4 Burst results for "Organization of Petroleum"
"organization petroleum" Discussed on KPRC 950 AM
"Have another 9 11. Heaven forbid we could have not the delta. Very. We could have the Lambda variant, which is out of South America, Central America, which evidently is even more infectious and deadly. Who knows what's gonna happen. There's all kinds of things it's easy to forecast trends. They just keep going till it happened. It's that dog on event that changed that trend That's difficult and by a wish, the last in the last decade and just take the last couple years have we seen things happen in a crazy way? When you're talking about the gross national product? One of the things I think a battle and even know if it applies is that there are many businesses. As you said, that need help. There's restaurants that can't find workers. There's all sorts of even hospitals can't find Workers, the other thing as far as the gross national product. There are so many. I've never heard about more shortages of everything. As far as having a product available. Some products are hard to get computer chips. I even read in The Wall Street Journal. Maybe a month ago, There was a shortage of foam to put inside sofas and other soft things. So we've seen shortages of every kind. It seems to be. Hard to get any kind of products cranked out at this point in time. It is difficult and part of that's logistics. You know, I'd call it logistics. They may make it in China, or they may be made in Columbia, South South America, but getting it where it needs to go as logistics. And what we have is logistics system that was running at Max Speed. Kind of shut it down for a little while and it's hard to spool it back up, and that's what we're sitting today on the logistic side. But that said, you know, jobs are still everything to economy and and we think about this in this downturn. Go back to February of 2020 never in history. Well, let me put this in perspective. Let me let me go back to 2000 and before the housing bubble burst. From 2000 and eight to the trough. The great recession. We lost eight million jobs over 24 months. From February, 2020 in March in April. Literally. In 60 days we lost 22.4 million jobs. Almost three times as many as we lost the great recession now the differences That we've got back about 75% of those jobs already. The problem is all those jobs are never going to come back because we figured out how to do things differently without them. Uh, what? We'll talk jobs a minute. Let let me let me use. Of course we live in Houston. And you've got to say Well, remember, I told you about this the U. S recovery. We're not recovering as quickly Houston even though he didn't lose as many jobs Part of its oil and gas. But let me tell you what every business is doing today, and I'm gonna use oil and gas industry as an example. Now I'm old enough, Bill. I'm 67 a you and I remember well back to 1972 73 73 OPEC came about the Organization Petroleum Exporting Countries. And they decided they were just gonna cut back oil production. And when they did, oil prices exploded because we didn't produce a lot of oil in the U. S. We produce some, but not nearly enough for own consumption. So we're going to do fast track and in the US, we literally got up to almost 1500 drilling rigs active in the US Back in 2014. That's a lot and in 2020, we got all the way down. 200 change. The fewest number drilling rigs we'd seen 1972 73 before the start of OPEC, and so you say, Well, how does oil and gas Inter survived that so? Think think about this picture. Go, go go back to 2014 when oil was well over $100 a barrel And then all of a sudden, literally within them, 12 bus oil was down to the $20 high $20. You know, and gas, state and business And then we came out and literally a year ago last recent years until now, we worry Net oil exporter in the United States, even though We had the fewest drilling rigs in history in 2020. And of course, good news is always come back since then, but not to where it was. So I want to show you how the oil industry's survive because I guarantee you every business in America is doing this. So if you got a pencil, pull it out and just take a few notes. In 2014 average price per barrel in the U. S for the year was $93 and change. We had 525,000 people working in extraction and support on oil and gas. We produced 8.8 million barrels. All right. Fast forward to 2020 Price dropped 58%. It went from $93.26 to $39.16 Imagine if whatever you sold or made was now worth 60% less of what it was. Six years ago. That's exactly what happened. Oil and gas, but you kind of stay in business. So what they did is the production from about 8.8 million barrels per day. Back in 2020. We produced 11.3 million barrels per day, so we ended up producing well rounded off 30% more. Prices were 60% less, but we did that with 40% fewer workers. So here we are in 2020. Compared to 2014. We're getting 60% last for oil. We're producing 30% more with 40% fewer workers old And 76% fewer drilling rigs. Corporate America, wall and gas included just changed the way we did business had to to survive. I guarantee you every business in America is doing the same thing today. In these uncertain times. You have business America running lean and mean. They want to make sure they survive in the future. And to do that, you gotta control your expenses. You control your P's and Q's your plants and courts as I used to say. So we're doing business a different way. So let's you want to talk about Houston jobs, everything else now. Well, before we do that one thing I'm thinking about as we think about the U. S as as a big picture. His movement we and it relates to Houston. We've heard about all the people we see him moving. I saw in Ohio High license plate, the other. They haven't seen that one lately, but we have people moving to Houston. We have people moving to Texas. But what else is going on with this movement in in other places before we zero down here and into Houston, so let's talk about the pandemic..
