Oil price increases of 2004 and 2005

Oil price in 2003-2005 Average US retail price of regular unleaded gasoline Oil prices from 1860-1999 in 1999 dollars. Source: [1]

The price of standard crude oil on NYMEX was under $25/barrel in September 2003. By August 11, 2005, the price had been above $60/barrel for over a week and a half. A record price of $70.85 per barrel was reached on August 29, 2005.[2] While oil prices are considerably higher than a year ago, they are still roughly 25$ from exceeding the inflation-adjusted "peak of the 1980 shock, when prices were over $90 a barrel in today’s prices" [3].

In the United States gasoline prices reached an all time high during the first week of September 2005 in the aftermath of Hurricane Katrina. The average retail price was nearly $3.04 per gallon. The previous high was $2.38 per gallon in March 1981, which would be $3.03 per gallon after adjusted for inflation.[4][5]

Demand

High demand is led by the U.S. market, the source of an increasing percentage of the world's demand for petroleum. The U.S. economy currently accounts for one-quarter of all demand. New demand is also coming from emerging industry in third world nations, including India and especially China which is developing a western-style car culture and whose manufacturing bases have grown very rapidly in recent years.

Sources of the world-consumption-increase in 2004 compared to 2003 (total increase of 3.4%), according to U.S. Department of Energy Energy Information Administration estimates: [6]

  • China: 38.9%
  • US: 19.4%
  • Asia outside Japan and China: 13.8%
  • Canada: 4%
  • UK: 3.5%
  • combined other non-OECD: 21%

Note: the total percentage exceeds 100 because the overall demand from all other countries decreased during the same period..

Supply


There are a number of reasons why oil traders feel that oil supplies might be reduced. One of the most important is growing turbulence in the Middle East, the world's largest oil producing region. The war in Iraq, Iran's nuclear program, and questions about Saudi Arabia's internal stability all could in the future lead to a dramatic fall in the supply of oil. Outside the Middle East other oil producers have worried investors such as the strikes political problems in Venezuela and potential instability in West Africa.

In late August, 2005, Hurricane Katrina crippled the supply-flow from off-shore rigs in the Gulf Coast, the largest source of oil for the domestic U.S. market. Short-term shutdowns because of power outages knocked out two major on-shore pipelines, and at least 10% of the nation's refining capacity was not operating in the wake of the storm. Gas prices in the region, normally 70 cents below the national average, were at $3.12 on August 30.[7]

World supply (specification) came in at 83 million barrels a day during 2004 in department of energy EIA calculations ([8]). This rate of increase is faster than that of any other date in the past. Despite this there is increasing discussion of peak oil and the possibility that the future may see a reduced supply of oil. Even if oil supplies themselves are not reduced, some experts feel the easily accessible sources of light sweet crude are almost exhausted and in the future the world will depend on more expensive sources of oil.

The short term price of oil is partially controlled by the OPEC cartel and the oligopoly of major oil companies. One other important cause is the United States dollar's slump against the Euro. Since oil is traded in dollars, the price must increase for OPEC to maintain buying power in Europe.

Causes

Some people and news agencies argue that labor strikes, hurricane threats to oil platforms, fires and terrorist threats at refineries, and other general problems are responsible for the higher gas prices. Critics argue that these problems periodically push price higher, but that they are not fundamental or long term enough to cause the large jump in gas price. A more fundamental problem that some believe is causing the price to rise is the probability of peak oil already or soon to be reached. Not only is there a limited amount of fossil fuels which have been burnt as fuel, but however much remains will be used faster by a growing industrialized world population and what remains will be more dificult to get since the easiest wells have been tapped and the remaining sources will be fought over in resource wars.

Others believe that the price of oil is almost entirely speculative, and that the increase in price is due to oil speculation extending into the long term. These people argue that speculators foresee increasing demand, decreasing supply, or both, leading to a long term increase in the price of oil. If these speculators are wrong, current prices may actually be a price bubble, and the price could thus collapse. A July 14, 2005 Morgan Stanley report[9] suggests that opinions of the oil market could burst just like a bubble if indications of declining Asian demand continue.

Still others suggest that the main issue is a lack of energy efficiency in industry. These analysts believe the problem would be solved by increasing the efficiency of factories, homes and transportation and easing the demand crunch by using less energy and more renewable energy.

Spring & Summer 2005 increase

Overnight gas price hike shown at a Chicago area bp station (background). The Shell station (foreground) has not yet posted the 12 cent price hike.

After retreating for several months during the winter of 2004/2005, prices rose to new highs in March 2005. The price of light, sweet crude oil on NYMEX has been above $50/barrel since March 5, 2005. On March 16, 2005, the price surpassed the October 2004 high of $55.17 to close at $56.46. In April 2005 the price began to fall, reaching $53.32 on April 9. It then reversed course and headed to an all time high of $58.28, driven mainly by lingering concerns of a prolonged weak dollar. In June 2005 crude oil prices surged to record highs eventually breaking the psychological barrier of $60.

