December 19, 2014
ISSUE | CONGRESS Maiden budget effort a bad sign Once again, our supposed leaders brought us to the brink of a government shutdown as another short-term spending plan was about to expire, the members scrambling to put into place another eleventh-hour agreement so that they could begin their lengthy holiday recess ("Congress passes $1.1 trillion bill," Dec. 14). There was no possibility that a clean spending blueprint would be proposed. Rather, we found shenanigans, an unwillingness to fund the Department of Homeland Security for more than a few months, and special-interest poison pills inserted into the legislation that were unrelated to the matter at hand, but provisions that a sufficient number of Democrats were willing to accept.
December 13, 2014 |
In a swelling tide of tinsel and Bing Crosby, Hanukkah sometimes seems like a mesh bag of gold foil-wrapped afterthought. Yet the very theme of the Festival of Lights is survival, and the panoply of options for Hanukkah activities in the region demonstrates that this holiday refuses to go quietly into the fake snowy night. Here are some ways to keep the lights burning: Lighting ceremonies. Re-creating those flames that wouldn't quit, lighting ceremonies abound on the eve of the holiday on Tuesday - at sundown at Suburban Square, 6 Coulter Ave., Ardmore (information: 610-896-7560, suburbansquare.com)
December 13, 2014 |
Airline stocks soared Thursday after Delta Air Lines said the sharp drop in oil prices would translate into a $1.7 billion savings in fuel costs next year. Delta said at an investor conference in New York that its Trainer refinery in Delaware County would produce a $75 million profit in the current quarter, helping to offset losses on the airline's fuel-hedge contracts. Delta buys some of its fuel in advance, to hedge against higher costs. But when fuel prices dramatically decline, the airline is locked in and takes a hedge loss.
December 12, 2014 |
Airlines are enjoying record profits as oil prices drop and the global economy improves. So far, though, airlines have not passed on their profits to passengers in the form of lower airfares. But that may change. The fall in fuel prices and upturn in the economy could benefit consumers with cheaper travel, the International Air Transport Association (IATA) in Geneva said Wednesday. The trade group for the world's airlines predicted the average fare could drop 5.1 percent in 2015, excluding taxes and surcharges.
November 17, 2014 |
The early October sell-off created buying opportunities in the industrial sector for companies such as United Technologies (UTX), Eaton Corp. (ETN), and General Electric (GE), says Hank Smith at Haverford Trust, chief investment officer overseeing $6 billion in assets. In particular, he holds and has been buying more of UTX and Eaton since those shares fell roughly 20 percent. UTX has fallen to about $101 a share, Eaton to $60, Smith says. The bear market in crude oil also presents opportunity in major integrated oil companies ExxonMobil (XOM)
November 12, 2014 |
Sunoco Logistics Partners L.P., the Philadelphia energy company, said that all recoverable crude oil has been removed after its Mid-Valley Pipeline ruptured and spilled on Oct. 13 in Northwest Louisiana. Sunoco spokesman Jeffrey P. Shields said the company recovered about 4,100 of an estimated 4,500 barrels of spilled oil. Some oil was unrecoverable due to evaporation and dispersion. About 20 workers will remain on site to monitor the area, he said. The spill polluted about four miles of a creek feeding Caddo Lake, and prompted the evacuation of three homes.
October 22, 2014 |
Sunoco Logistics Partners L.P. says it has recovered 2,550 barrels of crude oil that spilled into a Louisiana bayou last week from its Mid-Valley Pipeline. The pipeline remains out of service indefinitely until repairs can be done. The Philadelphia company estimated last week that as much as 4,000 barrels - 168,000 gallons - spilled from a break in the underground pipeline. The Mid-Valley system, which transports crude oil from Texas to Midwestern refineries, terminates near Detroit.
October 12, 2014 |
A University of Pennsylvania professor who studies psychopaths has found hope for improving human behavior in a surprising place: fish oil. A new study led by Adrian Raine, a psychologist in Penn's criminology department, found giving children a fruit drink mixed with omega-3 fatty acids - a key ingredient in fish oil - improved their behavior. Strangely, the behavior of parents also improved, even though they weren't taking the supplements. More on that later. Raine's ultimate goal is ambitious: to reduce crime.
September 20, 2014 |
James Shorten Cross, 97, an oil-industry expert who helped lay the groundwork for the country's Strategic Petroleum Reserve during the energy crisis of the 1970s, died Thursday, Sept. 11, of causes related to aging at White Horse Village in Newtown Square. Dr. Cross lived in Merion starting in 1953, and 10 years later moved to Hunting Hollow Farm in Edgmont. He retired to White Horse Village in 2006. From 1953 until 1975, Dr. Cross served as chief economist and director of the Economics and Industry Affairs Department for Sun Oil Co. In 1968, he was appointed director of the Office of Statistical Services in the U.S. Department of the Interior's Emergency Petroleum and Gas Administration.
July 25, 2014 |
Delta Air Lines said Wednesday that its Trainer oil refinery in Delaware County produced a $13 million profit in the second quarter. Delta, the first U.S. airline to report earnings, posted a second-quarter profit of $889 million, or $1.04 a share, that beat analysts' estimates, driven by strong passenger demand and higher revenue from corporate contracts. Revenue rose 9.4 percent to $10.6 billion. "We will post even better results in the third quarter, with a forecast operating margin of 15 percent to 17 percent," Delta chief executive officer Richard Anderson said on a conference call.