"organization petroleum" Discussed on Houston Public Media Local Newscasts
"Seven in houston. I'm kiro buckley. City council is expected to vote on the budget later. Today if council approves the mayor's plan firefighters will get an eighteen percent raise over the next years starting in july. That's in part. Thanks to federal cove relief funding flowing to the city. Meanwhile we're learning that houston. Firefighters are seeking voter support in their ongoing pay dispute with the city. The firefighters union is collecting signatures for a city charter amendment that would require houston to resolve contract. Disputes were expecting a press conference this afternoon and will continue to bring you the latest here on news. Eighty eight seven. The texas electric grid is about to get an overhaul. The legislature says electricity generators and critical natural gas facilities must prepare for winter weather. But the actual implementation of the law will fall on state. Regulators reporter dominic. Anthony walsh says that has experts concerned. Many natural gas companies actually benefit from shortages. Right now there is. There is no market forced reliability for gas. Peter crampton is an economics professor and former vice chair of the board. The prices went up by a factor of one hundred or more and so the even though the quantity was a little bit less they may tens of billions of dollars during the crisis and had they been able to fully supply. They would have made a lot less money. senate bill. Three which is on governor abbots desk would put the railroad commission in charge of figuring out how to whether is critical gas infrastructure those same financial ties to end campaign contributions from the natural gas sector. And they have repeatedly deflected blame for the editors towards renewables. I'm dominic anthony walsh. In san antonio with west texas crude finally in the upper sixty dollar range houston oil and gas companies are watching the organization petroleum exporting countries or opec the international oil cartel announced plans to boost oil output back to two point one million barrels per day this summer last year the pandemic caused oil producing countries to cut output amid an economic slowdown. It's unclear how opec's decision will impact oil prices which have finally stabilized in the sixty five dollars a barrel range. That's right around the price companies. Say they need to make a profit governor greg. Abbott has signed into law asleep of legislation targeting protesters restricting cities abilities to reduce police budgets. The texas tribune reports that yesterday. Abbott signed four republican backed bills aimed at widespread protests over police killings of black and latino americans and calls to reduce spending on law enforcement. Mostly the bills upgrade.
"organization petroleum" Discussed on KCRW
"Ah, A big economic union anniversary is coming in the next week. Oh Pet or the organization Petroleum Exporting Countries is turning 60. OPEC had a major impact on the world in its early years, but it's had to adjust to a changing universe in order to stay relevant. You'll get the details in about 10 minutes. This week on the business. Greg Whiteley is the director of the Netflix series Cheer, which is up for six Emmys This year. The show depicts the grueling world of competitive community college cheerleading in a small Texas town. Cheer goes into the sometimes heartbreaking back stories of the young competitors as they vie for a spot on the mat. The situations can be sensitive, and earlier this year, Whitely told me he still has misgivings about the way he depicted one set of parents. I like them. I truly enjoy their company. I think they're crazy, but I had it here. Yeah, I think they are. I called them right after I started reading online what people were saying about them? And I just asked her. You alright? Greg Whiteley on his Emmy nominated Docuseries Cheer today at 1 30 on Casey R W's the business. Gonna be sunny today. Not quite as hot ties in the seventies to mid eighties ager near the beach, looking for eighties and nineties in the L. A basin up to 109 in the valleys should be somewhat cooler tomorrow but going to warm up again on Wednesday. And expected to stay hot for the end of the week, with some relief coming this weekend, right now to lax and 74 degrees 74 in Santa Monica 73. In Santa Barbara. Support for NPR comes from NPR stations.
"organization petroleum" Discussed on Monocle 24: The Briefing
"Doesn't tell us anything that the European leader who was most generous at the time German Chancellor Angela Merkel eastill in a job. Well she is in her job. But I mean that's largely Reflecting the complexity of German politics and the weakness of the various other sides She fought an election which she did. Her party didn't do nearly as well in us. They expected leaving a degree of political disarray in Germany She's just lost her anointed successor. placing jomon politics again in a degree of chaos And and the sort of uncertainty which has actually deprived her of the political authority that she had across Europe after the twenty fifteen crisis so she hasn't been immune from the effects of that. We'll finally on today's news panel at least one. Politician has shown willing to suggest to an anxious public that they might be getting carried away. Vis-a-vis the Corona Virus Covert Nineteen Die Andrews Premiere of the Australian State of Victoria has tweeted. I know people are concerned and I don't want this to come across as insensitive in any way but it's worth remembering that there is a difference between being prepared and panicking. It seems response to Australian supermarkets being plucked clean of toilet paper among other staples James. I can only report that as of earlier this week. there is no sign of panic at the TESCO superstore enlighten stone. You witnessing any not where I live in. No there's no panic. Buying in my part of London been doing an online shoplifting. Though in a couple of things did disappear from the list. I was relieved though that toilet paper instantly and eggs was another one but was released. Rows able to to other similar products so it wasn't too much of a of a panic by their. That was that was in another part of the UK that I was ordering to delivery for so no not so far And I haven't annoyed. I'm a very frequent traveler on London underground the cheap systems that same but I am yet to see one of those