Saudi Arabian King Fahd's death on August 1, 2005, meant a new regime that may be less amicable to U.S. influence. During mid-August, with a string of refinery snags (fires/other deterrents to oil refining), shrinking gasoline inventories, and a growing thirst for oil by American consumers, New York Mercantile Exchange traded crude oil futures surged past the $66 mark and briefly touched $67/barrel. Over the course of three weeks leading up to August 10, crude oil prices had risen by 13%.

While the street price of gasoline usually corresponds to the price of crude oil, refinery capacity can become the governing factor, particularly during periods of high demand. In addition, there are different grades of oil and each refinery is typically configured to process a narrow range of grades. As a result, shortage of a particular grade of oil can keep street prices high, even when overall supply exceeds demand.

Winter 2006 increase

On January 17, sweet crude oil for February delivery rose by $2.38 (3.7%) to $66.30 a barrel. This was the highest increase since early October 2005. Observers believe that violence in Nigeria, and Iran's friction with the West are responsible for this price increase. Continued concerns about Iran raised the price to $68.38 on January 31.[10]

This section is a stub. You can help by adding to it.

Hurricane Katrina

Gas price hike shown at a Shell station.

Hurricane Katrina had a major impact on oil and gas prices, especially within the United States. The Gulf Coast is home to a major portion of America's refining capacity. The port of Louisiana is one of its most important inlet for oil imports, and the gulf itself is a major oil producer. Port Fourchon has also suffered long term damage. Louisiana Offshore Oil Port has not. [11]

Gas prices soared after the closing down of the major pipelines connecting the gas of the Louisiana region to the entire East Coast. In Stockbridge, Georgia, regular gas prices came to $5.87 at a BP station. Shortages were feared or experienced in several states including Tennessee [12], Alabama [13], and South Carolina. [14] Many of these were blamed on panic buying. Airports began to report shortages in aviation fuel on 2 September.[15] A shortage could lead to a decrease in food production.[16] Higher prices for heating oil and natural gas were expected as the winter heating season set in.[17]

On 5:10 p.m. EDT, on 31 August, President Bush announced the Energy Department was approving loans from the Strategic Petroleum Reserve and that EPA announced nationwide waver on fuel blends. Bush stated, "This storm has disrupted the ability to make gasoline and deliver gasoline," and "This is going to be a difficult road."[18] Many people have observed however that stores of crude oil do little to address inadequate refinery and distribution capacity.

In order to stabilize world energy supplies, the International Energy Agency offered to sell two million barrels of crude oil and other refined products from national supplies. These supplies would begin entering the US markets within two weeks of 2 September. [19] [20] The press release from the IEA states, "... the implications for the oil market are global."[21]

Effects

There is controversy regarding the potential effects of oil-price shocks. Some see these increases in the price of oil leading to a recession comparable to those that followed the 1973 and 1979 energy crises or a potentially worse situation such as a global oil crash. Most economists see this as unlikely, partly because all developed countries have high fuel taxes that decrease as oil prices increase and can be eliminated in the event of a dramatic price spike. Nevertheless, that loss of revenue would put a strain on government balance sheets. The American Strategic Petroleum Reserve could on its own supply current U.S. demand for about a month in the event of an emergency, unless it is also destroyed in the emergency. This could well be the case if a major storm were to hit the gulf, where the reserve is located. While total consumption has increased [22], the western economies are less reliant on oil than they were twenty-five years ago, due to substantial growths in productivity. In the United States, for instance, each $1000 dollars in GDP required 2.4 barrels of oil in 1973 when adjusted for inflation this number had fallen to 1.15 by 2001. But oil's historically high ratio of Energy Returned on Energy Invested continues a significant decline. Despite the rapid increase in the price of oil, neither the stock markets nor the growth of the global economy have been noticeably affected. Inflation has increased. In the United States, the Consumer Price Index rose by 0.6% compared to 0.2% for September. This was driven by a 4.2% increase in energy costs. As a result during this period the Federal Reserve has rapidly been increasing interest rates to curb inflation.

Economists say that the substitution effect will spur demand for alternate energy sources, such as coal or liquified natural gas. For example, China and India are currently heavily investing in natural gas facilities. Nigeria is working on burning natural gas to produce electricity instead of simply flaring the gas. Outside the US, more than 50% of oil is consumed for stationary, non-transportation purposes such as electricity production where it is relatively easy to substitute natural gas for oil.

