Despite the tumultuous political climate in the country, some oil companies have decided to sit down with the Government and negociate. Petrobras (Brazil), Repsol (Spain) and Andes Petroleum (China) are the companies who have made good with the Government, despite the legal spider-web that President Correa has woven around the energy sector over the past 10 months.
These companies are braving this storm in spite of the investor-hostile environment the country displays at present. Let's hope their stay is a good precedent for others in similar positions.
Full article
Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts
2008/08/01
GM has a tough 2nd Quarter
Today, GM reported a loss of over $15 billion in the 2nd Quarter of '08. This is partly due to a decrease in sales and many other factors, among which you can count a "$197 million charge related to the settlement of a nearly three-month strike at supplier American Axle and Manufacturing Holdings Inc., which hurt production at more than 30 GM plants."
This is bad news folks. If one of the largest auto manufacturers in the county is having a hard time it's probably because, in spite of any official reports, our economy is at an all-time low. Of course, this doesn't help the upcoming election, but I think it's time to fact the facts.
See GM article
This is bad news folks. If one of the largest auto manufacturers in the county is having a hard time it's probably because, in spite of any official reports, our economy is at an all-time low. Of course, this doesn't help the upcoming election, but I think it's time to fact the facts.
See GM article
2008/07/23
Oil prices finally come down!!
NEW YORK—Oil prices shed nearly $4 Wednesday, tumbling below $125 a barrel for the first time since early June on growing fears that high prices and the weak economy are destroying demand.
Light, sweet crude for September delivery dropped $3.98 to settle at $124.44 a barrel on the New York Mercantile Exchange, crude's lowest finish since June 4. The August contract expired Tuesday at $127.95.
At the gas pump, prices continued to let up. Regular gasoline dropped more than a penny to an average of $4.0402 a gallon nationwide, according to auto club AAA, the Oil Price Information Service and Wright Express. That is down more than 7 cents from last Thursday's all-time high. Diesel slipped 0.6 cent to $4.802.
Full article
Light, sweet crude for September delivery dropped $3.98 to settle at $124.44 a barrel on the New York Mercantile Exchange, crude's lowest finish since June 4. The August contract expired Tuesday at $127.95.
At the gas pump, prices continued to let up. Regular gasoline dropped more than a penny to an average of $4.0402 a gallon nationwide, according to auto club AAA, the Oil Price Information Service and Wright Express. That is down more than 7 cents from last Thursday's all-time high. Diesel slipped 0.6 cent to $4.802.
Full article
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