January 20, 2016 |
Brent crude traded near a 12-year low in London, briefly dipping below $28 a barrel, as the lifting of international sanctions on Iran paves the way for increased supply amid a global glut. Futures fell 1.3 percent after earlier dropping as much as 4.4 percent in London to the lowest since November 2003. Iran is beginning efforts to boost output and exports by 500,000 barrels a day now that restrictions have ended, Amir Hossein Zamaninia, deputy oil minister for commerce and international affairs, said Sunday.
July 13, 1986 |
At twilight, six-pound bass jump from the shallow waters, snowy egrets pick their way nimbly through the swamp grass looking for frogs, quail roost quietly among the reeds, black bear and alligator roam. Thousands of feet beneath them lies $1 billion worth of crude oil stored in massive salt caverns, part of America's total stash of 500 million barrels. The oil that lies here and in five other heavily guarded sites along the Gulf Coast in Louisiana and Texas is America's hedge against future oil embargoes, shortages and foreign policy extortion by hostile oil-producing Middle East nations.
April 8, 1986 |
The price of oil has fallen from $29 a barrel in November 1985 to $13 in March 1986, a drop of over 50 percent in four months. We are now in the midst of a worldwide oil glut. But how is this possible? After all, in the 1970s we were told that oil is a nonrenewable resource that was on the verge of depletion. Oil could only become more scarce. A glut was not only unthinkable but also logically impossible. But the "impossible" has occurred. How? The doomsday predictions were based on a "worst case" scenario.
August 21, 1990 |
OPEC refused yesterday to schedule an emergency session to consider increasing oil production to alleviate the shortage caused by the Mideast crisis, but Saudi Arabia and Venezuela appeared ready to lead such a meeting anyway. The dispute unsettled world oil markets, with prices mostly finishing higher. In Caracas, Venezuelan President Carlos Andres Perez said a consulting group within OPEC would meet if the full 13-nation cartel did not agree to a session. "Venezuela will increase its production when there is an accord within OPEC because we are committed to attending (to)
February 18, 1988 |
A Teamsters spokesman yesterday said that the union would launch a worldwide strike against Pan Am Corp. on Sunday, but the troubled carrier pledged to remain "fully operational" if the 4,500 union members walk out. Frank Bertucelli, business representative for Local 732 of the Teamsters' Airline Division, said the Teamsters will walk off the job at 12:01 a.m. EST Sunday, the end of a federally mandated 30-day cooling-off period in the union's dispute...
September 6, 2012 |
Who knew that the economic solution for the region's beleaguered oil refineries would arrive on a slow train from North Dakota? Delta Air Lines, the new owner of the Trainer refinery that is scheduled to reopen later this month, on Thursday became the third fuel producer in the Philadelphia area to announce plans to bring in crude oil by rail from the Bakken oil field in the upper Midwest. Edward Bastian, the airline's president, told an investor conference in New York that Delta plans to replace some imported oil at Trainer with domestic crude brought in by rail.
November 30, 2010
THE FREE-enterprise system is broken. Stupidity reigns. What's the root of today's economic distress? Does it have anything to do with the financial recklesness of Wall Street and our banking system bringing the economy to its knees? Certainly! Warren Buffet described the "financial weapons of mass destruction. " You make loans on the borrowers ability to repay, not on Wall Street repackaging them and passing the risk of default on to someone else. But the real prime mover of today's financial mess is rooted in the oil condition of the country.
June 16, 2006 |
When you pilfer your band's name from a children's book about a mouse and then write bouncy, call-and-response songs that feature a tap dancer instead of a drummer, you run the risk of becoming a novelty act. Remarkably, Tilly and the Wall manage to avoid that problem while retaining their exuberant essence on the new Bottoms of Barrels. To its basic lineup of folk-pop guitar, thrift-store keyboards, amplified taps, and gang girl-boy vocals, the Omaha quintet fleshes out songs such as the flamenco-style "Bad Education" and the roller-rink rockin' "Urgency" with bass, drums, strings and/or horns.
February 14, 1997 |
Sun Co. Inc., wounded by hefty losses, forecast yesterday that changes initiated eight months ago would cut annual operating costs by $105 million. The Philadelphia company announced the cost-cutting changes in June, but, until the announcement yesterday, had provided no specific savings forecast. "The strategy Sun put in place beginning last summer . . . will improve Sun's profitability and strengthen its competitive position," chairman Robert H. Campbell said. Half of the anticipated savings will come from major improvements at the Philadelphia and Marcus Hook refineries, which together lost $37 million in 1995 and $60 million last year.
August 21, 1990
For years the government has bought oil - almost 600 million barrels in all - and stored it in salt caverns in Texas and Louisiana. Now, Saddam Hussein is menacing the Mideast, the world is going without 4 million barrels a day from Iraq and Kuwait, oil prices are gyrating, and the U.S. economy is teetering. So politicians are shouting what many an American is thinking: Stop hoarding it and start using it. One politician who disagrees is President Bush - and he happens to control the oil's release.