Wednesday, April 23, 2003
Gas prices on the decline: Survey shows self-serve regular down nearly 6 cents a gallon in the past two weeks.
Posted by click at 6:44 AM
in
oil us
CNNMoney.com
April 21, 2003: 5:13 AM EDT
CAMARILLO, Calif. (CNN) - The average cost of a gallon of self-serve regular gasoline continues to drop, falling slightly less than 6 cents over the past two weeks, according to a nationwide survey released Sunday.
The average price fell 5.73 cents, to $1.61, between April 4 and April 18. It marks the second straight drop in gasoline prices in the bi-weekly survey, which prior to that had shown prices rising since last November, said Trilby Lundberg, publisher of the Lundberg Survey.
In the past month, the price of a gallon of self-serve regular gasoline has dropped 11.8 cents, from $1.73, a "dramatic decline," Lundberg said. This year's high of $1.73 was the survey's highest ever, not adjusting for inflation.
Lundberg credited the price cut to drops in the cost of crude oil since the beginning of the war in Iraq, which continue to be felt at the pump.
The price of crude oil was at $34.93 a barrel on March 17, the day the president gave Iraq 48 hours to give up its alleged weapons of mass destruction or face war, she said. By April 17, the price was down to $30.55, she said.
Crude oil prices probably will continue to decline as oil production in post-war Iraq, Venezuela and Nigeria continue to rebound, Lundberg said.
All that could change when OPEC meets Thursday to discuss whether to curtail crude oil production in light of decreased demand during warmer weather and the expectation of the resumption of Iraqi oil production, Lundberg said.
At $1.34 per gallon, Atlanta motorists paid the least in the nation; San Francisco Bay area drivers shelled out the most, at $2.07.
Here are some other prices per gallon of self-serve regular gasoline:
--Seattle: $1.74
--St. Louis: $1.39
--Chicago: $1.63
--Hartford, Conn.: $1.67
--Baltimore: $1.61
--Salt Lake City: $1.60
--Charlotte, N.C.: $1.48
Did I miss something in my math classes?
<a href=www.vheadline.com>Venezuela's Electronic News
Posted: Monday, April 21, 2003
By: Becker Yvonne
Date: Sun, 20 Apr 2003 23:00:27 -0400
From: Becker Yvonne smash2707@terra.com
To: Editor@VHeadline.com
Subject: Who ruined the Venezuelan economy?
Dear Editor: I just read Oscar Heck's op-ed <a href=www.vheadline.com>Who ruined the Venezuelan economy? Chavez Frias? and my eyes cannot believe what they read.
Heck speaks about the right to eat?
Is Oscar Heck aware that Chavez said “con hambre y sin empleo con Chavez me resteo” which means “hungry and unemployed I support Chavez.”
Does Heck think this means Chavez cares about poor people?
Heck says most of the opposition is middle or high class ... it seems you live in another country than me. If about 20% is upper class (middle class and and rich people), how do you explain that at least 70% of the population opposes Chavez (some say 80%).
Did I miss something in my math classes?
Later Heck says Chavez gives poor people the right to complain about corruption and abuse? Maybe that is about the only right they have, because investigations don’t go any further than the complains. How can he explain the huge amounts of money this government has stolen or misused, and that no one has been convicted for corruption?
Access to good education? I guess that is the reason why public universities are practically broke, and "Bolivarian schools" break down less than three months after being build, and most of them don't give lunch (there is even a video of Chavez asking the students if they already had had lunch and they answer Noooooo!).
I wonder where Heck gets the "access to good education with filled stomachs" line from. He says that if elections are called after the Referendum Chavez would win ... who in his sound mind would think that someone who had just been revoked could run for Presidency? I don’t understand the logic.
I am sorry if I sound harsh.
I am just sick of reading false affirmations made by people who either don't know the Venezuelan reality, or believe what they read without researching any further or are paid by the government to make propaganda for a false revolution ... which has only brought destruction.
I don't deny that there were serious problems when Chavez came to power; but it is also truth that under his government poverty, unemployment, corruption and insecurity have increased. Further, the government seems to support criminality and terrorism, as can clearly be proven by Chavez' defense of murderers like Gouveia or violation of the laws and he Constitution.
