More Economics & Oil Market News

Market watch, June 26

Energy futures prices closed mixed in trading on the New York Mercantile Exchange Friday. Trading was less volatile compared with the rest of the week as traders finally started to absorb the real effects of OPEC's production increase. Recent reports blaming regulations and speculation for the price increase�not the lack of supply�also had a calming effect on traders.

New York, California mull new price caps

New York and California will consider imposing new electricity price caps this week to cool spiraling power prices. Under the proposed New York plan, generator bids into the day-ahead and real-time market would be capped at $1,000/Mh-hr. California Independent System Operator will consider a measure to reduce to the maximum price to $250/Mw-hr from the current $750/Mw-hr. Opponents say insufficient generation capacity is the problem.

Market Watch: June 27

Oil futures prices declined Monday in New York and London as traders took profits on the markets' previous gains. Several analysts claimed the correction of recent over-valuations was long overdue, pending the decision by members of the Organization of Petroleum Exporting Countries to increase production July 1.

Gore outlines energy program

US Vice-President Al Gore Tuesday proposed a long-term, $75 billion program intended to reduce US dependence on imported oil, lower pollution and purported global warming, and ensure against electricity shortfalls. Gore, the apparent Democratic presidential candidate, outlined a 'National Energy Security and Environment Trust Fund' that would provide tax breaks and other financial incentives for changes in energy and environmental practices.

Market watch: June 28

Oil futures prices increased on world markets Tuesday as US Energy Sec. Bill Richardson voiced concerns about low heating oil stocks in the Northeast.

US senators propose gasoline tax holiday

Four US senators said Wednesday that they would push for approval of a bill that would suspend the 18.4�/gal federal gasoline tax for 150 days, through the Thanksgiving Holiday travel weekend. Filing the bill were Sens. Kay Bailey Hutchison (R-Tex.), Spencer Abraham (R-Mich.), Peter Fitzgerald (R-Ill.), and Rod Grams (R-Minn.).

Oil industry reacts to gasoline allegations

Oil companies and associations Wednesday had their first opportunity to explain to Congress why gasoline prices have soared in the Chicago/Milwaukee area. Oil industry representatives testified at House commerce and judiciary committee hearings that also heard from government officials and consumer groups.

Market watch: June 29

Gasoline and natural gas futures prices fell Wednesday on the New York Mercantile Exchange, in response to earlier reports of increases in those supplies.

The Blame Game

Political pundits have begun to proclaim that higher energy prices will be a major campaign issue in the US elections this fall.

Industry getting word out about the why of high gasoline prices

The oil industry is finally getting the word out of the why of high gasoline prices, will it defuse the controversy?

SOME THOUGHTS ON PRICE-GOUGING

What is price-gouging, anyway? The activity has been much in the news lately. Because gasoline prices have leaped from the give-away levels and below at which they had languished for many months, oil companies stand accused of what is implied to be a horrible offense.

Market watch: June 30

Oil futures prices surged Thursday on international markets as strong fundamentals of supply and demand prevailed.

New York ISO adopts $1,300 price cap

In a controversial move, the New York Independent System Operator Friday adopted a $1,300/Mw-hr bid cap on electricity, rejecting a management committee recommendation for a lower $1,000/Mw-hr cap. The board instructed the staff to file an application with the US Federal Energy Regulatory Commission for implementation July 7. The cap will be effective until Oct. 28, 2000.

US EPA proposes higher volatility limits for ethanol-blended gasoline

Late Friday afternoon on the eve of a long holiday weekend in the US, the federal Environmental Protection Agency announced it has proposed a rule that will relax evaporative emissions limits for summertime reformulated gasoline (RFG) containing ethanol. EPA says the action will make it easier for refiners to use ethanol in RFG and still maintain the air quality benefits of the RFG program.

Market Watch: July 3

Oil futures prices dipped Friday on the New York Mercantile Exchange as traders, reluctant to hold positions over a 4-day holiday weekend, engaged in profit-taking following a strong market performance Thursday.

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