bore to replenish diesel supplies. Oil stocks are still well above levels that preceded a 2008 price surge to $147 a barrel, but a massive oil surplus accrued during the global economic downturn is being burned off. That could leave oil prices -- now trading near $81 a barrel after they fell from two-year highs above $88 this month -- more vulnerable to upward surges.
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BUSINESS
April 11, 1998 | From Reuters
A global oil glut will continue to put pressure on revenue-hungry producers despite a groundbreaking pact to curb global output and rescue battered prices, the International Energy Agency said Friday. Supply exceeded demand by a hefty 1.5 million barrels per day in the first quarter of this year, allowing stocks to build heavily, the West's energy watchdog said.
BUSINESS
July 9, 1998 | CHRIS KRAUL, TIMES STAFF WRITER
The Mexican government on Wednesday announced its third round of spending cuts this year after determining that the global oil glut will cost it $1.1 billion more in lost crude revenue than earlier projected. Finance Minister Jose Angel Gurria said the government will cut about $620 million in federal outlays, mainly from the exploration budget at state-owned oil company Petroleos Mexicanos, or Pemex. Other public sector projects will be axed, but programs for the poor will not be, he promised.
BUSINESS
June 28, 1988 | Associated Press
Energy futures prices closed mostly lower Monday as traders reacted negatively to the abundant supplies of oil on world markets. The August contract for West Texas Intermediate, the benchmark U.S. crude oil, fell 15 cents to $15.86 per 42-gallon barrel on the New York Mercantile Exchange. Among refined products traded on the exchange, the July contract for home heating oil slipped 0.55 cent to 42.59 cents a gallon. The July contract for unleaded gasoline rose 0.14 cent to 51.
BUSINESS
February 23, 1986
In his column, "Overconfidence Could Revive the Energy Crunch" (Jan. 19), John F. Lawrence is correct in his assertion that the gains from energy conservation and efficiency, both of which played a key role in softening the demand for oil, are often fragile and temporary. But he overlooks another major factor in creating the current oil glut, one whose effects are longer lasting and more dependable--the displacement of oil by other fuels, chiefly coal-fired and nuclear-generated electricity both here and abroad.
BUSINESS
June 25, 1998 | From Washington Post
OPEC agreed Wednesday to slash output for the second time in three months in an attempt to curtail a world oil glut that has sent prices plunging to the lowest levels in more than a decade. In a compromise that delegates at the OPEC meeting here say was hammered out between rival powers Saudi Arabia and Iran, the cartel's 11 member nations agreed to cut production by roughly 1.38 million barrels per day, or about 5%.
CALIFORNIA | LOCAL
December 7, 1993
Concerning the recent worldwide oil glut (Nov. 30): America has been handed a golden opportunity to score big; unfortunately we will almost certainly fumble the chance away by making it yet another political football. The much-debated Clinton gasoline tax has had no discernible impact on gasoline prices, thanks to the oil glut. And it is virtually assured that prices, left to themselves, will continue to fall. Why not take the opportunity to add a "floating" tax to partially maintain the price of oil-based products at a constant level?
BUSINESS
April 9, 1986 | DONALD WOUTAT, Times Staff Writer
Unocal is trying to pare its work force with an early retirement offer that is expected to attract about 1,000 employees, the company confirmed Tuesday. Unocal has also implemented a hiring freeze. Despite the oil industry's retrenchment after oil prices began to decline in 1981, Unocal's worldwide employment has remained at about 20,000 since that time. The sharp drop in prices since November prompted the current belt-tightening.
CALIFORNIA | LOCAL
August 24, 1990
The recent Persian Gulf crisis could have been avoided if America had decided back in 1979 to become less dependent on foreign crude. In 1978, Saddam Hussein had just taken power in Iraq. Today, he has the fourth-largest military force in the world. How come a Third World nation such as razil was able to convert sugar cane into fuel and manufacture millions of cars that were not at all dependent on foreign oil? Now we risk the lives of Americans in a Middle East showdown. Why?
BUSINESS
June 25, 1998 | From Washington Post
OPEC agreed Wednesday to slash output for the second time in three months in an attempt to curtail a world oil glut that has sent prices plunging to the lowest levels in more than a decade. In a compromise that delegates at the OPEC meeting here say was hammered out between rival powers Saudi Arabia and Iran, the cartel's 11 member nations agreed to cut production by roughly 1.38 million barrels per day, or about 5%.
BUSINESS
April 11, 1998 | From Reuters
A global oil glut will continue to put pressure on revenue-hungry producers despite a groundbreaking pact to curb global output and rescue battered prices, the International Energy Agency said Friday. Supply exceeded demand by a hefty 1.5 million barrels per day in the first quarter of this year, allowing stocks to build heavily, the West's energy watchdog said.
NEWS
October 14, 1995 | BOB DROGIN, TIMES STAFF WRITER
Deep in the steamy Niger River delta, with thick mangrove swamps and chocolate-brown rivers stretching to the horizon, drilling supervisor Funsho Amoo shouts to be heard above the hissing steam, thumping machinery and groaning metal of a Shell oil rig. "This well produces 2,000 barrels a day," Amoo hollers beside a giant hoist that shudders and shrieks as it pushes pipe into the muck. "But something is damaged, so we are repairing the pipe."
CALIFORNIA | LOCAL
December 7, 1993
Concerning the recent worldwide oil glut (Nov. 30): America has been handed a golden opportunity to score big; unfortunately we will almost certainly fumble the chance away by making it yet another political football. The much-debated Clinton gasoline tax has had no discernible impact on gasoline prices, thanks to the oil glut. And it is virtually assured that prices, left to themselves, will continue to fall. Why not take the opportunity to add a "floating" tax to partially maintain the price of oil-based products at a constant level?
CALIFORNIA | LOCAL
August 24, 1990
The recent Persian Gulf crisis could have been avoided if America had decided back in 1979 to become less dependent on foreign crude. In 1978, Saddam Hussein had just taken power in Iraq. Today, he has the fourth-largest military force in the world. How come a Third World nation such as razil was able to convert sugar cane into fuel and manufacture millions of cars that were not at all dependent on foreign oil? Now we risk the lives of Americans in a Middle East showdown. Why?
BUSINESS
March 16, 1989 | DONALD WOUTAT, Times Staff Writer
The world's growing appetite for oil and the apparent closing of ranks by the Organization of Petroleum Exporting Countries sent oil prices close to $20 per barrel Wednesday, reflecting a turnaround that has turned oil experts bullish but is fueling fears of inflation. Continuing a steady ascent that has taken many industry observers by surprise, the price for futures contracts for the benchmark U.S. crude spurted 48 cents to $19.77 a barrel.
CALIFORNIA | LOCAL
April 4, 1986
Peer through all the good-news dazzle produced by falling oil prices--cheaper fuel costs, lower interest rates, reduced inflation, higher corporate profits--and behold the specter of bad news just waiting to make itself known. As world oil prices tumble, this country is losing a good chunk of its own oil production even as its demand for oil rises. To satisfy that demand, more oil has to be bought overseas.
CALIFORNIA | LOCAL
January 19, 1989
The Times series on the high costs of the oil glut provides a valuable public service. It could be instrumental in launching a renewed debate on the need for a consistent national energy policy. In Woutat's thorough and well-written journey through the arcane world of oil cartels and conflicting national policies he brought the consequences of complacency to life: a possible repeat of the '70s. Woutat correctly noted that many of the successes resulting from the '70s scramble for alternatives and greater energy efficiency have been endangered by cheap oil. The state's wind industry is but one of many examples.
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