News Briefs - March 14
The Latest Headlines:
- Oil Prices Could Surge If U.S. Attacks Iraq
- Consumer Sentiment Falls in March, University Says
- P.A.M. Reports Better 4Q Results
- Daimler Purchases 43% of Mitsubishi Truck Unit
- Crude Oil Falls After Summit Announcement
- Consumer Sentiment Falls in March, University Says
Oil Prices Could Surge If U.S. Attacks Iraq
If the United States invades Iraq, the price of crude oil could surge to over $50 a barrel, a leading oil analyst told Bloomberg.In the event of a U.S. attack on Iraq, former Saudi Arabian Oil Minister Sheikh Zaki Yamani said Iraqi leader Saddam Hussein could destroy his oil fields, slashing supplies to the world oil market.
Supply concerns have pushed up the price of crude oil and finished fuels like diesel and gasoline.
Consumer Sentiment Falls in March, University Says
American consumers felt worse about the state of the economy, the University of Michigan said in releasing its monthly look at consumer sentiment.The university said in a preliminary report that its index of consumer sentiment fell to 75 in March from 79.9 in February.
The decline pushed the index to its lowest point since October 1992 when it was 73.3. Transport Topics
P.A.M. Reports Better 4Q Results
Truckload carrier P.A.M. Transportation Services Inc. said Thursday that it had net income of $4.0 million or 35 cents a share in the fourth quarter, up from the $2.5 million or 30 cents a share in the same quarter the previous year.The Tontitown, Ark., company said that for the quarter it generated revenues of $64.8 million, up from $56.3 million it reported in the final quarter of 2001.
For all of 2002, the company posted earnings of $16.6 million or $1.55 a share on $264 million in revenues. The previous year, P.A.M. posted earnings of $10.1 million or $1.18 a share on $225.8 million in revenues.
P.A.M. is ranked No. 69 on the 2002 Transport Topics 100 listing of the largest trucking companies in the United States and Canada. Transport Topics
(Click here for the full press release.)
Daimler Purchases 43% of Mitsubishi Truck Unit
DaimlerChrysler AG said that it has completed a purchase of 43% of Mitsubishi Corp.’s Fuso heavy-duty truck and bus manufacturing unit, Bloomberg reported.The company paid $765 million for the stake in the Japanese truck maker, Bloomberg said.
The companies had agreed to the deal in September, Bloomberg said. Transport Topics
Crude Oil Falls After Summit Announcement
The price of crude oil in the United States fell Friday after the government said it would be holding a summit meeting over the weekend with allies about the situation in Iraq, Bloomberg said.The news pushed oil prices down $1.06 a barrel in electronic trading on the New York Mercantile Exchange to $34.95 a barrel. The decline was on top of a 4.8% drop in oil prices Thursday.
High oil prices have pushed the prices of motor fuels like diesel and gasoline higher, hurting American businesses. The government said Friday that prices of finished energy goods rose 7.4% in February (Click here for related coverage.). Transport Topics
