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BUSINESS
February 23, 1991 | PATRICK LEE, TIMES STAFF WRITER
The smoke rising from more than 150 flaming Kuwaiti oil wells is darkening more than the desert horizon: It is casting a pall over the emirate's prospects of resuming oil production at pre-invasion levels any time in the near future. Analysts believe that the damage to the wells may significantly impair Kuwait's ability to pump oil for months or years once the war ends. Already the destruction is "massive," said Ole Bjerregaard, a spokesman for Kuwait Petroleum International in London.
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CALIFORNIA | LOCAL
October 29, 2013 | By Seema Mehta and Louis Sahagun
Los Angeles County leaders voted unanimously Tuesday to oppose a plan to drill for oil in publicly owned parkland in the Whittier hills, saying the proposal would undermine open space protection throughout the county. "Oil and open space don't mix," Supervisor Gloria Molina said after the vote, noting that the land was purchased with taxpayer money earmarked for conservation efforts. "We've purchased hundreds of acres of land across Los Angeles County using millions of Prop. A dollars.
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NEWS
October 19, 2000
Some broadcast and cable programs contain material included in the public school curriculum and on standardized examinations. Here are home-viewing tips: Today--"48 Hours" (KCBS 8-9 p.m.) Report on the cultural conflict that arose when a U.S. Marine on duty in the Persian Gulf was betrothed to a member of Bahrain's royal family, putting both their lives in peril. Also, "Flashback: The Quest For Gold" (TLC 9-10 p.m.) Historical documentary about gold-seekers in Africa covers ancient Egypt, King Solomon's marriage to the Queen of Sheba and the founding of the Palace of Great Zimbabwe.
BUSINESS
October 6, 2013 | By Marc Lifsher
SACRAMENTO - California drivers have suffered through dozens of unexpected gasoline-price spikes over the last decade, and just about every incident has spurred allegations of market manipulation and politicians' demands for investigations. But none of the probes by the state attorney general, other state agencies and journalists has come up with smoking-gun proof that oil companies were gaming prices. The volatility, many studies found, could be traced to peculiarities in the California market, such as the state's special fuel blend, shortage of refinery capacity and lack of pipeline access to Gulf Coast supplies.
BUSINESS
May 21, 2012 | By Ronald D. White
Crude oil prices have rebounded slightly after falling last week to their lowest levels in six months. Retail gasoline prices were falling in California after a painful 18.6-cent jump over the last two weeks. Nationally, the average retail price for gasoline was entering its seventh straight week of declines. The U.S. oil commodities trading benchmark, West Texas Intermediate, was up 61 cents to $92.09 a barrel during trading on the New York Mercantile Exchange. In London, European benchmark Brent North Sea crude was up 86 cents to $108 a barrel on the ICE Futures Europe Exchange.
BUSINESS
April 11, 2012 | By Don Lee
WASHINGTON -- The Federal Reserve's latest report of regional economies paints a picture of a nation continuing to grow moderately, with car sales going strong, manufacturing adding to recent gains and the long-depressed housing market showing flickers of life. But throughout the county, many industries are feeling the pinch of higher oil prices, says the Fed's so-called beige book, released Wednesday. And some employers around the nation are having trouble finding qualified workers, especially to fill high-skilled jobs.
BUSINESS
February 25, 2011 | Tom Petruno, Market Beat
You wouldn't like these odds in Las Vegas. As oil prices have surged amid the escalating turmoil in the Middle East and North Africa, Wall Street has been reminded of an inconvenient truth: All five U.S. recessions since 1973 either followed or coincided with a spike in energy costs. It's still early to be calling for a new recession this time around, but the $12 jump in crude prices this week has left every economic optimist at least somewhat unnerved. Since the brutal recession of 2008-09 officially ended, the U.S. economy has been struggling to gain enough momentum to reach "escape velocity," meaning a growth rate strong enough to become self-sustaining.
CALIFORNIA | LOCAL
October 2, 1990
Regarding "Hussein Threats Send Oil Prices to Record $38.25" (Sept. 25): Hussein has Bush over a barrel! MARY M. MOORE Van Nuys
BUSINESS
March 10, 2009 | Ronald D. White
Crude oil on Monday reached its highest closing price since January on concern that oil producers might agree to hold back more production when they meet in Vienna this weekend. But the cost of a gas tank fill-up still provided a measure of relief in the midst of otherwise gloomy economic news. The average U.S. price of a gallon of self-serve regular gasoline climbed to $1.941, up 0.7 of a cent from the previous Monday, according to the Energy Department's weekly survey of filling stations.
BUSINESS
March 26, 2012 | By Ronald D. White, Times Staff Writer
U.S. oil prices on Monday remained nearly $10 a barrel above last year's record average for the commodity, leading at least one analyst to suggest that $105 crude may become "the new normal" unless fears about Mideast turmoil begin to ease. Crude oil futures were up 4 cents on the New York Mercantile Exchange to $106.91 a barrel. In 2011, oil prices on the NYMEX averaged more than $97 a barrel for the first time ever, according to Energy Department statistics. "At the end of the day, we have one heckuva Iran premium built into the current price for oil," said Phil Flynn, an oil analyst for PFGBest Research who made "the new normal" comment, referring to continuing fears over Iran's nuclear power development.
