World Economic news reported March 25, 2000.

“The NYMEX sweet crude oil price peaked at $34.00 per barrel on March 7, 2000. “NYMEX wholesale unleaded gasoline
prices went briefly above $1.00 per gallon.  

They have decreased somewhat since then but are still above 90 cents.  In some parts of the United States, retail prices for
unleaded gasoline are above $2.00 per gallon, setting record highs!” (1)

The recent price increases are attributed to the combination of cutbacks in oil production by the Organization of Petroleum
Exporting Countries (OPEC) and
increased demand as the world economy continues its economic recovery from recession in
the late 1990s. “(1 )
When the price of oil goes up, oil producers earn more petrodollars while oil and gas consumers pay more for less.

Published on The Weekly Standard (

The World at $50 per Barrel

Does $50 oil represent a new price level, or a bubble about to burst, and what does it mean for the global economy?
Irwin M. Stelzer
October 5, 2004 12:00 AM

“HURRICANES hit America's offshore oil rigs, temporarily closing down about 10 percent of the nation's oil production.
Insurgents hit Iraq's oil facilities. Rebels led by Alhaji Mujahid Dokubo-Asari hit Nigerian oil fields. Terrorists hit foreign oil
workers in Saudi Arabia. Putin hits Yukos.
All unrelated events, all with the same effect: higher oil prices, proving that the
industry's production, transportation, and processing facilities are stretched to the limit:

“Why gasoline prices are rising while oil isn't
With crude prices down 25 percent from last summer, prices at the pump should be lower. Right?
By Jeff Cox, contributing writer
May 17 2007: 4:32 PM EDT

NEW YORK ( -- Last summer when oil traded at a record high near $79 a barrel, gas at the pump went for
about $3.03 a gallon. Today, crude's about $65 a barrel and a gallon of regular unleaded costs $3.10
Doesn't seem right, does it? The price of a barrel of crude ought to be a better benchmark for what you pay at the gas pump.

In today's economy, though, that type of formula is out the window, a relic from the days when refineries kept crude stocks
high during winter months and Americans didn't drive longer and longer distances to get to home, work and play.
Nowadays, pump prices are determined far more by supply and demand for gasoline than by how much traders buy and sell
crude for on the open market:


USA Today-Oil prices slip to $96 after setting record  11/7/2007 3:47 PM

"We got kind of a mixed reaction," said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago.
Light, sweet crude for December delivery fell 33 cents to settle at $96.37 a barrel on the Nymex. Before the report's release,
prices rose as high as $98.62, a record. Trading was volatile, with futures falling by nearly $2 a barrel at times in afternoon

Some analysts think oil prices have far outpaced levels that are justified by the underlying principles of supply and demand.
These analysts blame
market speculators for pushing crude prices to record levels, and predict that a correction, or sharp
decline, is imminent.”


“According to New York SunOil prices soared to $100 a barrel today for the first time ever, reaching that milestone amid an
unshakeable view that global demand for oil and petroleum products will continue to outstrip supplies.
economies in China and India fed by oil and gasoline have sent prices soaring over the past year, while tensions in
oil producing nations like Nigeria and Iran
have increasingly made investors nervous and invited speculators to drive prices
even higher.
Violence in Nigeria helped give crude the final push over $100. Bands of armed men invaded Port Harcourt, the center of
Nigeria's oil industry yesterday, attacking two police stations and raiding the lobby of a major hotel. Word that several
Mexican oil export ports were closed due to rough weather added to the gains, as did a report that OPEC may not be able to
meet its share of global oil demand by 2024.

Crude prices, which have flirted with $100 for months, have risen in recent days on supply concerns exacerbated by Turkish
attacks on Kurdish rebels in northern Iraq and falling domestic inventories.
However, post-holiday trading volumes were about
50% of normal today, meaning the price move was likely exaggerated by speculative buying.

