Sending Email 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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Reading Email 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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Storing Email 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.
mail that is both unsolicited by the recipient and sent in substantively identical form to many recipients. Thus, mail. Some definitions of spam specifically include the aspects of email that is unsolicited and sent in bulk. Spam filter is a program that is used to detect unsolicited and unwanted email and prevent those messages from getting to a user's inbox. Like other types of filtering programs, a spam filter looks for certain criteria on which it bases judgments.
Email Software "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."
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Antispam Software 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.
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Fight Spam 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."
Stoping Spam 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.
Block Spam "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."
Spam Emails 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.
Email Account 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.
Sending Email 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.
Reading Email 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.
Storing Email "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."
Email Software 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.
Antispam Software 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.
Fight Spam Mr. Bernanke, the Fed governor, said "inflation still appears to
be quite low."
Stoping Spam 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.
Block Spam 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.
Spam Emails "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.
Email Account 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.
Sending Email 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.
Reading Email By Simon Romero
New York Times - 3/10/2004
Topic: Petroleum Industry
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