Yvonne Becker
smash2707@terra.com
Our editorial statement reads:
VHeadline.com Venezuela is a wholly independent e-publication promoting democracy in its fullest expression and the inalienable right of all Venezuelans to self-determination and the pursuit of sovereign independence without interference. We seek to shed light on nefarious practices and the corruption which for decades has strangled this South American nation's development and progress. Our declared editorial bias is pro-democracy and pro-Venezuela ... which some may wrongly interpret as anti-American.
-- Roy S. Carson, Editor/Publisher Editor@VHeadline.com
Oil patch headed for windfall--Eye-popping results expected for quarter
The Globe and Mail
By PATRICK BRETHOUR AND BRENT JANG
Monday, April 21, 2003 - Page B1
Closing Markets
Tuesday, Apr. 22
S&P/TSX 12.16 6582.92
DJIA 156.09 8484.99
S&P500 19.36 911.37
Nasdaq 26.99 1451.36
Venture -2.56 1047.31
DJUK 1.14 159.04
Nikkei -178.62 7790.46
HSeng -7.23 8571.91
DJ Net .77 45.81
Gold (NY) +0.90 334.80
Oil (NY) -0.84 27.99
CRB Index +0.48 235.97
30 yr Can. +0.01 5.53
30 yr U.S. +0.00 4.90
CDN$ buys
US$ +0.0034 0.6910
Yen -0.1800 82.7000
Euro -0.0032 0.6301
US$ buys
CDN$ -0.0073 1.4471
Yen -0.8800 119.6700
Euro -0.0093 0.9118
Canada's nine biggest energy companies are headed for a $2.7-billion windfall as soaring commodity prices hand the oil patch eye-popping profits in the first quarter.
Oil and natural gas prices have spiked sharply over the past three months and are substantially higher than a year ago, propelled by labour strife in Venezuela, worries about the impact of an assault on Iraq and the chilly weather that hung over much of eastern North America this winter.
Now, energy companies are about to reap billions in bounty, starting with Imperial Oil Ltd., which reports its first-quarter earnings tomorrow. Imperial and Canada's other eight top oil and gas companies are projected to report profits -- excluding one-time charges and the effects of currency fluctuations -- of $3.7-billion, up from $930-million in the first quarter of 2002.
Cash flow from Canadian production of oil and natural gas is projected to surge to $13-billion in the quarter just ended, close to triple the $5-billion in cash generated in the first quarter of 2002, according to FirstEnergy Capital Corp.
"They've had this colossal windfall," said Martin Molyneaux, research director at FirstEnergy in Calgary.
The main question now is how companies will try to spend the gushers of cash. Share buybacks, reducing debt, expanding capital programs or striking deals to buy properties -- or even entire firms -- are all options.
What Mr. Molyneaux called a "tidal wave" of cash will also wash into the coffers of the provincial and federal governments: FirstEnergy forecasts that higher royalties will add an extra $2.5-billion to provincial and federal revenues, with $1.6-billion flowing to Alberta alone. "Ottawa and the various producing provinces are going to get a truckload of money," he said. "It's absolutely gargantuan."
Higher corporate income taxes from the oil patch will likely boost Alberta's first-quarter windfall to $2.5-billion, Mr. Molyneaux added.
The rising tide of higher energy prices will lift results at all the major energy firms, but those companies with integrated operations that include refining and marketing stand to further benefit.
Analysts expect refining margins to rebound from the miserly levels of last year, padding out the bottom lines of Petro-Canada, Shell Canada Ltd., Imperial, Suncor Energy Inc. and Husky Energy Inc.
In a report, UBS Warburg said that Petrocan and Imperial are most likely to report higher-than-projected profits from their downstream operations.
Wilf Gobert, vice-chairman of Peters & Co. Ltd., estimated that the four largest integrated companies -- excluding Husky -- will report a $300-million profit from refining and marketing, nine times higher than the $36-million that the group earned from downstream operations in the first quarter of 2002.