The increased price of oil also makes previously impractical sources of oil attractive to businesses. The most prominent example of this are the massive reserves of the Canadian tar sands. They are a far less cost efficient source of oil than crude, but at 60 dollars a barrel, the tar have recently become very attractive to businesses. Recent months have seen billions of dollars invested in the oil sands.

The increased price of oil might also encourage greater fuel efficiency. Recent years have seen a move towards more fuel-thirsty sport utility vehicles in the United States and Canada, and this may be stopped by the high price of gas. The September 2005 sales data for all the vehicles vendor indicated SUV sales dropped while small cars sales increased compared with 2004 sales. There is also an ever increasing market for hybrid vehicles since they are more fuel efficient; since the 1973 energy crisis, the front-wheel drive passenger car has replaced rear-wheel drive as the preferred layout for energy efficient cars. There is an increasing demand of crossover sport utilities which are more fuel efficient - especially for those based on passenger car platforms.

USA Stock markets

Three-year performance of the oil industry... ...and one-month performance.

The increase in oil prices over two years was mirrored by an increase in stock values in the energy sector. The value of the stock in companies such as Apache[23] and Conoco-Phillips [24] rose sharply during this period. These prices increased more rapidly toward the end of August, particularly after Hurricane Katrina. [25]

Wal-Mart shares continued their decrease in value that began with the increase in the oil prices. Over two years, stock in Wal-Mart dropped in value by 25% from $60 per share to under $45 per share. [26] Earlier in August, Wal-Mart announced that higher than expected oil prices cut into the corporation's profits for the 2nd quarter of 2005. Since oil prices after the end of the 2nd quarter continued to rise, 3rd quarter profits from Wal-Mart are expected to be small. Because Wal-Mart's distribution system relies on the customer to drive to a large discount big-box store, increases in the price of fuel might discourage some customers from making the trip as often. Wal-Mart, like all retailers, will also face higher shipping costs to get goods from the factory to the stores. This will likely cause inflationary pressures.

Asia Pacific Region (excludes Australasia)

The Pacific rim had been experiencing this crisis on an ongoing basis prior to Hurricane Katrina.

  • In the Philippines, the oil crisis caused its public to call for immediate government assistance. [27] New sources of energy were sought to deal with the crisis.[28]
  • A senior minister of Singapore expressed concern at the oil crisis in Indonesia.[29]
  • The Indonesian president had instituted subsidies to control the price of gasoline.[30]


Sub-Saharan Africa

High oil prices are hurting many countries in Africa, including Zimbabwe, Eritrea and Tanzania. High oil prices have created an oil supply instability, per barrel price instability or both. In some cases this has led to fuel rationing being enacted.

  • Many countries in Sub-Saharan Africa lack the foreign exchange reserves (ie, Dollars) to purchase enough oil products at the ever increasingly higher prices. These nations must resort to limiting imports or rationing their existing supplies.

Latin America & Caribbean

Venezuela's president, Hugo Chávez, came under increasing scrutiny as he began selling oil at lower-than-market prices to island nations in the Caribbean. [31]

  • At the same time, Cuba has experienced electricity shortages.

Gulf States & Eurasian Arab-Islamic Regions

Iran came under increasing pressure from the European Union in regard to their program to build nuclear power plants.[32]


This page about gas prices includes information from a Wikipedia article.
Additional articles about gas prices
News stories about gas prices
External links for gas prices
Videos for gas prices
Wikis about gas prices
Discussion Groups about gas prices
Blogs about gas prices
Images of gas prices

Iran came under increasing pressure from the European Union in regard to their program to build nuclear power plants.[32]. There were three additional BBC television productions of Pride and Prejudice made in 1938, 1958, and 1967. [31]. Pride and Prejudice has been the subject of many film and television adaptations [1]. Venezuela's president, Hugo Chávez, came under increasing scrutiny as he began selling oil at lower-than-market prices to island nations in the Caribbean. She is the favorite aunt of the Bennet sisters, particularly Elizabeth Bennet. In some cases this has led to fuel rationing being enacted. Gardiner.

High oil prices have created an oil supply instability, per barrel price instability or both. Gardiner — wife of Mr. High oil prices are hurting many countries in Africa, including Zimbabwe, Eritrea and Tanzania. Mrs.
. Philips. The Pacific rim had been experiencing this crisis on an ongoing basis prior to Hurricane Katrina. Bennet and Mrs.

This will likely cause inflationary pressures. Edward Gardiner — brother to Mrs. Wal-Mart, like all retailers, will also face higher shipping costs to get goods from the factory to the stores. Bennet. Because Wal-Mart's distribution system relies on the customer to drive to a large discount big-box store, increases in the price of fuel might discourage some customers from making the trip as often. Philips — sister to Mrs. Since oil prices after the end of the 2nd quarter continued to rise, 3rd quarter profits from Wal-Mart are expected to be small. Mrs.

