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Business Brokerage U.S. and British forces took control of critical oil fields and terminal facilities in Iraq's southern tip yesterday, while other military units attacked Iraq forces near the country's second major oil region in Kirkuk, 200 miles north of Baghdad.

Prices Rise By VOA News U.S. oil prices rose in early New York trading after saboteurs forced Iraq to stop shipments from its largest oil export facility. Visit our AXcess News Forum and add your comments on this story. Try your hand at writing, the best story will be published on our news network. Take our business poll too! Print This Page June 15, 2004 (AXcess News) U.S. oil prices rose in early New York trading after saboteurs forced Iraq to stop shipments from its largest oil export facility.

Forex Broker Responding to advances by U.S.-led columns, oil prices continued to fall yesterday to the lowest level in four months, prompting some analysts to predict that lower gasoline prices would soon follow.

In 2002, wholesale gas prices began to rise at an unprecedented rate. As the world economy has grown, demand has pushed wholesale gas prices through the roof. The UK's North Sea fields have declined faster than predicted, so the UK has been forced to import more gas from Europe. At the same time, the price of oil has risen massively, which has also driven up wholesale gas prices.

Online Brokerage The assault to secure the Rumaila field near the Iraq-Kuwait border and the capture of terminals and oil-loading facilities on the Faw peninsula were a primary military objective.

time with Rallen and two allied Spectrobes who can use their special attacks and combine forces for a combo attack.

Real Estate Broker "These fields, if we're successful, should be secured sometime later today, and they will be a great resource for the Iraqi people as they build a free society," Gen. Richard B. Myers, chairman of the Joint Chiefs of Staff, said at a midday news conference yesterday.

At times, the book reveals Nathaniel's conflicting feelings about helping Iraqi civilians and carrying out his orders. When his platoon comes across a badly wounded teenage Iraqi girl probably hurt by Allied bombing, he decides to help her even though it means he is unable to successfully complete his platoon's mission to search for hidden weapons that could be used against American soldiers by insurgents.

Agency Brokerage Spark The condition of the Kirkuk fields was not clear yesterday, and Kurdish observers have reported that Iraq appeared to have mined oil wells there. "We've had lots of intelligence that suggested that explosives were being moved into those areas and that there was a risk that the Iraqi regime would do what they did to the Kuwaiti oil fields," Defense Secretary Donald H. Rumsfeld said yesterday.

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Business Broker In 1991, retreating Iraqi soldiers destroyed 750 wells in Kuwait, causing fires and geysers of crude oil that remained out of control for months.

Brokerage Account By late yesterday, the Pentagon said seven wells were burning in southern Iraq, where U.S.-led forces were rapidly assuming control, and five in the northern oil fields around Kirkuk. There are more than a thousand wells in the two regions.

Stock Broker "I have not heard anything about the north," Claude Mandil, executive director of the International Energy Agency in Paris, said yesterday.

Brokerage Online Stock Trading Oil traders in London and New York took little heed yesterday of the threat to Kirkuk.

Broker Justin Ticket Light sweet crude contracts for May delivery closed at $26.91 a barrel yesterday on the New York Mercantile Exchange, a decline of 29 percent since March 12, when the price for that contract hit a 12-year high of $37.83.

Real Estate Brokerage "The market is still in this sell-off mode," said Thomas Bentz, senior vice president of the BNP Paribas Commodity Futures Inc., a New York brokerage firm.

Commodity Broker "We've wiped out the war premium," said analyst Peter Beutel, president of Cameron Hanover Inc. in New Canaan, Conn., referring to the increase in oil prices that occurred last fall as the Bush administration began moving toward confrontation with Iraq.

Brokerage House Beutel said that if prices steadied at current levels, consumers could begin to see a drop in gasoline prices in another week or two. Wholesale gasoline prices traded on the New York exchange have fallen 26 percent from peak levels in mid-March, but retail gasoline prices averaged $1.73 a gallon nationally last Monday, slightly higher than the week before, according to the Energy Information Administration's weekly survey.

Real Estate Broker Exam "We will see some definite relief at the pump in the next week or two and it will be substantial," Beutel said. Oil refiners and distributors typically use prices on commodity exchanges to fix charges for cargoes sold to retail stations.

Brokerage Services Some market experts disagreed, however, concluding that the drop in crude oil prices on commodity exchanges has gone below levels that should be expected given the short supply of oil and gasoline in commercial inventories. Declining oil prices have been accelerated by heavy selling on commodity exchanges by investment and trading funds that had misjudged the market, according to economist Philip K. Verleger Jr. "This has helped propel the market down," and some bounce-back is likely, he said.

Broker Live Ticket Extensive damage to the Kirkuk fields would probably halt the current drop in oil prices and present a greater challenge for firefighters than did Kuwait, industry experts said.

Online Brokerage Firm The Pentagon has a still-classified contingency plan for putting out oil fires, capping wells and restoring Iraq's petroleum infrastructure. The work will be managed by Kellogg, Brown & Root International Inc., a division of Houston-based Halliburton Co., which was headed by Vice President Cheney, its chairman and chief executive, before the 2000 presidential campaign.

Security Broker Dealer For the small, specialty companies who make a living putting out oil fires, Kuwait was a manageable, if immense, task. A similar situation in Iraq may not be so easy to handle. "Iraq's much bigger, spread over hundreds of miles, and you have mountains, desert and swamp," said Mark Badick, chief operating officer of Calgary, Alberta-based Safety Boss Inc., and a veteran of the firefighting in Kuwait. "Preparations are harder, and there's more gas in the oil, which makes a hotter fire." And "the flow rates are higher -- it's like the difference between a garden hose and a fire hose."

Coldwell Banker Residential Les Skinner, director of well control at Houston's Cudd Pressure Control Inc., said it costs $40,000 to $50,000 per day to keep up to nine firefighters and as many as 20 support personnel on the job.

Freight Broker "In Kuwait, Bechtel provided the infrastructure," said Skinner, another Kuwait firefighting veteran. "They brought the water and managed the project. We can do all that too, but it costs, and there's a lot of variation."

Freight Brokerage A fire in a small well can be put out with seawater from a fire hose, "but a great many times it reignites, or you have to dig deep, or the casing has partially collapsed," he said. "Every well has different circumstances. Some take a day or two, while others can keep you busy for weeks."

Broker Lie Ticket And despite the introduction of some new fire retardants and foams, the last 12 years have not brought any breakthroughs in the technology made famous half a century ago by Red Adair, a pioneer in fighting oil fires who was immortalized by John Wayne in the 1968 movie "Hellfighters."

4th Boost Brokerage By "We don't have any brilliant computer programs," Skinner said. "This is not rocket science. It requires experience and using methods that are safe. We're always adding to our bag of tricks, but the old methods work fine."

Florida Mortgage Broker By Peter Behr and Guy Gugliotta
Washington Post - 3/22/2003

Topic: Petroleum Industry

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