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World Biofuels
Symposium
November 13-15, 2005
Beijing, China
2nd Annual Canadian Renewable Fuels Summit
December 13-15, 2005
Toronto, Ontario, Canada
Hosted by:
Candadian Renewable Fuels
Association
National Biodiesel
Conference & Expo 2006
February 5-8, 2006
San Diego, California
Organizer:
National Biodiesel Board
11th Annual
National Ethanol Conference: "Policy & Marketing"
February 20-22, 2006
Las Vegas, Nevada, USA
Sponsored by:
Renewable Fuels Association
22nd
Annual International Fuel Ethanol Workshop & Expo
June 20-23, 2006
Milwaukee, Wisconsin, USA
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Posted on
April 2, 2002Oil Prices Rise Amid Mideast Turmoil NEW YORK - Crude oil prices rose to their highest level in six months Monday because of traders' fears that tension in the Middle East could disrupt supplies.
The price of crude for May delivery rose 57 cents to $26.88 per barrel on the New York Mercantile Exchange — the highest closing price since Sept. 19, when crude finished the day at $26.72 a barrel.
Fuels derived from crude also traded higher on Monday. Heating oil rose 1.4 cents to close at 68.7 cents a gallon, while unleaded gasoline gained 1.6 cents to finish the day at 84.9 cents a gallon.
The rise in energy prices followed more violence Monday in the Israeli-Palestinian conflict. Israeli troops stepped up their offensive across the West Bank in response to bloody suicide attacks that have claimed more than 40 lives in five days.
"The fear (among traders) is that the violence in Israel will spill over into the oil-producing countries of the Middle East," said Peter Beutel, an analyst at Cameron Hanover in New Canaan, Ct.
Concerns were raised in part by comments made by Iraqi President Saddam Hussein (news - web sites), who urged Arab countries to adopt "economic measures" against Israel and its supporters. While he did not elaborate, the ruling Baath party called on the Arabs to use oil as a weapon, apparently by cutting off supplies to force Western powers to pressure Israel.
A recent decision by the Organization of Petroleum Exporting Countries to hold down production has also helped push prices of crude and gasoline higher in recent weeks. Anticipation of greater seasonal demand is also contributing to the upward trend.
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