LYCOS RETRIEVER 
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Prices began to recover in early 1999 and OPEC reduced production another 1.719 million barrels in April. As usual not all of the quotas were observed but between early 1998 and the middle of 1999 OPEC production dropped by about 3 million barrels per day and was sufficient to move prices above $25 per barrel.
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Crude Oil Prices – Crude oil accounts for about 55% of the gasoline pump price. World crude oil prices are considerably higher than the $50 per barrel price seen in mid-January, due to cold weather in the U.S. boosting heating fuel demand and the effect of OPEC production cuts.
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In the wake of the attack crude oil prices plummeted. Spot prices for the U.S. benchmark West Texas Intermediate were down 35 percent by the middle of November. Under normal circumstances a drop in price of this magnitude would have resulted an another round of quota reductions but given the political climate OPEC delayed additional cuts until January 2002. It then reduced its quota by 1.5 million barrels per day and was joined by several non-OPEC producers including Russia who promised combined production cuts of an additional 462,500 barrels. This had the desired effect with oil prices moving into the $25 range by March, 2002. By mid-year the non-OPEC members were restoring their production cuts but prices continued to rise and U.S. inventories reached a 20-year low later in the year.
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All prices do not reflect an additional 7.7% sales tax, a refundable $500 reservation/damage deposit or fuel. Please see the fine print about deposits, and other requirements. All rates are subject to approval of the National Park Service and may change without notice.
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Please note that UxC ... publishes month-end long-term prices for both uranium, conversion and enrichment. These prices are available on UxC's Subscriber Services website. Please Contact Eric Webb at for more information.
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"The local economy isn't in a tailspin but it clearly is being hurt by high energy prices and further restructuring in the auto industry," said Dana Johnson, chief economist at Comerica Bank. "The reversal in gasoline prices could give the local economy a bit of a boost, but with payrolls still trending lower, holiday spending will be lackluster this year."
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