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Hotel Booking In recent weeks, the price of West Texas crude oil has climbed to its highest level since the eve of the Iraq war, resulting in gasoline prices approaching $3 a gallon in some cases. Natural gas prices have remained elevated during the winter, translating into higher heating and electricity costs for millions of homes and businesses.

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Travel Agency The economy, meanwhile, is expanding at a 4.1 percent annual rate, weathering the rise in oil and gas costs without the faster inflation and economic stagnation associated with energy price spikes in the late 1970's and early 1980's.

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Cheap Hotel One reason for this apparent paradox is that many companies have adopted conservation measures that cushion them from higher prices. Another is that a lot of energy-intensive industries, from metal smelters to fertilizer makers, have moved offshore, so they are no longer counted in the statistics that measure the American economy.

British Energy¯ plant shutdowns cause spike in electricity prices but rising gas prices are the real concern

Flight Booking "The general damage to the economy so far has been very mild," said William C. Dudley, chief of United States economic research at Goldman Sachs. "When it comes to overall spending we're less of an energy intensive society than we used to be."

British Energy¯ plant shutdowns cause spike in electricity prices but rising gas prices are the real concern

Travel Agent There are some reasons for concern. "Gas price spikes continue to idle capacity of basic chemical manufacturing in the United States and the long-term outlook remains bleak," said James Ray, vice president and general manager for the Texas division of the Eastman Chemical Company. In all, chemical companies have lost about 78,000 jobs because of higher natural gas prices, according to the American Chemistry Council, an industry group.

The EDF Energy group, who own London Energy, Seeboard Energy and SWEB Energy, have announced the cost of their domestic gas will rise by approximately 15.9% (â60) and electricity by 10.8% (â30). The price rises will come into effect from 5th August 2005 and will be applied to both new and existing customers. The Online plans are unaffected by this price rise, and tariffs for the Capped price plans are protected until March 2007.

Hotel Chicago Airlines have also been hurt by high fuel costs. Jeff Misner, senior vice president and chief financial officer of Continental Airlines, said last month that fuel prices "are the highest we have ever seen."

Online Booking And economists warn that another $10 rise in prices could cause the pace of overall economic recovery to slow noticeably. Oil has already climbed $10 in the last six months to its current level of $36.28.

Travel Health Insurance "At current levels the U.S. economy and the expansion can absorb those increases," Ben S. Bernanke, a Federal Reserve governor, told reporters after a speech at Washington and Lee University in Lexington, Va., this month. "But obviously a sufficiently large increase in oil prices would slow the growth of the economy."

Hotel Reservation Over all, however, the United States has remained resilient to higher oil and gas prices so far because many energy-hungry manufacturing industries, like chemical making and metals smelting, have moved to cheaper locations abroad; those that remain have become more efficient.

London Hotel Booking Total spending on energy has declined to about 7 percent of gross domestic product from 14 percent in 1981 even as energy spending per capita climbed more than 34 percent in the same period, according to the Energy Information Administration. Energy consumption per dollar of G.D.P. has fallen 32 percent since the early 1980's, according to the E.I.A.

Discount Travel Some companies that might have been pinched by higher energy prices in the past have made shielding themselves from the recent increase in oil prices a priority, illustrating some of the nation's energy-efficiency gains.

Orlando Hotel Waste Management, for instance, began using software last year to pinpoint routes that were being duplicated by some of its 20,000 trash trucks. Doing so, the company was able to take 750 of its trucks off the road and is aiming for the same goal this year, intending to spend less on diesel fuel. Waste Management also introduced a fuel surcharge to customers three years ago that let it recoup more than half of an unexpected short-term increase in fuel costs.

Booking Agency "All things being equal, we'd like lower prices," said Cherie C. Rice, treasurer of Waste Management, "but we've made ourselves more flexible for the volatility we inevitably encounter."

International Travel Medical Economists estimate that each $5 increase in the price of oil shaves about half of a percentage point off the rate of economic growth, but it remains to be seen how the most recent run-up in oil will affect the recovery. Gasoline prices have reached a record this month in at least two states, Nevada and West Virginia, and approached nearly $3 a gallon in some areas of California, according to AAA, formerly the American Automobile Association.

New York Hotel Overall consumer prices rose at their fastest pace in nearly a year in January, climbing 0.5 percent, largely because of the jump in energy prices, the Labor Department said last month while noting that other prices remained low.

Online Travel Booking Mr. Bernanke, the Fed governor, said "inflation still appears to be quite low."

Travel Medical Insurance Mark Baxter, director of the Maguire Energy Institute at Southern Methodist University in Dallas, said higher energy prices had been countered at least in part by increasing drilling and economic activity in energy-producing states like Texas, Louisiana, Oklahoma and New Mexico. Oklahoma, for example, has its highest count of active natural gas drilling rigs since the mid-1980's, according to Baker Hughes, a Houston energy company that tracks rig activity.

Miami Hotel Recently, another, perhaps more troubling, reason for the relatively muted response to higher energy costs has gained prominence among large consumers of natural gas: demand destruction. Chemical and fertilizer makers and other companies that rely on natural gas as a raw material say that much of their demand for gas has been destroyed in the last year or so by rising prices in the United States, which are already the highest in the industrialized world.

Air Deccan Booking "Everyone complains about jobs migrating to China or India but what about the jobs we're exporting to a place like Germany, which has expensive labor costs but much cheaper natural gas," said Allan Fowler, vice president of Dow Chemical's operations in West Virginia, which has recently shifted some of its production to subsidiaries in Germany and other countries.

Las Vegas Nevada Travel Natural gas prices reached a record in 2003, averaging $5.40 per million British thermal units and were expected to remain above $5 per million B.T.U.'s this year as electric utilities rebuild inventories to meet air-conditioning demand over the summer, according to Energy and Environmental Analysis, an economic research company in Arlington, Va.

Las Vegas Nv Hotel Much of the robust demand for natural gas began when electricity companies in the 1990's started to build power plants fired by gas, which burns cleaner than many other fuels like coal. Natural gas, which now supplies about a quarter of the nation's energy needs, was also relatively cheap for decades, rarely rising above $2 to $3 per million B.T.U.'s. It is much harder to import natural gas than oil from countries with large reserves, though several projects are under way to increase imports of the fuel by 2007.

Hotel Florence Booking Online By Simon Romero
New York Times - 3/10/2004

Topic: Petroleum Industry

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