"I would imagine the speculators are the biggest drivers today," an analyst at Alaron Trading Corp., in Chicago, Phil Flynn,
It's hard to say whether prices would have risen as quickly on a normal trading day, Mr. Flynn said. While crude prices have
soared on mounting supply concerns in recent months, speculators have often been cited as a reason for the swiftness of oil's
Moreover, many of the concerns about supply disruptions have yet to materialize, but that hasn't stopped buyers from driving
prices higher.

"Although the (Nigerian) violence has not impacted oil flow out of the country, it has reignited supply concerns as militant
attacks have reduced Nigeria's crude output by roughly 20% since 2006," an analyst at SunTrust Robinson Humphrey, John
Gerdes, said in a research note. Nigeria is Africa's largest oil producer.”

"(A decline) is not anything unusual for this time of year, but when it happens for 7 weeks in a row, it starts to add up," an
analyst at Summit Energy Services Inc. in Louisville, Ky., Amanda Kurzendoerfer, said.
Oil prices are within the range of inflation-adjusted highs set in early 1980. Depending on how the adjustment is calculated,
$38 a barrel then would be worth $96 to $103 or more today.
Gas prices peaked at $3.227 a gallon in May as refiners faced unprecedented maintenance issues and struggled to produce
enough gasoline to meet demand. A similar scenario is expected this spring, when gas prices could peak above $3.40 a
gallon, according to the Energy Department's Energy Information Administration.


Oil tops $104 for first time NEW YORK, March 3 2008 (Xinhua)
–China View

Oil prices topped 104 dollars a barrel Wednesday for the first time ever after a U.S. government report said supplies of crude
fell significantly last week, instead of rising as expected.

U.S. light crude for April delivery rallied to 104.64 dollars on the New York Mercantile Exchange in afternoon trading, beating
the previous all-time intraday high of 103.95 dollars set Monday and breaking the previous inflation-adjusted price record of
103.76 dollars, set in 1980 during the Iran hostage crisis.

The front-month contract jumped 5 dollars to settle at a record104.52 dollars a barrel on the NYME.
Most analysts had expected the Energy Department's Energy Information Administration to report oil supplies rise last week
for the eighth straight time. Instead, crude-oil supplies fell 3.06 million barrels to 305.4 million in the week ended Feb. 29,
according to the Energy Department.

A 2.4-million-barrel gain was forecast, according to the median of responses by
15 analysts surveyed by Bloomberg News
before the report's release.

Analysts said the surprise decline in crude inventories would no doubt give the bulls an impetus to take prices higher.
t, OPEC, the 13-nation cartel that controls about 40 percent of the world's oil production, decided to leave the output
quotas unchanged, as had been widely expected by the market.

OPEC members meeting in Vienna insisted that oil markets are well supplied and blamed record prices on factors outside the
cartel's control, including speculators and the "mismanagement" of the U.S. economy

“ Further support for oil prices came from escalating tensions in South America. OPEC member Venezuela reportedly
deployed tanks and its air and sea forces toward the Colombian border in its first major military mobilization in a crisis with


OPEC rethinks oil output cuts as U.S. economy lags
WASHINGTON, March 3 (Xinhua) -- With high oil prices weighing on a struggling economy, the OPEC oil cartel is
reconsidering its plans to cut production, a move that could push prices above their current record levels, The New York
Times reported Monday.

Instead, OPEC is likely to keep output unchanged when its members meet Wednesday, the report said.
When the Organization of the Petroleum Exporting Countries gathered in Vienna last month, the group suggested that it might
curb production soon to make up for a seasonal decline in oil demand.

Since then, however, oil prices have risen above 100 dollars a barrel and the economic picture in the United States, the
world's leading oil consumer, has darkened significantly.

The report said that oil prices usually fall between the peak winter and summer seasons. Typically, refineries prepare to shut
down for annual maintenance and oil consumption is lower.
But while recent data indicates that oil inventories are increasing and Americans are curbing their energy use, the price of oil
has been reaching new records.