[26] Earlier in August, Wal-Mart announced that higher than expected oil prices cut into the corporation's profits for the 2nd quarter of 2005. Darcy. Over two years, stock in Wal-Mart dropped in value by 25% from $60 per share to under $45 per share. Colonel Fitzwilliam — nephew of Lady Catherine and friend and cousin of Mr. Wal-Mart shares continued their decrease in value that began with the increase in the oil prices. Darcy. [25]. There is enmity between him and Mr.

These prices increased more rapidly toward the end of August, particularly after Hurricane Katrina. George Wickham — an attractive young soldier who wins the friendship of Elizabeth Bennet. The value of the stock in companies such as Apache[23] and Conoco-Phillips [24] rose sharply during this period. Darcy, suffers from some infirmity. The increase in oil prices over two years was mirrored by an increase in stock values in the energy sector. Anne de Bourgh — daughter to Lady Catherine and presumed betrothed of her cousin Mr. There is an increasing demand of crossover sport utilities which are more fuel efficient - especially for those based on passenger car platforms. Darcy.

There is also an ever increasing market for hybrid vehicles since they are more fuel efficient; since the 1973 energy crisis, the front-wheel drive passenger car has replaced rear-wheel drive as the preferred layout for energy efficient cars. Georgiana Darcy — sister to Mr. The September 2005 sales data for all the vehicles vendor indicated SUV sales dropped while small cars sales increased compared with 2004 sales. Darcy and her daughter since they were infants. Recent years have seen a move towards more fuel-thirsty sport utility vehicles in the United States and Canada, and this may be stopped by the high price of gas. A proud and domineering woman, she has hoped for the marriage of Mr. The increased price of oil might also encourage greater fuel efficiency. Collins.

Recent months have seen billions of dollars invested in the oil sands. Darcy and patroness of Mr. They are a far less cost efficient source of oil than crude, but at 60 dollars a barrel, the tar have recently become very attractive to businesses. Lady Catherine de Bourgh — aunt to Mr. The most prominent example of this are the massive reserves of the Canadian tar sands. Bingley's close friend, a reserved and proud man, who is wary of his friend's getting entangled romantically with unsuitable women. The increased price of oil also makes previously impractical sources of oil attractive to businesses. Fitzwilliam Darcy — Mr.

Outside the US, more than 50% of oil is consumed for stationary, non-transportation purposes such as electricity production where it is relatively easy to substitute natural gas for oil. Bingley's sisters, who look down upon the Bennets and their society. Nigeria is working on burning natural gas to produce electricity instead of simply flaring the gas. Louisa Hurst and Caroline Bingley — Mr. For example, China and India are currently heavily investing in natural gas facilities. Charles Bingley — a wealthy young man who leases property near to the Bennets' estate. Economists say that the substitution effect will spur demand for alternate energy sources, such as coal or liquified natural gas. Charlotte Lucas — close friend of Elizabeth and daughter of a neighbouring landowner.

As a result during this period the Federal Reserve has rapidly been increasing interest rates to curb inflation. Collins is sycophantically devoted to his patroness, the noblewoman Lady Catherine de Bourgh. This was driven by a 4.2% increase in energy costs. Bennet, stands to inherit the Bennet estate. In the United States, the Consumer Price Index rose by 0.6% compared to 0.2% for September. Collins, as the closest male relative to Mr. Inflation has increased. Mr.

Despite the rapid increase in the price of oil, neither the stock markets nor the growth of the global economy have been noticeably affected. Bennet. But oil's historically high ratio of Energy Returned on Energy Invested continues a significant decline. William Collins — a clergyman and cousin to Mr. In the United States, for instance, each $1000 dollars in GDP required 2.4 barrels of oil in 1973 when adjusted for inflation this number had fallen to 1.15 by 2001. She is extremely flirtatious, naive and reckless. While total consumption has increased [22], the western economies are less reliant on oil than they were twenty-five years ago, due to substantial growths in productivity. Lydia Bennet — the youngest of the five sisters, 15 years old.

This could well be the case if a major storm were to hit the gulf, where the reserve is located. Catherine "Kitty" Bennet — The fourth sister, 17 years old, generally follows the lead of her younger sister, Lydia. demand for about a month in the event of an emergency, unless it is also destroyed in the emergency. She disdains the frivolous interests of her sisters and seeks to impress others with her scholarly yet ill-timed aphorisms and musical abilities. The American Strategic Petroleum Reserve could on its own supply current U.S. Mary Bennet — The third sister, bookish and shy. Nevertheless, that loss of revenue would put a strain on government balance sheets. Elizabeth Bennet — the second sister, 20 years old, and the protagonist of the story.

