Get Ready for $150 Oil
Barron's Cover - Monday, July 4, 2011 by Gene Epstein
After a decline this summer, crude's price is likely to rise sharply by next spring. It will hurt the economy, but it won't be a disaster.
After a decline this summer, crude's price is likely to rise sharply by next spring. It will hurt the economy, but it won't be a disaster.
The U.S. economy is never completely ready for higher oil prices, which is one reason they take a nasty economic toll when they arrive. But readiness can be enhanced by awareness of the likely outlook for petroleum prices-and the outlook today is relatively grim, although probably not disastrous.
Despite the recent 20% decline from April highs, new highs on crude, heating oil, diesel fuel, jet fuel and gasoline seem likely over the next 12 months. Following some further easing over the summer, the second leg of the long-term bull market in petroleum–the first occurred in 2007-08–probably will begin this fall. Read more...
8/11/2011
Oil prices have fallen, but will they stay low?
By Phaedra Troy - All Energy, All the Time
Oil prices fell dramatically this week from the mid-$90s to $75 a barrel on worries that the global economy is headed for a double-dip recession.
With some positive jobs numbers, West Texas crude prices rose above $84 a barrel on the New York Mercantile Exchange Thursday. Brent crude in London has seen a similar drop and slight recovery, trading at more than $106 a barrel. Read more...
6/8/2011
OPEC oil talks collapse, no output deal
By Amena Bakr and Emma Farge 6/8/2011 - 5:47pm EDT
(Reuters) - OPEC talks broke down in acrimony Wednesday without an agreement to raise output after Saudi Arabia failed to convince the oil cartel to lift production.
"We were unable to reach an agreement -- this is one of the worst meetings we have ever had," said Ali al-Naimi, oil minister for Saudi Arabia, OPEC's biggest producer.
The failure to do a deal is a blow for consumer nations hoping the Organization of the Petroleum Exporting Countries would take action to stem fuel inflation.
It also underlines concerns about OPEC's willingness to help control prices, perhaps leaving the oil market more open to speculative attack. Read more...
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Oil and Gas Industry At a Glance
 America’s oil and natural-gas industry supports more than nine million jobs.
U.S. petroleum imports in November ’09: 11,173,000 barrels per day
U.S. marketed natural-gas production in September ’09: 59.2 billion cubic feet per day
U.S. deliveries from primary storage of motor gasoline in November ’09: 9,035,000 barrels per day
U.S. deliveries from primary storage of distillate fuel oil in November ’09: 3,693,000 barrels per day
Total petroleum products delivered to the domestic market in November ’09: 18,857,000 barrels per day
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