"Even if OPEC is worried about a drop in demand, they don't want to be blamed for a recession," Adam Sieminski, chief
energy economist at Deutsche Bank, was quoted as saying. "That would be bad public relations. so they will do nothing."
Earlier, Commerce Department figures showed that the U.S. economic growth nearly halted in the fourth quarter of 2007,
expanding by only 0.6 percent, compared with 4.9 percent in the third quarter.
Whatever OPEC does, analysts expect oil prices to remain high this year, said the report

Opec decided to leave the output quotas unchanged, as had been widely expected by the market”. (5

Oil surpasses $126 per barrel ahead of U.S. driving season

THE ASSOCIATED PRESS Friday, May 9th 2008, 9:23 AM Oil prices surpassed a record $126 per barrel Friday .
Light, sweet crude for June delivery rose $2.51 to a new record of $126.20 a barrel in electronic trading on the New York
Mercantile Exchange by the afternoon in Europe.(6)

On Friday, The Wall Street Journal published a report that suggested closer ties between Venezuelan President Hugo
Chavez and
rebels attempting to overthrow Colombia's government, heightening chances that the U.S. could impose
sanctions on one of its biggest oil suppliers as a state sponsor of terror.(6)

Chavez has been linked to Colombian rebels previously, but the paper reported it had reviewed computer files indicating
concrete offers by Venezuela's leader to arm guerillas.(6)

"If we put on sanctions I'm sure Chavez would threaten to cut off our oil supply," said Phil Flynn, an analyst at Alaron Trading
Corp. "Obviously that would have a major impact on oil prices."(6)

Even if Chavez cut oil shipments to the U.S., Venezuela would still pump and sell oil, Flynn said. And much of that oil would
come to the U.S. via middle men, who would buy it from Venezuela and resell it to the U.S. But that new layer in the supply
chain would bump up costs, he said.(6)

“A prediction by analysts at Goldman Sachs seeing oil rising as high as $150 to $200 a barrel within two years also has
boosted prices.(6)
Analysts, however, struggled to explain the continued rise of oil futures after a larger-than-expected buildup of crude oil stocks
reported Wednesday in the United States.(6)

"Crude oil is currently held up in a tug-of-war between the Goldman reality and the physical reality," said Olivier Jakob of
Switzerland's Petromatrix in a research note,
adding that the investment bank's prediction made for "a great story to support
pension funds piling more into commodities.” (6)

(Reuters) - Oil rose on Wednesday | Wed Jun 18, 2008 3:30pm

as a strike threat by workers in OPEC nation Nigeria stoked supply concerns ahead of a meeting of top producers and
consumers aimed at tackling soaring energy prices.(7)

U.S. crude settled up $2.67 to $136.68 a barrel, while London Brent crude settled up $2.72 at $136.44 a barrel.
Workers at the Nigerian unit of U.S. energy giant Chevron (CVX.N)
were poised to go on strike after talks between their union
and management failed.

Further support came after the White House said it was not expecting Saudi Arabia to announce an output increase when
producers and consumers meet in the kingdom on June 22
News the world's top oil exporter plans to ramp up output to help bring down high prices, which touched a record near $140 a
barrel earlier this month, had weighed on prices earlier in the week.

"The news about Nigeria workers at Chevron ready to strike is unsettling because they produce light sweet crude, which we
want and if OPEC doesn't raise output ... that's bullish for crude," said Mark Waggoner of Excel Futures Inc.
Rising fuel costs have caused protests around the globe, prompting Saudi Arabia to call the meeting between producers and
consumers in Jeddah.
Oil prices have jumped nearly 40 percent this year, extending a six-year rally that has sent prices up nearly seven-fold on
rapid demand growth from emerging economies like China.(7)


NEW YORK | Thu Jun 26, 2008 Oil hits record over $140, Libya studies
output cut By Matthew Robinson

(Reuters) - Oil prices surged nearly 4 percent to a record over $140 a barrel on Thursday after Libya said it was studying
possible options
to cut output in response to potential U.S. actions against producer countries.

