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BUSINESS
January 9, 1990 | From Times Wire Services
World oil supplies reached their highest level in a decade in the fourth quarter as OPEC oil production edged up slightly in December because of higher Iranian output, the International Energy Agency said today. Oil supplies in the non-communist world in the fourth quarter of 1989 averaged 54.8 million barrels a day, 1.5 million barrels more than during the same period in 1988, said the IEA, the agency maintained by the Western industrialized nations to monitor world energy.
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NEWS
January 10, 2014 | By S. Irene Virbila
Forget about all the butter we Americans are supposed to be consuming, I'm deep into olive oil practically every meal, lavishing a slab of grilled country bread with the intensely fruity Tuscan oil and sopping up every bit of the remains on my plate. This is from my annual shipment of olio nuovo (new oil) from the Rare Wine Co. in Sonoma. The color is an iridescent jade-chartreuse,  gorgeous to behold. This is olive oil more as food than condiment. I float a thread on winter minestrone or pasta fagioli, eat halved avocados with a drizzle of the oil, dip artichoke leaves in a little dish of olio nuovo . I get my fix every year from the Rare Wine Co., which has been bringing in a selection of new oils from Tuscany for almost 20 years now. This year, after tasting the new oils in November, Rare Wine founder Mannie Berk chose oils from half a dozen wine estates in Tuscany.
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BUSINESS
August 19, 1990
I can't believe that James Flanigan really expects us to accept him as a serious, responsible international economist from the theme of his article "OPEC Is Cause for Worry but Not Panic" (Aug. 1). Is Flanigan's memory so short that he doesn't remember the long lines and the terrible employment, economic and social problems caused by the last oil embargo imposed by the Arab oil-producing states? And this was when we were importing far less of our oil than the 50% we do now! Even Flanigan recognizes that "the U.S. will end up importing 60% of its oil by the mid-1990s."
WORLD
October 24, 2013 | By Shashank Bengali
WASHINGTON - Two Americans were taken hostage by pirates who attacked their ship off the coast of Nigeria, U.S. officials said Thursday. The captain and chief engineer of the C-Retriever, a U.S.-flagged oil supply ship, were kidnapped in the attack early Wednesday in the Gulf of Guinea, according to news reports. The ship is owned by Edison Chouest Offshore, a maritime company based in Cut Off, La. A company spokesman didn't immediately respond to a request for comment. The identities of the hostages weren't released.
BUSINESS
June 8, 1991 | From Associated Press
Oil prices finished slightly lower Friday, capping a week that pushed the market down on news that U.S. supplies are rising while demand remains sluggish. There was no notable pattern to Friday's trading, with the energy futures drifting up and down in light volume at the New York Mercantile Exchange. Light, sweet crude oil for delivery in July settled at $20.28 per barrel, down 5 cents for the day and 85 cents for the week. Unleaded gasoline for delivery in July settled at 64.
WORLD
January 10, 2003 | Paul Richter, Times Staff Writer
WASHINGTON -- In their effort to line up Russian support for their campaign against Saddam Hussein, U.S. officials have been assuring Moscow that a postwar Iraq would not flood the world oil market and drive prices down, a senior administration official said Thursday. The official said the Russians, who depend on oil revenue to run their government, fear that after a change of regimes, Iraq could soon be pumping huge volumes of petroleum.
NEWS
June 30, 1991 | RAGIP ERTEN, REUTERS
Oman is preparing for the day when it no longer has the oil wealth that transformed it over the last 20 years from a backwater into a glittering jewel in the desert. Six-lane highways crisscross sandy wasteland and mountains that for centuries could only be traversed by camel caravans. The capital, Muscat, is a concrete-and-glass testimony to modernity. But progress is not without its problems. Oman's major revenue earner, crude oil, is forecast to run out in the next 20 to 25 years.
OPINION
August 23, 1987
Opening the Arctic National Wildlife Refuge to oil drilling (Part I, Aug. 14) is not about national security, as claimed by the legion of assorted Reagan Administration supporters, led by Interior Secretary Donald Hodel. For, in the basin of the ANWR, even by the most optimistic predictions, there will not be enough oil found to restore the United States' growing dependency on foreign oil. Instead, the question of oil development and national security in Alaska is raised simply for the advantage and profit of major American oil companies.
NEWS
January 11, 1991 | From Times Wire Services
Three out of four Americans would rather reduce dependence on foreign oil through a range of conservation measures than increase exploration and development, an opinion poll released today showed. It also found a majority of Americans would be prepared to pay higher fuel prices to fight global warming and would back higher fuel efficiency standards for automobiles. The poll on U.S.
