Oil prices historically tied to world crises William Browning William Browning – WedFeb23, 12:08pmET Contribute content like this. Start here . Ever since the global economy has been dependent upon crude oil imports and exports, world politics and economics have made the price of crude oil fluctuate suddenly. Thanks to recent political protests and massive unrest in North Africa and the Middle East, oil prices jumped up 6 percent as the largest single day increase for the past three years. Oil prices affect gasoline prices in America, which, in turn, increase costs to ship things across the country. When fuel prices rise, just about every price in America goes up. World politics and economics have caused oil prices to rise and fall dramatically over the past 40 years, so the current crisis is nothing new. Here are some relevant historical facts about oil prices on the worldwide market and their impact on the American economy. Oil Embargo of 1973 1973年的 石油禁运 The oil embargo of 1973 saw prices jump from around $10 a barrel to close to $25 per barrel. Arab countries cut back on exports to the United States in protest of the Yom Kippur War waged by Israel. Ever since this point in history, Americans have been wary of world events and gasoline prices. The oil embargo made the United States realize how dependent the country is upon imports of crude oil for the economy. Iran/Iraq War 两伊战争 The Iran/Iraq War further increased crude oil prices because demand was still rising while supplies were decreased. Part of the supply problem was a concerted effort on both Iran and Iraq to shift more oil to domestic use. Other supply issues dealt with both countries concentrating less on global supplies and more on local war efforts. Prices of crude oil skyrocketed in 1981 and 1982. Prices for the oil embargo were tame by comparison -- crude prices in the United States rose to more than $50 per barrel before leveling off to between $15 and $20 per barrel afterward. Economic Recession and Today 金融危机与当今 Prices of crude oil topped out at $140 per barrel in July 2008 as increased demand globally couldn't keep up with production. Then the global recession hit and prices tumbled to $35 a barrel six months later. Today's prices are around $92 per barrel after settling between $70 and $80 for over a year. Part of the reasons for modern fluctuations are sudden dips in supplies when oil shipments are disrupted. When supplies are shortened and demand remains the same, prices rise. Fears of Egypt's control over the Suez Canal and Libya's massive protests spark fears of disruptions in oil supplies for the United States and other parts of the world. The global economy is more dependent upon oil prices now more than ever when countries such as India and China are bringing more of their huge populations into the modern world. According to a November report by the U.S. Energy Information Administration, China became the world's third largest importer of oil by 2006. The world's largest country was previously a net exporter of oil; now 19 percent of the country's energy use is derived from it. When more cars need more gas, disruptions become more prevalent and price swings can be more dramatic. William Browning is a research librarian. Note: This article was written by a Yahoo! contributor. Join the Yahoo! Contributor Network to start publishing your own articles
Oil May Reach $117 by Year-End, Auerbach Grayson Says: Technical Analysis By Margot Habiby - Jan 14, 2011 8:08 PM GMT+0800 Crude oil may surge to $117 a barrel by the end of the year if it can break through resistance at $98, according to technical analysis by brokerage Auerbach Grayson. Futures reached highs of about $98 in November 2007 and January 2008, a so-called double top that corresponds to the starting point for a Fibonacci retracement study, said Richard Ross , a technical analyst with the New York brokerage. Ross omitted the spike above $100 to a record $147.27 a barrel in July 2008 from the calculations. I think were going to test that mini double top from 2007 and 2008, he said. If we can take that out, it sets the stage for the next leg up. Oil futures may reach $98 by the end of the first quarter, then test technical resistance at $109.50 and around $117, prices that correspond with Fibonacci levels that are 23.6 percent and 38.2 percent above the initial target, Ross said. Oil has support at about $87, a 23.6 percent retracement from $98, and then at around $84 and $80, he said. Oil for February delivery fell 46 cents, or 0.5 percent, to settle at $91.40 a barrel yesterday on the New York Mercantile Exchange . Prices have risen 15 percent in the past year. Technical analysts use historical chart patterns and tools such as the Fibonacci sequence to predict potential future price movements. To contact the reporter on this story: Margot Habiby in Dallas at mhabiby@bloomberg.net . To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net .
PetroChina Parent CNPC Increases Profit by 30% as Oil Price, Demand Climb By Bloomberg News - Jan 13, 2011 4:40 PM GMT+0800 China National Petroleum Corp. , the parent of the countrys biggest oil and gas producer, increased its profit by 30 percent last year as oil prices rose. The majority shareholder in Hong Kong-listed PetroChina Co. earned 167.6 billion yuan ($25.4 billion), President Jiang Jiemin said in a statement on CNPCs website today, without specifying whether the income was before or after tax. Profit reached 128.6 billion yuan in 2009, its annual report shows. CNPC benefited from the 15 percent jump in oil prices last year and higher output from fields outside China. The Beijing- based company, which holds assets and interests in 30 countries, said overall crude output may rise by an average of 2 million metric tons annually during the next five years, and CNPC is targeting a rapid increase in gas production. The estimated increases make sense, Yin Xiaodong , chief oil analyst at Beijing-based Citic Securities Co., said by telephone. Gas production growth will definitely outpace increases in oil, and overseas acquisitions will give CNPC a strong boost in the long term. CNPCs oil and gas production in countries including Kazakhstan rose 14 percent last year. PetroChina said this week its venture with BP Plc met their 2010 output target for the Rumaila oilfield in southern Iraq. PetroChina rose 9 percent in Hong Kong trading last year, compared with the 5.3 percent gain in the benchmark Hang Seng Index . The stock advanced 2.1 percent to close at HK$10.74. Global Business CNPCs overall production exceeded 200 million tons of oil equivalent last year, of which domestic fields accounted for 163 million tons, according to todays statement. PetroChina is targeting 400 million tons of oil equivalent in annual output by 2020 and plans to spend at least $60 billion in the next decade on overseas acquisitions, Jiang said in March. CNPCs total assets doubled to 2.62 trillion yuan ($397 billion) as of 2010 compared with end-2005. The parent company will build a global resource and trading network, Jiang said in todays statement. We will focus on investing in oil and gas assets and developing our engineering and technical services business. This week, PetroChina agreed to form a venture with U.K. refiner Ineos Group Holdings Plc, gaining a foothold in Europe. The venture adds to $6.9 billion of acquisitions by PetroChina in countries from Australia to Singapore in the past two years. Expect the listed flagship PetroChina to become even more bold and aggressive in their overseas acquisition plans, which could focus on Central Asia and Canada, Gordon Kwan , head of regional energy research at Mirae Asset Securities Ltd., said by e-mail. The global MA buyout is still alive and well. -- Wang Ying and Chua Baizhen in Beijing. Editors: Ryan Woo , John Viljoen . To contact the reporter on this story: Wang Ying in Beijing at ywang30@bloomberg.net ; Baizhen Chua in Beijing at bchua14@bloomberg.net To contact the editor responsible for this story Amit Prakash at aprakash1@bloomberg.net .
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