Most economists see this as unlikely, partly because all developed countries have high fuel taxes that decrease as oil prices increase and can be eliminated in the event of a dramatic price spike. She is incapable of suspecting the worst of people, preferring to see only the good. Some see these increases in the price of oil leading to a recession comparable to those that followed the 1973 and 1979 energy crises or a potentially worse situation such as a global oil crash. She has a reserved personality and tends to hide her feelings. There is controversy regarding the potential effects of oil-price shocks. Jane Bennet — the eldest of the Bennets' five daughters and the one considered the most beautiful. the implications for the oil market are global."[21]. Collins himself.

[19] [20] The press release from the IEA states, ".. She also hopes for a match between one of her girls and Mr. These supplies would begin entering the US markets within two weeks of 2 September. Bingley, as a match for one of them. In order to stabilize world energy supplies, the International Energy Agency offered to sell two million barrels of crude oil and other refined products from national supplies. She angles for her new neighbour, Mr. Bush stated, "This storm has disrupted the ability to make gasoline and deliver gasoline," and "This is going to be a difficult road."[18] Many people have observed however that stores of crude oil do little to address inadequate refinery and distribution capacity. This anxiety has spurred her to take a keen interest in seeing her daughters married well.

EDT, on 31 August, President Bush announced the Energy Department was approving loans from the Strategic Petroleum Reserve and that EPA announced nationwide waver on fuel blends. Collins upon her husband's death. On 5:10 p.m. Her main concern in life is the prospective loss of her property and home to Mr. Airports began to report shortages in aviation fuel on 2 September.[15] A shortage could lead to a decrease in food production.[16] Higher prices for heating oil and natural gas were expected as the winter heating season set in.[17]. Bennet. [14] Many of these were blamed on panic buying. Bennet — wife of Mr.

Shortages were feared or experienced in several states including Tennessee [12], Alabama [13], and South Carolina. Mrs. In Stockbridge, Georgia, regular gas prices came to $5.87 at a BP station. However, he has a poor opinion of the intelligence and sensibility of his wife and his three younger daughters, frequently declaring them "silly" and visiting them with insulting remarks as well as gentle teasing. Gas prices soared after the closing down of the major pipelines connecting the gas of the Louisiana region to the entire East Coast. Bennet, a gentle and caring man, is very close to his two elder daughters, Jane and Elizabeth. [11]. Mr.

Louisiana Offshore Oil Port has not. Collins, a clergyman with whom he has had a poor relationship. Port Fourchon has also suffered long term damage. Because he has no son, upon his death, his property is to be inherited by his closest male relative, Mr. The port of Louisiana is one of its most important inlet for oil imports, and the gulf itself is a major oil producer. Bennet's inheritance require a male heir. The Gulf Coast is home to a major portion of America's refining capacity. The terms of Mr.

Hurricane Katrina had a major impact on oil and gas prices, especially within the United States. He is married with five daughters, a circumstance relevant to his legacy. Continued concerns about Iran raised the price to $68.38 on January 31.[10]. Bennet — An English gentleman with an estate in Hertfordshire. Observers believe that violence in Nigeria, and Iran's friction with the West are responsible for this price increase. Mr. This was the highest increase since early October 2005. Darcy's pride, but also to Lizzie's pride in her ability to read characters, which turns out to be faulty.

On January 17, sweet crude oil for February delivery rose by $2.38 (3.7%) to $66.30 a barrel. The "pride" of the book's title refers not only to Mr. As a result, shortage of a particular grade of oil can keep street prices high, even when overall supply exceeds demand. Because Elizabeth Bennet and her sisters need to marry, and need to marry well, it is vital that they be able to "read" the men in their social circle—or they might end up married to unprincipled, immoral men like Wickham. In addition, there are different grades of oil and each refinery is typically configured to process a narrow range of grades. An important theme of all of Jane Austen's novels is how one correctly assess the characters of the people one meets. While the street price of gasoline usually corresponds to the price of crude oil, refinery capacity can become the governing factor, particularly during periods of high demand. Darcy, and snobbery is one of the characteristics of a villain in Jane Austen's novels.

Over the course of three weeks leading up to August 10, crude oil prices had risen by 13%. Lizzie Bennet insists that she is of the same class as Mr. During mid-August, with a string of refinery snags (fires/other deterrents to oil refining), shrinking gasoline inventories, and a growing thirst for oil by American consumers, New York Mercantile Exchange traded crude oil futures surged past the $66 mark and briefly touched $67/barrel. Jane Austen ridicules almost all of her upper-class characters, and her heroes tend to be upper-middle or middle-class. influence. It is also seen as bad for people of higher classes to mingle with lower classes, but Bingley puts this idea away and proves to be a very social character. Saudi Arabian King Fahd's death on August 1, 2005, meant a new regime that may be less amicable to U.S. Also, the Bingley sisters often talk together about the way people of lower classes act and look bitterly upon them.