U.S. crude settled up $5.09 at $139.64 a barrel, after hitting an all-time high of $140.39 earlier, eclipsing the previous record
of $139.89 a barrel hit on June 16. London Brent crude settled up $5.50 at $139.83 a barrel.

After Thursday's settlement, prices fell more than $1 to $138.61 on news that the U.S. House of Representatives directed the
Commodity Futures Trading Commission to use its authority, including emergency powers, to "curb immediately" the role of
excessive speculation in energy futures markets. The Senate must now take up the measure.
Earlier, the record was hit largely on the news from Libya.

"The crude oil market spiked sharply higher in early trading after Libyan National Oil Company chief Shokri Ghanem said that
Libya was considering a production cut," said Tim Evans of Citi Futures Perspective.

Ghanem, Libya's most senior oil official, said he was studying the possibility of reducing production in response to a bill before
the U.S. Congress that would empower the Justice Department to sue members of the Organization of Petroleum Exporting
Countries for limiting oil supplies.

"We are studying all the options," Ghanem told Reuters. "There are threats from the Congress and they are taking OPEC to
court, extending the jurisdiction of the U.S. outsidethe U.S."

Libya pumped about 1.71 million barrels per day (bpd) of oil in May, according to a Reuters survey, out of total OPEC output
of 32.12 million bpd

President George W. Bush has said he would veto the legislation if it were passed by Congress. The House of
Representatives passed the bill in May, but the Senate has yet to schedule a vote on the measure.
Oil prices have rallied over the past six years, supported by surging demand from emerging economies like China.
U.S. crude prices stood at $70 a year ago.

Rising flows of cash into commodities from investors seeking to hedge against inflation and the weak dollar have added to
gains this year.

The dollar fell broadly on Thursday after the Federal Reserve held interest rates steady on Wednesday and dashed
expectations of an imminent rate hike.

Oil's gains helped push down U.S. stocks on Thursday, with the Dow falling to its lowest level since September 2006 on
recession worries.


By Rebekah Kebede
Fri Jul 11, 2008 3:58pm EDT
(Reuters) - Oil prices jumped $5 to a record high above $147 a barrel on Friday amid growing worries about threats to
supplies from Iran and Nigeria and a strike by Brazilian oil workers next week.

Analysts said oil's rally could run further if problems with U.S. mortgage companies Fannie Mae and Freddie Mac feed into the
commodities boom by reducing the chances of an interest rate hike by the Federal Reserve.

The troubles with the mortgage giants -- which control $5 trillion in debt -- helped pare crude's gains after it hit new highs as
dealers focused on U.S. economic turmoil that has already slowed oil consumption in the world's top energy user.

U.S. crude settled at $145.08 a barrel, up $3.43, after climbing as high as $147.27 earlier in the day and adding to gains of
$5.60 from Thursday. London Brent crude settled at $144.49 a barrel, up $2.46.

"I'm seeing profit-taking here after the run-up to a new record, but we are going into a weekend and with all these things being
reported on Iran, you wouldn't want to go short," said Daniel Flynn, an analyst at Alaron Trading.

“In addition,
Iraq's Defense Ministry said on Friday that it had no knowledge of Israeli air force drills in its airspace, contrary to
a media report carried on the
Jerusalem Post website that sparked crude early Friday. An Israeli security source also said the
report was wrong
“Missile tests this week by Iran, against a backdrop of rising tensions with Israel and the United States, has left the oil markets
about a potential supply disruption from the world's No. 4 exporter”.(1)

“Workers at Brazil's Petrobras
plan to launch a five-day strike on Monday” (1)


Oil prices fall to less than $80 per barrel
•   Lowest in 13 months as commodities fall along with equities
October 11, 2008|By David R. Baker, Chronicle Staff Writer

The price of oil tumbled more than 10 percent Friday to its lowest level in more than a year, as traders feared that the global
economic crisis will kill demand for crude.

