CALIFORNIA | LOCAL
July 20, 1988
If the Persian Gulf war ends, can an oil glut be far behind? Wishful-thinkers among oil traders would like to think not. Their first response to news that Iran had finally accepted a cease-fire with Iraq was to bid up oil prices by about $1 a barrel. Behind this optimism was the notion that peace in the gulf area could make it easier for the 13 members of the OPEC oil cartel to stick to rigid limits on production, thus firming up the floor under prices. Maybe.
August 23, 2011 |
Global oil prices were roiled by news of the rebel advance into the Libyan capital of Tripoli and the prospect that oil would be flowing from that country again. But petroleum industry experts warned that it could take more than a year for Libya to pump oil at pre-war levels, dampening the prospects for sharply cheaper gasoline prices in the near future. Prices at the pump could fall in the near future, but that would largely be due to the weak economy and the end of the summer driving season, not a fast rebound of Libyan exports, said David Kirsch, director of market intelligence at PFC Energy, a consulting firm.
August 21, 2005 |
AS oil reaches record prices, travel suppliers, citing higher fuel costs, are charging more. Airlines have increased fares more than 10 times this year. This month's increases include Southwest ($2 to $4 each way, depending on flight length); other major carriers, including American, Delta and Northwest (as much as $20 per round trip); and international flights, including American ($20 per round trip); and on foreign carriers. Getting to and from the airport may cost you more too.
March 7, 2011 |
Reports of intensified fighting in Libya propelled oil past $118 a barrel in Europe and to nearly $107 in the U.S., the highest levels since September 2008, with concern growing that the disruption in Libya's crude-oil production could last longer than initially expected. Another day of rising oil prices meant falling stock prices. In a roller-coaster session, the Dow Jones industrial average on Monday closed down 79.85 points, or 0.7%, to 12,090.03. The Standard & Poor's 500 was off 0.8%, and the Nasdaq composite fell 1.4%.
November 10, 2007
Re "Enriching the enemy," editorial, Nov. 3 The Times' editorial fails to mention the falling value of the dollar as a main cause of high oil prices. Oil is bought and sold in U.S. dollars, and producers want to make up their dollar losses by raising oil prices. The dollar's value is a key barometer of the nation's economic and financial health. Under the leadership of President Bush and his congressional enablers, that health cannot be considered good.
November 9, 2001 |
Oil prices rose more than 5% after Saudi Arabia's oil minister said OPEC may try to bolster prices by cutting output quotas to the lowest level since the Persian Gulf War. OPEC's goal is to defend oil prices, even if that means losing market share, Ali Ibrahim Naimi said at a conference in Morocco, Dow Jones Newswires reported. A crude oil index OPEC watches has dropped 33% since the Sept. 11 terrorists attacks as demand dropped from slowing world economies. Near-term oil futures rose $1.
October 22, 2004 |
Occidental Petroleum Corp., riding a gusher of soaring oil prices, said Thursday that net profit rose 70% for the third quarter. The Los Angeles-based company, the fourth-largest oil producer in the U.S., said lower taxes and interest expenses and higher profit from sales of chemicals helped boost earnings. Net income rose to $758 million, or $1.88 a share, from the year-earlier $446 million, or $1.14 a share. Wall Street had expected $1.77 a share, according to Thomson First Call.
January 9, 1992 |
Bulging inventories and mild weather pushed oil prices Wednesday to their lowest level since Iraq invaded Kuwait, dropping below $18 a barrel. Analysts said prices may hover at that level until the next OPEC meeting Feb. 12. Light, sweet crude oil for delivery in February settled at $17.87 per barrel, down 82 cents, at the New York Mercantile Exchange. Spot-month oil futures have not closed that low since July 11, 1990, when the final price was $17.47 a barrel.
July 3, 1987
Oil prices gained as much as 20 cents a barrel after OPEC President Rilwanu Lukman predicted that demand for the cartel's oil would exceed its new production lid and be stronger than projected. United Arab Emirates Oil Minister Mana Said Otabia said his country, which has been violating its OPEC-assigned output quota, is "fully committed" to the new pact, the OPEC news agency reported. On the European spot market, the Emirates' Dubai Light--a major OPEC crude--climbed 10 cents a barrel to $17.