Page 7 - Aruba Today 25 April 2015
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U.S. NEWSSaturday 25 April 2015
Oil, gas, power, prices are big themes from energy meeting
JONATHAN FAHEY profit, and speculating on Gas prices were under two dollars a gallon are seen at a service The CEOs of BP, Total and
AP Energy Writer what it could all mean for the pipeline company
HOUSTON (AP) — In the economies and consumers Kinder Morgan all said they
year since the energy in- around the world. thought company valua-
dustry last gathered in for its Speaker after speaker here tions were still too high, but
big annual confab in Hous- said that prices for oil, gas- could fall if oil and gas pric-
ton, prices for oil and natu- oline and diesel will remain es stay low for another year
ral gas took a dive that few, far below where they had or two.
if anyone, saw coming. been for much of this de- “We certainly have the fire-
A chastened parade of cade. power and the interest,”
energy executives, ana- “Lower for longer,” is how said Kinder Morgan CEO
lysts, academics and gov- BP CEO Bob Dudley de- Richard Kinder.
ernment officials from scribed it. Exxon CEO Rex Complaints about govern-
several countries deliv- Tillerson said: “This is going ment rules and regulations
ered speeches and par- to be with us for a while.” were especially shrill this
ticipated in panels as part IHS’s Kurt Barrow expects year, because many cost
of IHS’s CERAWeek ener- oil prices to maybe climb companies money that is
gy conference, worrying back to $65 a barrel by the suddenly in short supply. Oil
over prices and making a end of the year. Adam Si- companies took particular
aim at the 1970s-era ban
station in Leonia, N.J. In 2015, natural gas has fallen even further on crude oil exports.
U.S. crude oil is selling for
than oil as U.S. drillers have been producing enormous amounts much lower prices than
crude elsewhere in the
of gas and mild winter weather kept demand relatively low. world — and crimping pro-
ducers’ revenue — in part
(AP Photo/Seth Wenig) because it can’t be export-
ed. They want the ban to
eminski, administrator of in the U.S. averaged $2.51, be lifted, arguing that low-
er U.S. crude prices don’t
the U.S. Energy Information compared with $3.69 a translate to lower fuel pric-
es for consumers. Thant’s
Administration, expects oil year ago. because exports of gaso-
line, diesel and jet fuel are
to average $60 this year. “There is some really good not restricted so they fetch
prices based on the global
The average price for U.S. news for consumers,” Sie- price of crude.
Coal and power compa-
oil topped $90 from 2011 minski said. nies complained about
coming carbon dioxide re-
through 2014. The U.S. oil industry is hurt- strictions, renewable ener-
gy companies complained
Natural gas has fallen even ing but its financial backers about uncertain subsidies,
and everyone complained
further than oil as U.S. drill- haven’t panicked. about the expense and
time required to acquire
ers have been producing Often, oil and gas pric- permits needed for new
projects.
enormous amounts of gas es decline because of a The big issue for the electric
power industry is a coming
and mild winter weather weak economy. This time EPA rule that will force them
to reduce emissions of car-
kept demand relatively the economy is growing. bon dioxide. q
low. Bankers and investors are
The oil and gas executives flush with cash, and ap-
delivered this news grimly, pear willing to wait out the
but people who use their low prices to benefit from a
products are likely to be turnaround.
delighted. Low natural gas This may have a perverse
prices mean lower heat- effect, however. Compa-
ing costs for the half of U.S. nies will have the resources
households that use natural to get right back to work
gas for heat, and they also as soon as prices rise, and
translate directly to lower a quick rise in production
electricity prices in many could stanch a large in-
areas. And U.S. households crease in oil prices.
will save about $700 this Resilient stock prices also
year on lower gasoline ex- mean that smaller, weaker
penses, according to gov- companies are not cheap
ernment estimates. As of enough for bigger, stronger
Friday, a gallon of regular players to buy.
U.S. NEWSSaturday 25 April 2015
Oil, gas, power, prices are big themes from energy meeting
JONATHAN FAHEY profit, and speculating on Gas prices were under two dollars a gallon are seen at a service The CEOs of BP, Total and
AP Energy Writer what it could all mean for the pipeline company
HOUSTON (AP) — In the economies and consumers Kinder Morgan all said they
year since the energy in- around the world. thought company valua-
dustry last gathered in for its Speaker after speaker here tions were still too high, but
big annual confab in Hous- said that prices for oil, gas- could fall if oil and gas pric-
ton, prices for oil and natu- oline and diesel will remain es stay low for another year
ral gas took a dive that few, far below where they had or two.
if anyone, saw coming. been for much of this de- “We certainly have the fire-
A chastened parade of cade. power and the interest,”
energy executives, ana- “Lower for longer,” is how said Kinder Morgan CEO
lysts, academics and gov- BP CEO Bob Dudley de- Richard Kinder.
ernment officials from scribed it. Exxon CEO Rex Complaints about govern-
several countries deliv- Tillerson said: “This is going ment rules and regulations
ered speeches and par- to be with us for a while.” were especially shrill this
ticipated in panels as part IHS’s Kurt Barrow expects year, because many cost
of IHS’s CERAWeek ener- oil prices to maybe climb companies money that is
gy conference, worrying back to $65 a barrel by the suddenly in short supply. Oil
over prices and making a end of the year. Adam Si- companies took particular
aim at the 1970s-era ban
station in Leonia, N.J. In 2015, natural gas has fallen even further on crude oil exports.
U.S. crude oil is selling for
than oil as U.S. drillers have been producing enormous amounts much lower prices than
crude elsewhere in the
of gas and mild winter weather kept demand relatively low. world — and crimping pro-
ducers’ revenue — in part
(AP Photo/Seth Wenig) because it can’t be export-
ed. They want the ban to
eminski, administrator of in the U.S. averaged $2.51, be lifted, arguing that low-
er U.S. crude prices don’t
the U.S. Energy Information compared with $3.69 a translate to lower fuel pric-
es for consumers. Thant’s
Administration, expects oil year ago. because exports of gaso-
line, diesel and jet fuel are
to average $60 this year. “There is some really good not restricted so they fetch
prices based on the global
The average price for U.S. news for consumers,” Sie- price of crude.
Coal and power compa-
oil topped $90 from 2011 minski said. nies complained about
coming carbon dioxide re-
through 2014. The U.S. oil industry is hurt- strictions, renewable ener-
gy companies complained
Natural gas has fallen even ing but its financial backers about uncertain subsidies,
and everyone complained
further than oil as U.S. drill- haven’t panicked. about the expense and
time required to acquire
ers have been producing Often, oil and gas pric- permits needed for new
projects.
enormous amounts of gas es decline because of a The big issue for the electric
power industry is a coming
and mild winter weather weak economy. This time EPA rule that will force them
to reduce emissions of car-
kept demand relatively the economy is growing. bon dioxide. q
low. Bankers and investors are
The oil and gas executives flush with cash, and ap-
delivered this news grimly, pear willing to wait out the
but people who use their low prices to benefit from a
products are likely to be turnaround.
delighted. Low natural gas This may have a perverse
prices mean lower heat- effect, however. Compa-
ing costs for the half of U.S. nies will have the resources
households that use natural to get right back to work
gas for heat, and they also as soon as prices rise, and
translate directly to lower a quick rise in production
electricity prices in many could stanch a large in-
areas. And U.S. households crease in oil prices.
will save about $700 this Resilient stock prices also
year on lower gasoline ex- mean that smaller, weaker
penses, according to gov- companies are not cheap
ernment estimates. As of enough for bigger, stronger
Friday, a gallon of regular players to buy.
