P.M. Executive Briefing - Feb. 8
This Afternoon's Headlines:
ul>
Oil Prices Breaking Records
As the price of diesel fuel and home heating oil in the Northeast keeps growing, politicians there are asking the federal government for help, and President Clinton backed $45 million worth of federal emergency assistance for the area. Energy Secretary Bill Richardson will have hearings in Boston next week about the possibility of releasing oil from the Strategic Petroleum Reserve and whether there has been price gouging.Some independent truckers are parking their rigs due to high diesel prices, and carriers in other parts of the country are refusing hauls that would take them into the Northeast. The heating oil prices are forcing some residents to seek public assistance and making others consider gas heat, and businesses in the region are trying to stay afloat. Associated Press (02/08/00); Ivey, Catherine
Analysts Expect Dip in Oil Prices
According to the new report "World Oil Trends 2000" from Cambridge Energy Research Associates and Arthur Andersen researchers, oil prices will likely drop in the near future as oil-producing countries examine what the market will bear. Late in the spring, the Organization of Petroleum Exporting Countries will probably try to halt inflation by raising production.Cambridge Energy President Joseph Stanislaw said the countries will try to find a way to keep prices strong without ruining their markets as well as hurting world economic growth, which could also impact oil demand. Oil producers could raise production capacity if they believe high prices will continue.
Stanislaw said OPEC will probably aim for prices per barrel in the low $20s, although in December the trade magazine World Oil's annual forecast said prices could become stable in the $25-$28 range. Associated Press (02/08/00); Babineck, Mark
M.S. Carriers Inc., Posts 4Q EPS $0.62 Vs. $0.54
M.S. Carriers said earnings per share for the fourth quarter were 62 cents, up from 54 cents in the year-earlier quarter, as net income rose to $7.9 million from $6.8 million and revenue rose to $163.6 million from $140.5 million.For the full year, earnings per share rose to $2.39 from $1.99 the previous year, net income rose to $30.6 million from $25.3 million, and revenues rose to $620.4 million from $528.8 million. Standard & Poor's (02/08/00)
Abreast of the Market: Covenant Transport
HCFP/Brenner began covering long-haul carrier Covenant Transport, rating it a "strong buy;" Covenant stock reached 14.875, up 0.625, on the Nasdaq Monday. Wall Street Journal (02/08/00) P. C2; O'Brien, RobertDOE Will Give $75 Million to Clean Fuel Research
The U.S. Department of Energy will fund clean-fuel development and superior emissions-cutting devices via $75 million worth of research grants, Secretary Bill Richardson said Friday. Land Line Magazine Online (02/07/00)© copyright 2000 INFORMATION, INC. Terms of Service