In June 2005 crude oil prices surged to record highs eventually breaking the psychological barrier of $60. A pure example is Darcy when we first meet him. It then reversed course and headed to an all time high of $58.28, driven mainly by lingering concerns of a prolonged weak dollar. People of higher class are very proud of themselves and do not like to socialise with those of lower class. In April 2005 the price began to fall, reaching $53.32 on April 9. Social classes are also taken into account and play a major role as a theme in Pride and Prejudice. On March 16, 2005, the price surpassed the October 2004 high of $55.17 to close at $56.46. The idea of marriage is very important throughout the novel, primarily because it was often the only way for a woman of the period to secure her freedom, social status, and living standard.

The price of light, sweet crude oil on NYMEX has been above $50/barrel since March 5, 2005. Some characters marry for security, some marry for wealth and some marry for love. After retreating for several months during the winter of 2004/2005, prices rose to new highs in March 2005. Marriage plays a large role in Pride and Prejudice. These analysts believe the problem would be solved by increasing the efficiency of factories, homes and transportation and easing the demand crunch by using less energy and more renewable energy. Finally when his aunt Lady Catherine threatens her because she has heard about Darcy's inclination for a girl lesser than he, she comes to realize that despite her rejection at his first proposal he still loves her and when he brings back Bingley to the country and in her sister Jane's life (and they soon become engaged), she opens up her heart to him and both his pride and her prejudices are forgotten, ensuring their happiness. Still others suggest that the main issue is a lack of energy efficiency in industry. This final action completes a reversal in Elizabeth's sentiments.

A July 14, 2005 Morgan Stanley report[9] suggests that opinions of the oil market could burst just like a bubble if indications of declining Asian demand continue. Gardiner's confession. If these speculators are wrong, current prices may actually be a price bubble, and the price could thus collapse. Elizabeth finds out about Darcy's help from Lydia's callousness and finally by Mrs. These people argue that speculators foresee increasing demand, decreasing supply, or both, leading to a long term increase in the price of oil. Darcy finds Wickham and forces him into marriage with Lydia, but guards this a secret from Elizabeth and her family. Others believe that the price of oil is almost entirely speculative, and that the increase in price is due to oil speculation extending into the long term. In Elizabeth's absence sixteen-year-old Lydia became Wickham's dupe when he fled his regiment to evade gambling debts.

Not only is there a limited amount of fossil fuels which have been burnt as fuel, but however much remains will be used faster by a growing industrialized world population and what remains will be more dificult to get since the easiest wells have been tapped and the remaining sources will be fought over in resource wars. Darcy, Elizabeth finds out that Lydia has eloped with Wickham. A more fundamental problem that some believe is causing the price to rise is the probability of peak oil already or soon to be reached. Just at the point of improving her relationship with Mr. Critics argue that these problems periodically push price higher, but that they are not fundamental or long term enough to cause the large jump in gas price. His behaviour, distinctly warmer since her rejection, begins to persuade her that his pride hides a true and generous nature. Some people and news agencies argue that labor strikes, hurricane threats to oil platforms, fires and terrorist threats at refineries, and other general problems are responsible for the higher gas prices. While on a tour around the grounds, she bumps into him unexpectedly.

Since oil is traded in dollars, the price must increase for OPEC to maintain buying power in Europe. Darcy. One other important cause is the United States dollar's slump against the Euro. Later, while on vacation in with the Gardiners, her aunt and uncle, she finds herself persuaded to visit Pemberley, the estate of Mr. The short term price of oil is partially controlled by the OPEC cartel and the oligopoly of major oil companies. This throws all of Darcy's past actions in a new light for Elizabeth and gradually her prejudices against Darcy are broken down. Even if oil supplies themselves are not reduced, some experts feel the easily accessible sources of light sweet crude are almost exhausted and in the future the world will depend on more expensive sources of oil. (Elizabeth herself admits that Jane's reserved character makes it difficult for others to ascertain her true feelings.) Darcy also reveals Wickham's true character as a womanizing cad and opportunist.

Despite this there is increasing discussion of peak oil and the possibility that the future may see a reduced supply of oil. He notes that, apart from her embarrassing relations, Darcy did not believe Jane a suitable match for Bingley because of her own seeming indifference to Bingley. This rate of increase is faster than that of any other date in the past. In the letter, Darcy attempts to defend his actions to Elizabeth. World supply (specification) came in at 83 million barrels a day during 2004 in department of energy EIA calculations ([8]). Darcy gives Elizabeth a letter before coldly leaving. Gas prices in the region, normally 70 cents below the national average, were at $3.12 on August 30.[7]. The morning after her rejection of Darcy, Elizabeth runs into him on a walk.