BUSINESS
November 21, 2004
In "China Barrels Ahead in Oil Market" (Nov. 14), which outlines the enormous pressure that developing countries are going to put on future oil supplies, a short paragraph mentioned that China was launching oil conservation programs, including "imposing fuel economy standards on new cars." China is smarter than we are. While U.S. auto companies continue to push enormous, gas- guzzling sport utility vehicles on a public that doesn't need them, China is taking intelligent steps toward energy efficiency.
OPINION
September 23, 2012 | By Steve Yetiv
With average gas prices approaching $4 nationally and already above that in California, American consumers are watching their hard-earned dollars go down the gas tank. For President Obama, that's not great news because voters hate high gasoline prices. According to a Reuters/Ipsos survey conducted in March, when prices were about where they are now, 68% of Americans disapproved of Obama's handling of gas prices. Republicans have since pounced, arguing that gasoline prices have more than doubled under his leadership.
BUSINESS
May 30, 2012 | By Ronald D. White
Crude oil prices dropped below $89 a barrel as the Euro dropped to its lowest levels in nearly two years. Both were pulled down by concerns about the costs of rescuing Spain's fragile banking sector. Light sweet crude futures for July delivery were down $2.45, at $88.31 a barrel during early trading on the New York Mercantile Exchange. If it stays at that level, analysts said this would be the lowest close for U.S. oil since Oct. 21, when it closed at $87.40 a barrel. "Oil has dropped into risk averse mode again," said Phil Flynn, an energy analyst with PFGBest Research in Chicago.
BUSINESS
May 25, 2012 | By Ronald D. White, Los Angeles Times
California drivers will pay record gasoline prices over the Memorial Day weekend but could get relief in the weeks ahead - unless more unplanned refinery outages occur. Then all bets are off, analysts say. The average price of a gallon of regular gasoline in California was $4.311 on Thursday, down 5.5 cents from a week earlier, according to the AAA Fuel Gauge Report. That beats the previous state record for the traditional start of the summer driving season: During the Memorial Day weekend of 2008, average high prices ranged from $4.168 to $4.228.
BUSINESS
February 1, 2011 | By Don Lee and Ronald D. White, Los Angeles Times
Egypt has never loomed large in the grand scheme of the global economy, but the political turmoil there has sent tremors through world markets and triggered fears of severe and long-lasting economic damage if the crisis deepens in this volatile, energy-rich region. World financial markets regained their composure Monday, suggesting that concerns might be easing about the anti-government protests in Egypt, at least temporarily. But fears were underscored in the latest surge in oil prices: The U.S. benchmark West Texas Intermediate crude oil closed at $92.19 a barrel Monday, up $2.85 or 3.2% ?
NATIONAL
June 10, 2010 | By Jim Tankersley, Tribune Washington Bureau
The explosion and sinking of the Deepwater Horizon drilling rig have thrown a spotlight on the challenges and risks of deep-water drilling. President Obama has declared a six-month moratorium on drilling new deep-water wells, which proliferated in the last decade as drilling technology advanced and returns from traditional, shallower domestic wells diminished. Administration officials say the pause will allow them time to hear from a newly appointed presidential commission and to reevaluate safety regulations and other federal oversight.
BUSINESS
April 13, 2010 | By Ronald D. White
Retail gasoline prices rose nationally in the last week, the Energy Department said Monday, but analysts said there was strong reason to believe that pump prices should be falling soon. The average price of a gallon of regular gasoline rose nationally by 3.2 cents to $2.858, according to the Energy Department's weekly telephone survey of service stations. California's average was nearly unchanged for the fourth straight week, climbing just 0.8 of a cent to $3.096 a gallon. Gasoline supplies are near a 17-year high and well above the five-year average, said Phil Flynn, an analyst for PFGBest Research in Chicago.
ENTERTAINMENT
October 14, 1990
As I watch the remarkable account of the American Civil War on PBS, I am reminded that during that war most of the combatants and civilians forgot, over time, what the war was all about: to preserve the Union. I am reminded that today in the situation we face with Iraq many of us have forgotten already why the Union is in the Middle East. It is not oil that introduced our armies to Saudi soil, but the right of self-determination of peoples. Now we talk only about oil prices, oil supplies, oil prices.
BUSINESS
July 10, 2009 | Ronald D. White
Crude oil briefly fell below the key trading threshold of $60 a barrel Thursday before rallying to positive territory for the first time in six days. And with motorists driving less and supplies growing even though the summer driving season is underway, some analysts are predicting $2.75 a gallon gasoline in California and $2.50 a gallon or less nationally before July comes to an end. The supply of gasoline in the U.S.
BUSINESS
July 4, 2009 | Ronald D. White
A year after oil hit a record closing price, the commodity's price is way down -- and may fall significantly further as supply continues to dwarf demand. Downward pressure on oil prices is so great that crude could trade for as little as $20 a barrel by the end of the year -- less than a third of what it traded for this week and an 86% drop from its peak last year, analysts said.
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