Much of the increase comes from the rebound in refining margins from a year ago, when profit levels were squeezed to 10-year lows. Mr. Gobert noted that higher oil prices did put some pressure on margins in the quarter just ended, with profits falling short of the high-water mark of the second quarter of 2002.
Still, analysts see little to feel gloomy about in the first quarter.
"I think that, by all measures, it will be a record quarter -- outstanding," said Thomas Ebbern, an analyst with Tristone Capital Inc. "Commodity prices were so strong, likely the best we've ever seen as a group."
Mr. Ebbern said not only were there red-hot prices for crude oil and natural gas, but heavy oil markets were stellar, too.
Canadian Natural Resources Ltd., which has numerous heavy oil properties, will benefit from strength in that specialty oil. The Calgary-based producer has been getting a lift from its purchase last summer of Rio Alto Exploration Ltd.
First-quarter profit at Canadian Natural is expected to surge to $314-million, compared with $99-million a year earlier.
However, Canadian Natural has been facing faltering production from gas wells in the Ladyfern region of northeastern British Columbia.
Those wells start out as big producers, but tend to have a rapid rate of declining output.
Talisman Energy Inc. is forecast to post a strong first quarter, but with the recent sale of its stake in a large joint venture in Sudan, the Calgary-based producer's subsequent quarters won't receive a financial contribution from that African country's oil production.
Talisman is forecast to make a profit of $401-million or $3.11 a share in the first quarter, compared with $95-million or 70 cents in the same period last year.
EnCana Corp., Canada's largest oil and gas company, will have the capability of using its windfall cash to sharply hike its capital spending budget.
But Mr. Ebbern said he expects EnCana and other large energy companies to be relatively frugal when it comes to spending on new drilling projects.
Calgary-based EnCana, which posted a profit of $186-million or 36 cents a share in last year's first quarter, is forecast to haul in $735-million or $1.52 in this year's first quarter.
EnCana, one of the leading producers of natural gas in North America, thrived in the past quarter, when prices for the fuel approached $8 for 1,000 cubic feet -- more than twice as much as a year earlier.
Calgary-based Nexen Inc., whose key oil project is in the Middle East country of Yemen, is expected to post a first-quarter profit of $224-million, compared with $54-million in the first three months of last year.
While some investors have been worried about Nexen's reliance on Yemen, the company has a diversified portfolio that includes attractive assets in Canada and the Gulf of Mexico, said Andrew Bryne, an analyst with John S. Herold Inc.
Business Poll
Should the mandatory retirement age be extended?
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Top Worldwide: OPEC Prepares to Cut Oil Production, Planning to Bolster Prices
Posted by click at 5:40 AM
in
OPEC
<a href=quote.bloomberg.com>Bloomberg
By Alex Lawler
Vienna, April 21 -- OPEC, supplier of a third of the world's oil, is planning to cut production from its highest level in 1 1/2 years to prevent a price slump as demand slows and Iraqi sales near a return to the market.
Saudi Arabia led OPEC's output higher this year to avert shortages caused by outages in Venezuela and Nigeria and the war- related halt to Iraqi exports. Production is some 2 million barrels a day more than demand, OPEC ministers said last week.
Crude oil in New York has slid 24 percent from a 12-year high of $39.99 a barrel in February while the coalition deposed Saddam Hussein in Iraq and seized the country's oil fields. Faced with a seasonal drop in use, the Organization of Petroleum Exporting Countries meets Thursday to discuss how to prevent a glut.
OPEC is pumping an awful lot of oil,'' said Steve Thornber, who manages about 400 million pounds ($628 million) at Threadneedle Asset Management in London, including BP Plc shares.
If OPEC doesn't take action or it's seen as not aggressive enough, you will see a sharp drop in the oil price.''
The group sets quotas to keep prices between $22 and $28 a barrel, and some members may be reluctant to lower production because of a need to raise government revenue. It had planned to next meet on June 11 in Doha, Qatar, though called this week's gathering after prices slid.
OPEC in March pumped 1.57 million barrels a day more than the target of 24.5 million, almost enough to supply Spain, according to Bloomberg estimates. Of the total, Saudi Arabia pumped 9.2 million barrels a day.