Short-term shutdowns because of power outages knocked out two major on-shore pipelines, and at least 10% of the nation's refining capacity was not operating in the wake of the storm. Elizabeth is appalled (especially since she had recently learned that Darcy dissuaded Bingley from proposing to Jane) and informs Darcy "he is the last man on earth [she] would ever desire to marry.". market. Darcy to eventually declare his love for Elizabeth "against his own will" and his desire to marry her. In late August, 2005, Hurricane Katrina crippled the supply-flow from off-shore rigs in the Gulf Coast, the largest source of oil for the domestic U.S. Elizabeth and Darcy end up spending a lot of time together, leading Mr. Outside the Middle East other oil producers have worried investors such as the strikes political problems in Venezuela and potential instability in West Africa. While Elizabeth is visiting the Collinses, Darcy is visiting his aunt, the same Lady Catherine de Bourgh, at her estate Rosings.

The war in Iraq, Iran's nuclear program, and questions about Saudi Arabia's internal stability all could in the future lead to a dramatic fall in the supply of oil. Collins and Charlotte, in their parish. One of the most important is growing turbulence in the Middle East, the world's largest oil producing region. Elizabeth is invited to visit the newlyweds, Mr.
There are a number of reasons why oil traders feel that oil supplies might be reduced. Bennet's disparaging remarks about Bingley only heighten Jane's sorrow. Note: the total percentage exceeds 100 because the overall demand from all other countries decreased during the same period.. Jane is also heartbroken and Mrs.

Department of Energy Energy Information Administration estimates: [6]. Bennet is further discouraged by the sudden departure of Bingley from the neighbourhood. Sources of the world-consumption-increase in 2004 compared to 2003 (total increase of 3.4%), according to U.S. Soon after this disappointment, Mrs. New demand is also coming from emerging industry in third world nations, including India and especially China which is developing a western-style car culture and whose manufacturing bases have grown very rapidly in recent years. Bennet's profound disappointment. economy currently accounts for one-quarter of all demand. Collins turns to Elizabeth's best friend Charlotte Lucas, and they are soon married—to Mrs.

The U.S. Having been rejected by Elizabeth, Mr. market, the source of an increasing percentage of the world's demand for petroleum. Darcy. High demand is led by the U.S. Wickham, a man who claims to have been robbed of his rightful inheritance by none other than Mr. . Meanwhile, Elizabeth also begins falling for a recently arrived military officer, Mr.

The previous high was $2.38 per gallon in March 1981, which would be $3.03 per gallon after adjusted for inflation.[4][5]. Bennet will never speak to her again. The average retail price was nearly $3.04 per gallon. Bennet saves Elizabeth by mentioning that if she does not marry Collins, Elizabeth's mother will never speak to her again, but if she does then Mr. In the United States gasoline prices reached an all time high during the first week of September 2005 in the aftermath of Hurricane Katrina. However, Mr. A record price of $70.85 per barrel was reached on August 29, 2005.[2] While oil prices are considerably higher than a year ago, they are still roughly 25$ from exceeding the inflation-adjusted "peak of the 1980 shock, when prices were over $90 a barrel in today’s prices" [3]. Bennet highly encourages the match and tries to force Elizabeth into the marriage.

By August 11, 2005, the price had been above $60/barrel for over a week and a half. Mrs. The price of standard crude oil on NYMEX was under $25/barrel in September 2003. Bingley, begins to eye the lovely Elizabeth Bennet. At the same time, Cuba has experienced electricity shortages. Collins, upon being informed that Jane (Elizabeth's elder sister and the only other "sensible" Bennet girl) was "practically engaged" to Mr. These nations must resort to limiting imports or rationing their existing supplies. Following Lady Catherine's suggestions that he get a wife, Collins immediately looks to his "poor cousins" to find a wife and make up for his involvement in the oft mentioned ruination of the Bennet girls (the fact that he is even concerned with his role suggests an ignorance of the law concerning entails and Collins's overall ineptitude).

Many countries in Sub-Saharan Africa lack the foreign exchange reserves (ie, Dollars) to purchase enough oil products at the ever increasingly higher prices. Collins is forever searching for opportunities to drop the name of his patroness, Lady Catherine de Bourgh, whom he fawns over like a puppy dog. The Indonesian president had instituted subsidies to control the price of gasoline.[30]. Collins is a clergyman who tends to be wordy and snobbish, and whose idea of a pleasant evening activity is to instruct his female cousins by reading to them from Fordyce's Sermons. A senior minister of Singapore expressed concern at the oil crisis in Indonesia.[29]. Collins. [27] New sources of energy were sought to deal with the crisis.[28]. Bennet and the girls amuse themselves with guesses as to who the man is, but are disappointed to find out it is only their cousin, Mr.