Oil sold on the New York Mercantile Exchange dropped $8.89 to close at $77.70 per barrel, its lowest price since Sept. 10,
2007. Caught in the sell-off decimating all financial markets, oil plunged $16.18, or 17 percent, for the week.

"At this point, it's just everybody trying to liquidate everything," said Peter Beutel, president of the Cameron Hanover energy
risk management firm.

Friday's plunge added further proof that the historic bull market that drove oil prices above $145 per barrel this summer is truly
. It's welcome news for drivers, who in California now pay an average of $1.08 less per gallon than they did earlier this

Failure to cut output hits oil price    
 Graeme Wearden
•, Tuesday 2
December 2008 11.35 GMT
•        Article history
The oil price slipped to its
lowest level in nearly four years today after oil-producing countries failed to cut output,
and the US was
officially declared to be in recession.

The cost of a barrel of London Brent Crude for delivery next month hit a low of $46.02 this morning, its lowest
price since mid-February 2005. New York crude also maintained its steady decline, hitting a low of $47.36 a barrel,
lowest point since May 2005.

Traders said the oil price had been weakened by Opec's decision to leave output unchanged last weekend at a
meeting of member countries.
Saudi Arabia has indicated it is keen to keep the oil price at around $75 a barrel, half the $147 a barrel reached at
its peak in July. But the steady stream of negative economic news in recent weeks has hammered the oil markets.
Yesterday America's National Bureau of Economic Research (NBER) said the
US economy entered recession in
December last year.
This reinforced fears that major world economies could shrink through 2009, hitting demand
for energy.

Toshihiro Nikai, Japan's minister of economy, trade and industry, said cheaper oil was good news for consumers
and businesses.

"There are frequent comments by oil producers about $60-$75 per barrel…but for us, the cheaper the oil price, the
better," he told journalists in Tokyo.

The oil cartel is due to meet again in two weeks, and analysts believe it could announce a cut in production to
bring supply more in line with demand.



Associated press Feb. 22, 2011 in  By CHRIS KAHN, AP Energy Writer Chris Kahn, Ap Energy Writer
NEW YORK – Oil prices
soared to the highest level in more than two years as Libyan leaderMoammar Gadhafi
urged his supporters to attack protesters who are violently challenging his 42-year rule.

Only a small part of Libya's oil production appeared to be affected, though analysts fear that similar
revolts will spread to OPEC heavyweights like Iran.Benchmark West Texas Intermediate for April delivery
jumped $5.71, or 6.4 percent, to settle at $95.42 per barrel on the New York Mercantile Exchange. Oil hasn't
been that high since it settled at $97.92 on Oct. 1, 2008.Retail gasoline prices in the U.S. held steady overnight
at a national average of $3.171 per gallon.Libya holds the most oil reserves in Africa and is the world's
15th-largest crude exporter at 1.2 million barrels per day, according to the Energy Information Administration.

As the Libyan government cracked down on protesters, Western oil companies including Eni and Repsol-YPF
temporarily suspended oil production in the country. BP has started evacuating workers.

Any production losses in Libya could be quickly absorbed by other countries like Saudi Arabia.
The official Saudi Press Agency quoted Saudi Arabia's oil minister Ali Naimi as saying that Saudi's production
capacity of 12.5 million barrels per day can help "compensate for any shortage in international supplies.
" Saudi Arabia currently produces around 8 million barrels per day.

The International Energy Agency said in a statement on its website that it is ready "to make oil available to the
market in the event of a major supply disruption.
" The Wall Street Journal reports that the IEA plans to meet
this week to discuss the possible release of strategic stockpiles, if necessary.