Some OPEC members will feel Saudi Arabia should take a greater proportion of any cut,'' said Paul Spedding, an oil analyst at Dresdner Kleinwort Wasserstein.
The debate is whether Saudi Arabia will agree with that.''
The return of Iraqi supplies will also be a challenge for OPEC. Production may resume from Iraq's northern fields as early as May, the U.S. military has said. Resuming exports depends on deciding who will sell the oil.
Too Much Oil?
Indonesia will ask OPEC to lower daily oil production by as much as 2 million barrels, the country's oil minister, Purnomo Yusgiantoro, has said. Venezuela, Qatar, Algeria and Iran have said markets have too much oil, signaling support for a cut.
Oil consumers, including the International Energy Agency, representing 26 industrialized countries, urge caution, saying supplies are needed to replenish inventories. U.S. crude stocks are 14 percent lower than a year ago, and a reduction in output would threaten to bring higher fuel bills at a time of slowing economic growth.
Algeria, OPEC's third-smallest producer, has called on OPEC members to comply with their targets. In comments that boosted world prices on Thursday, Iran, the second-largest OPEC producer, said any reduction should come from the quotas.
Any decision to cut the quota now would be premature,'' said Julian Lee, an analyst at Centre for Global Energy Studies, a consulting company founded by former Saudi oil minister Sheikh Zaki Yamani.
The world needs to rebuild stocks.''
Challenge
OPEC's oil price index was last at $26.25 a barrel, close to the middle of the group's range of $22 and $28 a barrel. The marker has been above the $22 floor since March 2002.
Saudi Arabia has yet to signal its policy. State-owned Saudi Aramco in May will fulfill all oil contracts to customers in Europe, Japan and South Korea, traders said after seeing notices from the oil producer.
We should expect to see a move for stricter quota adherence,'' said Brian Gibbons, an analyst at CreditSights Inc., an independent New York-based research company.
The bulk of that will have to come from Saudi Arabia. It will be difficult for the small to mid-sized OPEC members to trim production.''
Brent crude in London will fall below $20 a barrel in the third quarter from about $25 now if OPEC holds supply near present levels, the CGES said in a report. Should OPEC adhere to the quota, prices will rise to $27.90 next quarter, the group forecast.
Iraq Invited
Iraq will be able to start pumping oil from its northern fields in weeks because of limited damage to installations, the U.S. military has said. Production in the south, where the harm is greater, can't resume for three months.
As a point of protocol, OPEC headquarters invited Hussein's oil minister to attend Thursday's meeting. The current whereabouts of Amer Rasheed, who appears as the six of spades in the deck of cards issued to U.S. forces in Iraq detailing the most-wanted members of Hussein's regime, are unknown.
One of five nations that founded OPEC in 1960 in Baghdad, Iraq has no quota because of United Nations sanctions imposed for the nation's 1990 invasion of Kuwait. Iraq's Vienna embassy couldn't be reached to confirm if it will send a representative to the meeting.
Iraq will send a delegation led by Major General Jawdat al- Obeidi to the group's meeting Thursday, Reuters reported yesterday, citing an Iraqi opposition official.
Last Updated: April 20, 2003 19:01 EDT
Assad State Of Affairs From There To Here
Tuesday April 22, 2003 - 07:21:05 PM, PDT
Last Updated Apr 22, 2003 at 16:31 Sierra Time
SierraTimes.com, An Internet Publication for Real Americans
By R. A. Hawkins
It is quite apparent that Iran was not interested in Saddam's "Please take a Baath" program because they told the escaping leadership to take a hike. Syria however seems to have a suicidal tendency just like Saddam's government. Now that the cash cow for the Palestinians is gone, maybe the parents of the children there can find better things for their kids to do than blow themselves up to line their parent's pockets. Saddam isn't around anymore to send them money. Syria's Assad might be dumb enough to take up where Saddam left off however. The only neighbor they have invaded is Israel which is cool with the Democrats unless they are in New York and have to court that Jewish vote.