pictures. We've seen on social media of people with buckets on now not in real life. I mean I'm not talking to people wearing a mask again. I travel on the underground twice a day. It's very striking me and I mean I've I've been through a few airports in the last three weeks. And you come to London Heathrow and you see very or at least until yesterday you saw very very few mosques Almost any other airport you see many many more And especially with people who it appears rather flying to or from Asia. Mary what do you think we're looking at here? Is it a failure to understand risk or a reluctance to completely trust government? Because what strikes me is I. I was in Australia. Which is obviously where I'm from not long ago in the middle of those dreadful bushfires I mean I say in the middle I was not personally in the middle of them but I was there when they were happening and destroy. Millions generally responded WE'VE COMMENDABLE STOIC. Fortitude in the face of an obvious crisis. Where's this so far at least Touch with their sixty cases in Australia and yet people are freaking out. Yes and I don't think they're completely unreasonable. Or illogical to to to freak out because they look across at China and they look across at something which was Initially kept rather quiet and minimized and now they see the scale of that and even where you see smaller scaled including in the UK. You're looking at only just now. One hundred plus People affected nonetheless. You look at how it escalated in China and you reproduce thought. Psychologically you reproduce that on your own country and when you talk about panic buying I mean th there is a problem that because if if people start buying up sort of a bit extra than it only takes a little bit more For that to escalate into panic buying now I have to say that I haven't been buying anything let alone so I think in a few weeks time I will be entirely dependent on government rations for the improvident. Didn't prepare for the worst joins wall. We await the airdrops of big bags of lentils How how should government be managing this though because the risk is obviously that you end up creating a response that he's actually more damaging than the problem? I mean I. I think that this politicians have sticking their neck out to degree. It shows the dilemma which politicians find themselves. Which is I think is spending their some of the political capital accrued with his leadership during the bushfires. I'm quite quite possibly an because the thing is you'll really not taking much of a risk by saying this is terribly terribly serious Because if it turns out not to be searched you can say well at least being responsible following medical devices such a center if however you say anything in public which might appear that you're making light of this or sangster to pull yourself together then. I think you're taking a bit more of a risk particularly does turn out to be serious. We've seen lots of comparisons with h five n one with SARS and similar things over the last few years when it is to The the number of people affected the number of deaths did not match the more worrying predictions. But nobody wants to be said and that's not going to happen this time so I think that's why a lot of politicians being little more Cautious James Rogers and Mary Digest Key. Thank you both very much for joining us. You're listening to the briefing on monocle. Twenty Four. You're listening to the briefing time now to get the latest business headlines with Bloomberg's you and thoughts you and shares in everything toilet paper and hand sanitizer still heading downwards hello unto yes concerted efforts from the world's central banks and governments to soften the blow from the spread of Krona virus really not convincing invested that double rate cuts fifty basis point rate cuts from the US Federal Reserve Investors Today piling into the world's safest most liquid assets a wall of money leaving stocks going into the bond markets now Europe stocks. One hundred down some three and a half percent so far today but markets down rights around the world. This particular selloff kicked off in Asia with stocks falling from Tokyo and Sydney Hong Kong now government bonds. Seeing an incredible rallied. Today it's been going on for a couple of weeks now and the yields on ten year and thirty year government bonds dropping to fresh record lows. Remember when money goes into bond the prices go up and the yield goes down just by way over the situation the US tenure of on which the kind of benchmark yield we talk about the beginning of this year. That was above one point nine percent. It's now nor point. Seven five percent a year ago. It was two point. Seven percent so an enormous drop off in government bond yields and shares selling off around the world to little sewing as well of agreement among oil ministers meeting today in Vienna yet. It's a fascinating High-stakes diplomatic gamble by oil ministers from the cartel of producers called the Organization Petroleum Exporting Countries OPEC plus meeting in Vienna. Now a bit plus was formed back in two thousand sixteen when Russia a massive massive energy producer. Joined the group in a wider discussion about Limiting outputs now the group is pushing for big cuts. They want Russia to join them in reducing output by a further one and a half million barrels. A day this of course is to offset the impact of Corona virus which is really reducing the growth in demand oil Russia. So far is playing hardball. Energy Minister Alexander. Novak arrived from Moscow this morning and told minister he wants to leave. The current supply reduction reductions in place until June. And then maybe they can consider deeper cuts when they get to that. The other countries are keen to cut out but now to prop up prices but the market thinks is looking not likely deal is going to be done and that is seeing oil. Prices dropped through the floor. They down as much as six percent earlier on today to their lowest level since the middle of twenty seventy you and pods facts as always for joining us. That was you and pulse at Bloomberg. You're listening to the briefing monocle and Rolex. Bring you the pioneers. For the founder of Rolex Ams Wills dove the world was like a living laboratory. He began to use it as a testing ground for his watches from the Nineteen Thirties. Sending them to the most extreme locations supporting explorers who ventured into the unknown but the.