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Show Monday, March 21,2005 News Editor: Heather Hunt-Wood At A Glance Phone: 626-7655 Monster bv Josh Shalek Monday, March 7 •SIFE presents "Money Matters" open forum with reps from Weber State Credit Union, topics include insurance, IRAs and long-term investments. Students can enter a drawing to win dinner and a movie for two. 10 a.m.; Shepherd Union Building, near the Information Desk; free. •WSUSA Senate meeting; 1:30-5 p.m.; SUB Room 352. www.joshshalek.com kid_shay@joshsha lek.com Oil prices soar to record; analysts predict it's new norm By Kevin G. Hall Knight Ridder Tribune WASHINGTON - Oil prices soared to new highs Thursday, promising higher gasoline prices and leaving some analysts saying the upward run defies gravity. U.S. light crude rose past $57 a barrel Thursday as traders shrugged off the promise a day earlier by the world's major oil producers to increase production. That puts oil prices about 50 percent higher than they were this time last year. Gasoline prices are still lower than their 1981 highs, which in today's'dollars would top $3 a gallon. In gas stations across the United States, a gallon of unleaded gas now averages about $2.05, about 30 cents more than it did a year ago. Get used to it, energy analysts say. They warn that fuel prices are likely to go higher and say high prices may become thenorm. Experts sayincreasing demand for oil in large developing Crossword ACROSS American buffalo Ken or Lena Castro's island Hersey's bell town 15 Three squared 16 Numbered work 17 Cheerful tunes 18 Make one's , mouth water 20 World of films 22 "Who's the Boss?" star 23 Temporary expedient 24 Gather together 26 Tartan topper 27 Male affair 28 Crooner Torme 31 Hatfield's foe 34 Actress Angelina 35 Lennon'sYoko 36 Lotion additive 37 Erin of "Happy Days" 38 Roof-rack tote 39 Totality 40 Highway components 41 Nappy leather 42 Links peg 43/Water pitcher 44 Brooch 45 Burns slightly 47 Davenport of tennis 51 Leers at 53 Clever comeback 54 Display again 57 Coronet 58 Highland hillside 59 "Swan Lake" skirt 60 Go back to committee 61 E-mail button nations such as China and India, the lack of sufficient infrastructure to deliver oil in the future and changes in investment patterns are combining to drive up prices. On the face of it, rising prices appear illogical. Energy Department statistics show that U.S. crude oil stockpiles were higher at the beginning of this year than they were at the beginning of 2004. "It is so irrational ... it is defying gravity," said Steve Bellino, a New Yorkbased senior vice president of energy risk management for Fimat USA, a global investment broker. Lee Raymond, the chairman and chief executive officer of Exxon Mobil, the world's largest oil company, recently told Wall Street analysts that speculation, not market conditions, is driving today's oil market. The International Energy Agency in Paris, which tracks oil demand for industrialized nations, offered a more nuanced explanation: Oil consumption has caught up with the capacity to See Solutions page 12 1 6 10 14 extract and refine oil into gasoline. The agency projects rising demand for oil across the globe in the second half of Tuesday, March 8 2005. The United States remains the biggest •SIFE (Students in Free Enterprise) oil consumer, using 21 million barrels a present "Money Matters" open forum day, but the International Energy Agency with representatives from Wells Fargo warned that focusing on the United States Bank. Students can enter a drawing misses the global picture. It showed that to win dinner and a movie for two. China used almost 5 million barrels a day 9 a.m.-2 p.m.; Shepherd Union Building, last year and by 2022 may consume as near the Information Desk; free. much as the United States does today. India, the world's second most populous •Latter-day Saint Student Association nation, also has a fast-growing appetite weekly devotional, features Harold C. Brown, Church Welfare Program director; for oil. Analysts said there wasn't enough 10:30 a.m.; LDS Institute of Religion; free. production capacity to meet the world's For more information, call 621-1800. growing oil demand, despite the Organization of Petroleum Exporting •WSU Board of Trustees meeting; 9:30 Countries' announcement Wednesday a.m.; WSU-Davis Campus, Room 134; that it would increase production by 2 free. For more information, call 626-6001. percent. "It's really simple. We grossly •American Red Cross infant/child CPR underestimated the world's need for class; 5-9 p.m.; 2955 Harrison Blvd. Ogden; oil and we were hallucinating about $30, $10 if taken with adult CPR class. For the available supply," said Matthew more information, call 627-0000. Simmons, the head of Simmons & Co. International, a Houston-based •Gay and Straight Alliance (Formerly investment bank specializing in the oil known as DLSU) club meeting; 8 p.m.; sector. Student Union junction; free. Simmons thinks there's little room in the next year or two for production •Wed., March 23 - Digital media artist increases, so oil isn't really overpriced, it's Edward Bateman presenting public too cheap, slide lecture; 7 p.m.; Kimball Visual Arts "1 think we will look back and say how Center, Lindquist Lecture Hall/Room on Earth did we think that $50 or $60 a 120; free and open to the public. For barrel was expensive," Simmons said. more information, call 626-6420. Corrections 38 I 39 51 TI 52 58 48 49 •1 50 Letters = Monday Tuesday • 12 Astronaut Aldrin 13 On the Aegean 19 Pithy saying DOWN 1 Aromatic salves 21 TVA creation 2 Dunce 24 Book of maps 3 Military salute 25 Primary 4 Extending one's 27 More achv height 29 Geraint's loyal 5 Small bouquet lady 6 In the better 30 Come in last position 31 Crows-nest 7 Actor Neeson support 8 Quaint quarters 32 Hint 9 Final profit 33 Confess 10 Soft drinks 34 Part of DJIA 11 Cheech and 37 Bryn _ College 38 This and that Chong movie 62 Tread 63 Fire residue Weather High: 53' Low: 36' • so 61 •American Red Cross adult CPR/AED class; 5-9 p.m.; 2955 Harrison Blvd. Ogden; $30. For more information, call 627-0000. 40 Chow chow controller 41 "From Hereto Eternity" star 44 Domino dot 46 Jinxed 47 Slacken 48 Secret store 49 Eagle's abode 50 Abbey Theatre founder 51 Spheres . 52 Richard of "Pretty Woman" 53 Ritual practice 55 "__ My Party" 56 Except Submissions Please submit to The Signpost offices in person SUB #267 or e-mail natalie@wsusignpost .com or call 626-7974 for more information. Wednesday igh: 58 : 38' |