Macro
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month values ▾
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| +0.50 | +0.50 | +0.55 | +0.55 | +0.50 | +0.55 | +0.55 | +0.60 | +0.09 | -0.01 | +0.55 | +0.50 |
Crude near $37 delivered the best margins in a decade and booming profits; the government's September SPR release was a minor irritant that failed to dent a boom year for owners.
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President Clinton released 30 million barrels from the Strategic Petroleum Reserve to combat rising oil prices nearing $37, aiming to secure winter heating oil supplies. The move, defended by Energy Secretary Richardson, drew Republican criticism accusing Clinton of election-year politicking, while highlighting long-term U.S. energy dependency concerns. Market implications include short-term price stabilization, though political fallout may influence voter perception in the tight 2000 election.
Chevron is acquiring Texaco for $35 billion, combining the second and third-largest U.S. oil companies to form ChevronTexaco, the world's fourth-largest oil and gas producer. The deal, which includes $8 billion in assumed debt and 4,000 job cuts, aims to boost competitiveness against giants like ExxonMobil and generate $1.2 billion in annual savings, reshaping the global energy landscape.