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Saturday, May 31, 2008
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Upstream Oil and Gas Activities, Maryland -
Summary from multiple countries, from articles in English
A rise in the price of oil operates as a tax on nations such as the US that are net importers of oil, while also transferring income domestically between oil producers and consumers. (article 3) Why are oil prices so high? Economists will tell you that prices are set by supply and demand and, indeed, at the heart of the rise in oil prices are what are known as the fundamentals. (article 2) Opec had just been founded and was focused on wresting control of its members' oil riches from the clutches of the US, Dutch and British oil companies dominating the industry at the time. (article 5) Indonesia, Opec's only Asia-Pacific member, on Wednesday quit the oil cartel, finally accepting its dramatic shift from an oil exporter to a consumer crippled by high prices. (article 6) The decision is one of the strongest signals yet of the dramatic economic and social impact of $130 oil on Asia, the world's engine of economic growth and oil demand. (article 6) Purnomo Yusgiantoro, Indonesia's energy minister, explained that, as a net importer of oil, the country wanted world oil prices to fall while Opec's 12 other members did not. (article 6)

Other summaries about this story:
  • Summary from United States, from articles in English (6 articles) [compare]
  • Summary from the United Kingdom, from articles in English (4 articles) [compare]

  • Other stories about oil, prices and energy:
  • Think gas prices are high? Try $11 in Turkey (6 articles)
  • Gas prices inch closer to $4 while oil gyrates (14 articles)

  • Event tracking:
  • Track this story's development in time

  • Story keywords
    oil, prices, energy, Gas, crude

    Source articles
    1. Upstream Oil and Gas Activities, Maryland - (baltimoresun.com, 05/30/2008, 403 words)
    2. Q&A: Record oil prices (BBC News, 05/29/2008, 883 words)
    3. Oil price surge hits US growth outlook (ft.com, 05/29/2008, 542 words)
    4. High oil prices hit global economies (BBC News, 05/28/2008, 1689 words)
    5. Opec exit lacks impact but full of symbolism (ft.com, 05/29/2008, 519 words)
    6. Indonesia pulls out of Opec (ft.com, 05/28/2008, 387 words)
    7. Soaring costs put pressure on North Sea (ft.com, 05/28/2008, 453 words)
    8. Brown urges increased oil supply (BBC News, 05/28/2008, 742 words)
    9. Rising fuel prices: European views (BBC News, 05/28/2008, 843 words)
    10. Biodiesel Keeps Home Fire Burning (Wired, 05/28/2008, 568 words)




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