The main concern stalking markets is that revolts in the Middle East and North Africa
will spread to other members
of the Organization of Petroleum Exporting Countries, particularly Iran, the group's second-largest producer.
Energy consultant Jim Ritterbusch said a
"fear premium" has added about $10 per barrel to the price of oil.
That means prices could tumble once the region settles down. "But that doesn't look like it's going to happen
anytime soon, he said."

Eni, Libya's biggest oil producer, idled operations that produce one-quarter of the country's output at 244,000
barrels of oil and gas per day. Spain's Repsol-YPF, which also suspended production Tuesday.


Exxon hits back at gas price anger

Click the chart for more on Exxon Mobil.
By Ben Rooney, staff Reporter april 28, 2011: 2:37 PM ET

NEW YORK (CNNMoney) -- In an attempt to deflect rising anger among American drivers and political leaders, Exxon Mobil
said Thursday that it makes relatively little money on gasoline, even as it reported a nearly $11 billion quarterly profit.

"We understand that it's simply too irresistible for many politicians in times of high oil prices and high earnings -- they feel they
have to demonize our industry," said a statement from Exxon vice president Ken Cohen.

The statement argued Exxon is not to blame for the recent surge in gas prices, now above $4 a gallon in many areas.

Exxon argued that most of its profit comes from overseas operations, and that earnings in its refining business, which
converts crude into gas, make up only 6% of its earnings.

(If most of the profit comes from overseas, why raise the pump prices in the U.S.? The U.S.price increase is causing un-due
hardship to the U.S... Barbara Mitchell)

The company said the recent surge in oil prices is due to strong global energy demand, and a stormy political climate in the
Middle East and the weak U.S. dollar.

In addition, Exxon said federal and state taxes make up 40 to 60 cents of the price for a gallon of gas, compared with the 7
cents per gallon that the company earns.

(I believe the 40 to 60 percent of federal and state tax referenced above is the same-taxes collected-at-the-pumps and from
end users in general. It is collected-from-each-individual-or-business-each- time one purchases gas. Therefore the 40 to 60
percent of federal and state tax referenced above is not an additional gift to the government from Exxon's profits. I believe that
40 to 60 percent taxes is acknowledged as a Business-expense. Of course I could be wrong, the rules of accounting and the
definition for speculation is different for the oil industry. Forgive -me, Barbara Mitchell)  

Exxon also lashed out at the task force recently created by the Obama administration to crack down on speculation in the oil
and gas market.

In response to recent criticism of tax loopholes for the oil industry, Exxon said it has paid nearly $59 billion in U.S. taxes over
the past five years, including $9.8 billion last year.

(Additionally if Exxon was going for sympathy, it would have helped if they would have included their  gross cumulated
earning, and gross cumulative profits for the last five years. That along with the $59 billion that they collected from the people
and businesses, and later transferred to the State and Federal government would have given the full picture.  To me that
validates that Exxon is going to collect enough additional money as profits from the people, no matter how much tax they are
required to pay.  In other words, if the U.S. want to benefit from lower oil prices, then the Federal and State government will
have to lower the tax to 10 to 20 percent, because the oil companies are going to collect whatever amount of profit they
desire...... Now thats a perfect example of what happens when government buy- in-to

Because it takes billions of dollars, and decades to break up big corporation-monopolies, maybe there can be a compromise.
If the government and the oil industry can agree on a price for gasoline pump prices, for example under $3.00 per gallon, for
at least 5- 7 years. That would  give the U.S. time  to get off life support.