In the Philippines, the oil crisis caused its public to call for immediate government assistance. Mrs. combined other non-OECD: 21%. Bennet announces to the family that a visitor will be arriving shortly. UK: 3.5%. Shortly after the ball, Mr. Canada: 4%. Bingley also is noted for his admiration of Elizabeth's dearest sister, Jane.

Asia outside Japan and China: 13.8%. Mr. US: 19.4%. Bingley, on the other hand, proves himself to the neighbourhood to be a fine, most agreeable gentleman. China: 38.9%. Bingley suggests that Darcy dance with Elizabeth and he notes that "she is not handsome enough to tempt me." Mr. Darcy slights Elizabeth—Mr.

This is perpetuated within the Bennet family afterwards because Mr. However, halfway through the party, the neighbourhood comes to perceive him as a most disagreeable sort, one who believes himself above the country folk of Elizabeth's town. Darcy is widely regarded as a most agreeable gentleman due to his fine figure and £10,000 a year. At the beginning of the ball, Mr.

Bingley and his guests attend a public ball in the village of Meryton. Shortly after their arrival Mr. Darcy. Bingley goes on a short trip to London and returns with his friend, Mr.

After a short period, Mr. Hurst, whose husband has more fashion than wealth. Bingley, has recently leased the estate of Netherfield to live in with his single sister Miss Bingley and his married sister, Mrs. The man, Mr.

Bennet's excitement over the arrival of a single man "of considerable fortune" in their neighbourhood. The beginning of the novel describes Mrs. Bennet and any unmarried daughters homeless and trying to live on a very small income. This will leave Mrs.

Bennet's death, due to the lack of sons in the Bennet family. Collins, will inherit the estate on Mr. The Bennet family's modest estate is entailed in default of heirs male—which means a cousin, Mr. Bennet (whose manners and conduct are decidedly "of the people") is determined to see each of her five daughters successfully married to gentlemen of sufficient fortune to support a wife.

Mrs. Bennet, spends much of his time hiding in his study, a refuge from Elizabeth's mother. Elizabeth's father, Mr. The main character is Elizabeth Bennet, a 20-year-old girl possessed of a quick mind, sharp wit, and keen sense of justice.

The story deals with issues surrounding marriage among the landed gentry in the late 18th century and early 19th century. . Like both its predecessor and Northanger Abbey, it was written at Steventon Rectory. Egerton of the Military Library, Whitehall, who had brought out Sense and Sensibility.

In 1811 and following it was revised, it was published on 28 January 1813 by the same Mr. Pride and Prejudice is the most famous of Jane Austen's novels, and its opening is one of the most famous lines in English literature—"It is a truth universally acknowledged, that a single man in possession of a good fortune, must be in want of a wife." Its manuscript was first written between 1796 and 1797, and was initially called First Impressions, but was never published under that title. Author Philip Jose Farmer has placed Elizabeth and Darcy (and their descendants) in his Wold Newton family. In 2003 the BBC conducted the largest ever poll for the "UK's Best-Loved Book" in which Pride and Prejudice came second, behind The Lord of the Rings.

The 1995 BBC version used Lyme Hall, Cheshire as the location for "Pemberley". 2005: Pride & Prejudice, starring Keira Knightley and Matthew Macfadyen. 2004: Bride and Prejudice, the Bollywood version, directed by Gurinder Chadha and starring Anupam Kher, Aishwarya Rai, and Naveen Andrews. 2003: Pride and Prejudice: A Latter-day Comedy.

2001: Bridget Jones's Diary shares some themes with Pride and Prejudice, and the character of Mark Darcy (again played by Colin Firth in the film version) is named in deliberate homage to the original character. This version is widely regarded as one of the best and most popular adaptations, and was instrumental in bringing Colin Firth to popular attention. 1995: Pride and Prejudice, television series starring Colin Firth as Darcy and Jennifer Ehle as Elizabeth, adapted by Andrew Davies. 1980: Pride and Prejudice, television series starring Elizabeth Garvie as Elizabeth and David Rintoul as Darcy, adapted by Fay Weldon.

Darcy. This starred Ann Baskett and Peter Cushing as Mr. The BBC broadcast a five-episode mini-series live. 1952: Feb 2nd to March 8th.

1940: Pride and Prejudice starring Laurence Olivier in the role of Darcy, and Greer Garson as Elizabeth.

10-25-14 FTPPro Support FTPPro looks and feels just like Windows Explorer Contact FTPPro FTPPro Help Topics FTPPro Terms Of Use ftppro.com/1stzip.php ftppro.com/zip ftppro.com/browse2000.php PAD File Directory Business Search Directory Real Estate Database FunWebsites.org PressArchive.net WebExposure.us Display all your websites in one place HereIam.tv Celebrity Homepages Charity Directory Google+ Directory Move your favorite Unsigned Artist to the Top of the List