The administration does carefully monitor the global oil market and the global price of oil.
Since the 2002 Treaty of Moscow, Russia has skillfully used global oil-price increases to upgrade and modernize its warhead stockpiles and delivery systems.
In February the Juba government cut off the oil in protest at high transit fees, depriving both countries of revenue they desperately need and helping to cause a global oil-price spike.
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Within three years the global price of oil would rise 50% as Saudi Arabia followed Iran into the club of nuclear nations and the oil markets tacked a massive geopolitical risk premium onto oil supplies.
And that's the kind of empty promise that politicians make when we face hikes in the global price of oil that is really dishonest, the kind of promise that -- promises that are dishonest with the American people.
But the global financial crisis caused the oil price to plunge, hammering Angola's economy.
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Problems in the global financial markets, the rising oil price and strong euro - which is negative for European exporters - have heaped worries on the prospects for the health of Europe's biggest economy.
The fact is there is not a direct correlation there because it's a global commodity and the price of oil globally is affected by a number of factors, including economic growth in China, India, Brazil, and other countries, as well as this one, and by a lack of stability in various regions of the world.
When you pour oil into a global bathtub, the price is affected by global supply and demand.
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Yet even as concerns about the price of oil and global warming have intensified--along with cries that the industry do something about it--U.S. energy policy has become increasingly impossible to count on, causing major problems for companies.
This truth was erroneously applied to global oil production, totally ignoring the role that price plays in exploration and development of oil fields.
The outlook for the Organization of Petroleum Exporting Country's meeting on Thursday, in which OPEC is expected to report unchanged output and increased global demand for oil, sent oil's price down in pre-market trading.
Gas prices are set on global markets by the price of a barrel of oil.
The effect of that on the oil price and on the global economy could be dramatic.
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Rather, he said, gold prices found a little bit of price support from the forecast for global oil demand.
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The oil price is rising because of strong global economic growth.
Moreover, key proxies for global growth such as the price of copper and oil have established firm price support and have not yet broken through them.
Lesson Number Three: when the price of oil reached 10% of global gdp from 1976-80, America suffered enormously.
Dated Brent is by far the most important international oil benchmark (accounting for 65% of global price points).
At 1.7m bpd (more than is pumped from all of Libya's wells), Yukos's output makes up 2% of global oil production and thus has a noticeable effect on the price.
The primary culprit is the buoyant price of oil, itself a product of global economic recovery.
All the mainstream forecasts for global growth in 2012 assume a flat or falling price of oil.
Natural gas as a feedstock for chemicals production is now, by the standards of the rest of the world, hugely cheap: yet global chemicals prices are high as a result of the high oil price.
The price of gas, the spike in the price of gas is related to the spike in the global oil market.
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We expect the oil price to remain elevated going forward driven by a recovering global economy and growing demand from emerging countries.
Yet the lion's share of oil-price weakness is a by-product of an increasingly shaky global economy.
Some oil shares like Exxon and Chevron were very good buys a year ago, as somehow the price of crude oil stays strong no matter the stagnation in the global economy.
The Saudis' vast reserves give them the power to manage the worldwide price of oil, making them critical to the smooth running of the global economy.
Such arguments ignore the fact that the crude-oil market is global: no American firm is selling its crude any lower than the world price.
In contrast, the recent price increase is largely due to strong demand for oil because of a booming global economy, especially in America and China.
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