The oil industry made profits in the year-2000 when the pump prices for gasoline were $ 1.50 per gallon and less. Diesel fuel
was under $1.00 per gallon. According to a Chicago Sun Times "Quick Takes" article by Zay N. Smith dated May 15 2001:
"BP Amoco posted record annual profits of $14.2 billion, more than double the previous year's of $6.2 billion, and the third
largest corporate profit in world history"; The article states that: "BP's profit was the largest ever by a British company,and  
follows a world record $17 billion made by global oil leader Exxon Mobil for the same period, and 13.1 billion in earning from
Europe an rival Royal Dutch/Shell Group"

In the compromise the oil companies would agree to a fixed  price and the government would agree to a fixed tax reduction for
the same 5- 7 years.  Barbara Mitchell )

Big Oil's $4 billion tax break in doubt
The retort came after Exxon Mobil, the world's largest publicly traded oil company, said it earned $10.7 billion in the first three
months of 2011, up from $6.3 billion in the same period last year.

Exxon chief executive Rex Tillerson said the performance reflects higher crude oil and natural gas "realizations," using
industry jargon for prices.

Tillerson also pointed to strength in Exxon's chemicals business and improved refining margins.

0:00 /4:51On board a Gulf oil platform
Oil prices averaged $95 a barrel in the first quarter, compared with $79 a barrel in the first quarter of last year.

But the rally in the oil market accelerated toward the end of the quarter, with prices powering above $100 a barrel in March. In
April, oil prices have averaged nearly $110 a barrel, up 20% from the start of the year.

The spike in gas prices has weighed on consumer spending, and put a damper on economic growth in the first quarter.

While oil prices remain below the record highs of nearly three years ago, the recent run has raised hopes among investors
that 2011 could be another banner year for Exxon.

In 2008, Exxon reaped the largest annual profit of any company in U.S. history, reporting a whopping $45 billion on the back
of high oil prices. Its largest quarterly profit, $14.8 billion, came in the third quarter of that year.

Other major oil companies have also benefited from the recent run-up, including Royal Dutch Shell (RDSA), which said
Thursday that profits rose 40% in the first quarter to $6.9 billion. Chevron (CVX, Fortune 500), the world's second-largest
publicly owned oil company, is scheduled to report results Friday.

Despite the strong results, shares of Exxon (XOM, Fortune 500) edged down 0.6% to $87.27 each. But the stock is up 20%
so far in 2011, making it the best performer in the Dow Jones industrial average after Caterpillar (CAT, Fortune 500).

Read  Article

DECEMBER 2, 1998   12:24 PM
CONTACT: US Public Interest Research Group
Athan Manuel
Breaking News from America's Progressive

Big Oil: Badder Than Ever: Proposed Mergers of Exxon with Mobil and BP with Amoco Highlight Dangerous New Trend in Oil
WASHINGTON - December 2 - The proposed merger of Exxon and Mobil, coming less than six months after the announced
merger of British Petroleum (BP) and Amoco, is Big Oil at its worst. Almost ten years after the Valdez oil spill, Exxon is once
again trying to make notorious corporate history.
Big Oil has a proven track record of corporate irresponsibility. The proposed mergers will only make it easier for these mega
companies to drill in sensitive areas and mock our anti-trust laws. We urge regulators in the U.S. and the European Union to
protect citizens from the serious ramifications of these mergers and reject both the Exxon Mobil and BP Amoco mergers.
The mergers will cut costs and help Big Oil drill in even the remotest parts of the planet. Consumers, however, will not benefit,
and the environment will almost certainly suffer.
Exxon and BP have abysmal environmental track records. Exxon is responsible for the largest environmental disaster in U.S.
history, the Exxon Valdez oil spill. BP is not much better. In Prudhoe Bay, Alaska, a BP subcontractor recently was fined $15
million for illegally injecting hazardous waste back into the groundwater at the company�s Endicott oil field. Just last month a
BP underwater pipeline in the Gulf of Mexico spilled more than 150,000 gallons of oil. Government regulators should not
reward their eco-recklessness.
Of primary concern is the coastal plain of the Arctic National Wildlife Refuge, one of the last undeveloped areas left in the
United States. Exxon and BP are aggressively lobbying Congress to open up the Arctic Refuge, and are two of the principle
owners of the Trans-Alaska Pipeline system (TAPS). Mobil and Amoco are minority owners of the TAPS. The proposed
mergers would consolidate ownership of the pipeline even more, raising serious anti-trust issues concerning America�s Arctic.
In September consumer advocates warned that the proposed merger of BP and Amoco would lead to more consolidation in
the oil industry. That is obviously happening. Texaco, Chevron, Unocal and ARCO are probably looking over their shoulders
as this mad rush to consolidate and remonopolize shakes up Big Oil.
The mergers would contribute to an excessive concentration of financial and political power in a small number of huge
corporations. The original authors of the antitrust laws sought to avoid excessive concentrations of power. As a result
Standard Oil was broken up into 34 companies in 1911.
Now Standard Oil of New York Exxon -- and New Jersey Mobil are getting back together. Will the cloning and reinstallation of
John D. Rockefeller as CEO be far behind?
* * *
U.S. PIRG is the national lobbying office for the state Public Interest Research Groups. PIRGs are non-partisan, non-profit
environmental and consumer watchdog organizations that are active across the country.                

