The Washington Post: Oil Continues Upward March
“Royal Dutch/Shell Group of Cos… withdrew nonessential personnel from the Niger Delta, said Simon Buerk, a London-based spokesman for the company. Citing policy, Buerk would not say whether production in the country was reduced as a result of the personnel withdrawal.”
Justin Blum and Nell Henderson
Sep 29, 2004
Crude oil prices jumped beyond $50 a barrel yesterday, renewing concerns that sustained high energy costs will further weaken the U.S. economy.
The surge came after rebels in Nigeria threatened to interfere with oil production, upsetting a market already on edge over domestic supply disruptions in the Gulf of Mexico caused by Hurricane Ivan. Lost production and a decline in imports because of the storm led to a reduction in U.S. crude oil inventories.
At the close, U.S. benchmark crude oil for November delivery on the New York Mercantile Exchange stood at a record $49.90 per barrel. Adjusted for inflation, the price was still below its peak in 1981.