Syria poses a bigger problem for all of us here because they actually have a rather nice missile program. I suspect that missile program is what prompted Sharon to go to the Al Aksa mosque. He knew exactly what he was doing when he went there, make no mistake. He was also aware that Arafat had violated everything he agreed to in the Oslo Accords. When Israel finally pushed back after Arafat let the inmates out of the asylum, they found all sorts of weapons and explosives that the Palestinians had promised not to keep or buy ever again. They seem to have a bit of trouble keeping their word. Rather than just attack them, Sharon simply pushed their little buttons and they acted accordingly. He knew the other side was depending on a bunch of loonies to do their dirty work. The problem with loonies is they have no self control and lots of buttons.
To all of the antis who have chanted "Not in our name", right you are. Nothing was done in your name at all. Those who have helped us in Iraq are better Americans then a lot of the antis. Those people are leaders and glad to have gotten rid of Saddam's sleazy regime. If Europe and all of the antis had gotten their way those people wouldn't have even had the chance to help get rid of Saddam. They probably would have ended up with a wife's or daughter's severed head on their porch.
Yes Syria is building an ICBM and they even have a base for it. Nice pictures we took of it to say the least. You can find them over on Newsmax.com. China and Russia have been helping with that for quite a while now: They are such great world partners. Russia and China have been quietly undermining us for a long time. Anybody ever hear of Yamantau mountain? Anybody ever seen the Chinese bases in the Bahamas? They are setting us up and the funny part is the rhetoric is all too familiar.
They are in Venezuela and blaming us for having tried to remove Chavez. If we had been involved in that, the guy would be pushing daisies. It wouldn't have had the stink and haunting familiarity of the phony kidnapping/coup in Russia. That was such a well orchestrated joke it was laughable. The really amazing part is the number of people, small though it is, who believe the Russian and Chinese lies in all of this. They are so contrary they will believe the government of the enemy before they will believe their own. When the WMD's are finally located those dullards will say we snuck them in. Never mind the fact that Saddam was probably smart enough to realize we were going to pound them with bombs and it might not be a very bright idea to keep those vials of VX next to the old head board or on his nightstand, or anywhere near him. They are buried and hidden, nice, safe and deep.
The funny part about all of the rhetoric lately is that it is quite familiar. All one has to do is change the scapegoat and it all sounds the same. That belies a single source. Anybody ever read any of Zhirinoffsky's comments? They sound like they are from 'Mein Kampf'. The same is true with a lot of the radicals here. In Ambrose Evan Prichard's book, 'The Secret Life of Bill Clinton', he had an interview with Mahon from Elohim city. He stated Iraq was helping to fund their movement. Now the amount of money wasn't much and he said they quit sending money the moment the OK bombing happened, but he said they were sending money up until then. Isn't that interesting? To those who think that bombing was a great and patriotic American achievement I would like to point out what was accomplished by that one act in OK city. Clinton had done such an incredible job he had just lost Congress to the Republicans. His loss was probably due to the assault weapons ban for one thing. Then there was that little fundraiser for the BATF in Waco. When that bomb went off he managed to regroup against the Republicans and started an open war on the real conservatives in this country. Nice Job! So if we look at that one act and ask the rather basic question of 'Who gained?', Bubba's name pops up on the screen doesn't it? I have noticed people have forgotten that Bubba is now gone and it will take years to root out all of the nasty people he installed. All of the really sleazy acts occurred after that incident. We had our nuclear secrets stolen and in the next election we suffered from China syndrome. It only got worse after that.
My view is that we have an alliance with Israel and we should stick to it. Any nation that dumps its allies when the going gets tough is doomed to have no allies. I don't back the European approach that said a long time ago "Send them down there and we can get rid of them later." That approach is just more Nazism with a stupid little smiley face pasted on it. Since my view makes me a neo-con that makes those who hold the European view Neo-whats?
Comments are always welcome. Please send them to ironwyng@aol.com.
R.A. Hawkins is the author of "Through Eyes of Shiva", available through amazon.com. Visit Entropical Paradise for more commentaries and editorials by R.A. Hawkins.