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Crude Prices Surging On Mideast Flare-Up, Talk Of OPEC Embargo Bonds, Stocks Off On Fears But leading oil producers, fearing economic impact, nix talk of "oil weapon'.(A)
Byline: DONALD H. GOLD
Soaring oil prices are roiling markets, where players fear that Middle East violence could disrupt supplies.
Markets never like high oil prices, but that's what they're getting.
West Texas crude surged 90 cents Tuesday to $27.68 a barrel, the highest level since mid-September. Oil has shot up about $10, or 54%, in the last 3 1/2 months.
Higher crude prices are showing up at the pump. The nationwide average price jumped 14.36 cents to $1.38 a gallon in the two weeks to March 22 -- the biggest two-week surge ever recorded.
The next survey likely will show another rise, experts say.
The oil surge seems to have derailed a stock market rally, at least for now. The Nasdaq composite exploded nearly 50% in the three months to Jan. 9. It's since given back 12%, even as signs of an economic recovery have grown more convincing.
- Iran Brandishes The Oil Weapon; To Question The Holocaust.
- Newspaper article from: APS Diplomat News Service January 23, 2006 700+ words
...Iranian nation". Recognising the danger, German Deputy Foreign Minister Gernot Erler said: "We are seeing desperate measures...stance. Calling for a return to negotiations, Iranian Foreign Minister Mottaki accused the West of over-reacting to Tehran...
- Oil weapon.(News)
- Newspaper article from: Western Mail (Cardiff, Wales) April 3, 2002 700+ words
...to their highest level in six months on Monday over traders' fears that Mideast tensions could disrupt supply. Iraqi Foreign Minister Naji Sabri at a conference of Muslim countries in Kuala Lumpur, Malaysia, said using oil as a weapon was justified...
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- News wire article from: AScribe Business & Economics News Service January 16, 2006 700+ words
...is driven by baseless fears that an "oil weapon" can cut off our fuel supply, a Johns...and the threat of deployment of an "oil weapon" is toothless. His review of economic...policy? We do it because we believe the 'oil weapon' might be used to reduce our supply...
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- Magazine article from: Harvard International Review Mabro, Robert September 22, 2007 700+ words
...might have recourse to some form of the oil weapon again. However, upon examination of the historical precedent--the use of the oil weapon in 1973 and 1974--it becomes clear that the oil weapon is a blunt instrument that cannot be...
- The Arab Oil Weapon No Longer Exists; Sharon Cannot Provoke The Saudis.
- Newspaper article from: APS Diplomat News Service September 10, 2001 700+ words
...one which triggered the use of the Arab oil weapon in 1973. But a highly placed Saudi source...Riyadh will not be trapped into using the oil weapon. The following is the perspective seen...continue fighting for their rights. The oil weapon, in this context, is regarded as a...
- The Role of OPEC - No More Oil Weapon.
- Newspaper article from: APS Review Downstream Trends December 8, 2003 700+ words
...little chance the Arabs would use the oil weapon against the US. That was the height...the other OPEC members have dropped the oil weapon and transformed their organisation into...themselves in the foot, and that is why the oil weapon has never been used again". The IEA...
- The real oil problem: behind the myths of an oil crisis and an oil weapon is a...
- Magazine article from: Regulation Adelman, M.A. March 22, 2004 700+ words
...Middle Eastern exporters who can use the "oil weapon" to cripple the U.S. economy. Unless...does not have and has never had any "oil weapon." How fast Russian oil output grows...with the myths about an oil gap and an oil weapon. Once we do that, we will begin to...
- Saudis Reject Oil Weapon.(Brief Article)
- Newspaper article from: The Oil Daily October 11, 2000 700+ words
Saudis Reject Oil Weapon Saudi Arabia will not consider the option of holding back oil supplies...petroleum producers to impose an embargo on oil sales. "Using the oil weapon would be using a weapon against ourselves," he said. "We would...