EXECUTIVE EDUCATION FEBRUARY 3, 2011 Harvard Changes Course
School's Curriculum Overhaul Part of a Push to Alter Elite B-School Culture

Harvard Business School is changing its curriculum, but whether it can reform business-school culture remains to be seen.

The university caused a stir last week when it said it would significantly revamp its M.B.A. program, adding new required
courses with an increased focus on ethics and teamwork. It's an unusual step away from the school's lauded case-study
method of teaching and the start of a planned overhaul—made more urgent as the school seeks to restore a reputation
tarnished by the financial crisis.

The changes are also part of an effort to diffuse what many see as a money-hungry culture that prevails at elite business
schools—a culture that some say helped create the recent crisis on Wall Street. "The public lost trust in business, and some
of our graduates seem to be responsible for that," says Nitin Nohria, who was appointed dean of the school in July 2010.

Lam Thuy Vo/The Wall Street Journal

Harvard Business School Dean Nitin Nohria steered recent changes in required classes.
At the elite schools, there's a growing sense that students don't care about what goes on in the classroom, only about the
connections they're developing between themselves, says Rakesh Khurana, a management professor at Harvard who has
studied business-education practices. "It's not clear what the purpose of business education is," he says. "It's got to be more
than high-paying jobs and more than a place to build elite social networks."

But critics are skeptical that curriculum changes alone can budge the M.B.A mindset. The culture is one of entitlement, says
2006 Harvard B-school graduate Philip Delves Broughton, author of "Ahead of the Curve: Two Years at Harvard Business

Read More-
The news articles listed below helps to validate many of the statement in the
chapter" How the marriage of the oil and investment banking incestuous
relationship speeded-up-the-recession’s peak: why unnoticed?" If any writer or
publisher of an article attached below objects to my using their information, please
contact me: , and I will remove the information. I
hope that you will read what I have written referencing your information before you
ask that I remove it. I linked your  articles to your websites.  I am just rushing to get
this information out since President Obama seem to be planning to do something
about the oil pricing situation  2011..Of course, I will ask your permission before I
use any of your information in my book
Thank You, Barbara Mitchell
Listing of news Articles referenced in "How the
Incestuous Marriage of the oil and investment banking
speeded-up-the-2008-2009 Recession-Meltdown
why unnoticed?":
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In First, Oil Prices Hit $100 a Barrel
By Associated Press | January 2, 2008
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                                                                       Price of Petroleum

Oil traded below $70 on October 16, 2008. On December 21, 2008, oil was trading at $33.87 a barrel, less than one fourth of the
peak price reached four months earlier. Prices did not rebound once 2009 started. Instead, after initially climbing above $48,
prices descended by mid-February to below $34, hurt by forecasts for further declines in world demand. Through March and
April 2009, oil traded at about $40 per barrel. By August 2009, prices returned to $70 a barrel

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