BUSINESS
August 29, 2013 | By Ricardo Lopez
Crude oil prices began pulling back Thursday as momentum for a U.S. military strike on Syria stalled. The price of light, sweet crude for October deliver fell 80 cents to $109.30 a barrel Thursday from a previous settlement price of $110.10 Wednesday.  Brent crude oil fell 67 cents Thursday, retreating to $115.94.  Crude oil prices had risen this week after the U.S. and others accused the Syrian government of launching a chemical attack...
BUSINESS
August 28, 2013 | By Shan Li and Andrew Khouri
Motorists hitting the road over the Labor Day weekend may find themselves paying more at the pump as the Syrian conflict fans tensions in the Middle East and roils gas markets. Experts speculate that prices could shoot up 10 cents a gallon or more in the coming days, a reversal of the lower prices road-trippers have enjoyed this summer thanks to increased U.S. production and higher inventories. A gallon of regular gasoline might again vault past $4. Prices "are definitely going up," said Amy Myers Jaffe, executive director of energy and sustainability at UC Davis.
BUSINESS
August 27, 2013 | By Ricardo Lopez
U.S. stocks tumbled and the price of crude oil jumped Tuesday as the Obama administration weighs its next step in the Syrian conflict.  The benchmark stock indexes were down Tuesday and the price of October U.S. crude oil jumped about 3.8% to nearly $108.85 a barrel.  Brent crude oil hit a five-month high as well, rising above $111 a barrel Tuesday.  While Syria is not a large oil producer, fears are that the turmoil could spread across...
NEWS
August 2, 2013 | Bloomberg News
Chevron Corp. posted its biggest second-quarter profit decline in four years and missed analysts' estimates as crude oil prices and production fell. Net income dropped 26% to $5.37 billion, or $2.77 a share, from $7.21 billion, or $3.66, a year earlier, the San Ramon, Calif., company said Friday. The per-share result was 19 cents below the average of estimates compiled by Bloomberg. Chevron's oil and natural gas output fell 1.6% to the lowest second-quarter average in half a decade as new wells in Angola, the Gulf of Mexico and Pennsylvania failed to make up for declining production from older fields, according to the statement.
BUSINESS
July 11, 2013 | By Shan Li
The price of gas jumped to an average $3.52 per gallon in the nation on Thursday as oil prices hovered above $104 per barrel, driven by the deepening Egyptian political crisis and diminishing stockpiles of crude. Oil prices actually dropped slightly from above $106 a barrel Wednesday, the highest level in more than a year. The surging cost was partly spurred by reports that showed shrinking supplies of crude oil in the U.S. The rise in crude is already beginning to trickle into costs at the pump, which declined for weeks before gradually jumping from an average $3.48 a gallon last week to $3.50 Wednesday.
BUSINESS
April 15, 2013 | By Andrew Tangel
NEW YORK -- Stocks posted sharp losses in Monday trading as commodities fell sharply following disappointing economic data out of China. Gold was also suffering a sharp sell-off. The Dow Jones industrial average, which had been in striking distance of 15,000, was off 156.85 points, or 1.1%, to 14,708.21 in late-day trading on Wall Street. The Dow had been down more than 200 points earlier. The broader Standard & Poor's 500 index was down 22.67 points, or 1.4%, to 1,566.18. The technology-focused Nasdaq was off 52.73 points, or 1.6%, to 3,242.22 Downbeat data out of China fueled worries over slowing growth.
NATIONAL
March 30, 2013 | By Kim Murphy, Los Angeles Times
JUNEAU, Alaska - Over most of the last several decades, Alaska's North Slope was America's energy powerhouse. The legendary oil fields of Prudhoe Bay and Kuparuk gushed 2 million barrels a day out of the frozen tundra and down the Trans-Alaska Pipeline. The state abolished its income tax and paid its citizens generous annual oil dividends. Then in an alliance with Democrats that enraged the GOP old guard, former Republican Gov. Sarah Palin in 2007 helped push through an unabashedly liberal tax plan that boosted oil production taxes, in some cases up to 350% above 2005 levels.
BUSINESS
March 30, 2013 | By Shan Li, Los Angeles Times
TAFT, Calif. - This two-stoplight town was built on petroleum, and residents here never miss a chance to pay tribute. A 38-foot monument to wildcatters stands downtown; locals brag it's the tallest bronze sculpture west of the Mississippi. Every five years, the city throws an "Oildorado" festival. There's even a beauty pageant in which young women dubbed "the maids of petroleum" vie to be crowned queen. It's all an homage to the bustling days when Taft boasted two giant oil fields and Standard Oil Co. of California was headquartered there.
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