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  3. An extreme cold spell might be unwelcome to much of the Northern Hemisphere, but it is warmly welcomed by one group — the oil ex

An extreme cold spell might be unwelcome to much of the Northern Hemisphere, but it is warmly welcomed by one group — the oil ex

admin2010-11-29  54
问题     An extreme cold spell might be unwelcome to much of the Northern Hemisphere, but it is warmly welcomed by one group — the oil exporters. They have enjoyed a steady rise in the price of a barrel of crude and their satisfaction at the state of affairs is evidenced by the lack of any comment from Opec nations in recent weeks.
    Demand for heating oil, a lead indicator from December to February, is high in Europe, in America’s eastern states and in China. In response to the cold weather, Brent Crude futures have risen by $10 per barrel since the middle of December, to $81 per barrel.
    The oil futures market is in sharp contango — a term used to describe a market where oil is more expensive for delivery at future dates. In other words, market players are betting that the price will rise.
    Expectations of economic recovery are an explanation for the rising price contango, but some analysts worry that the underlying market fundamentals are not that bullish for oil. The Centre for Global Energy Studies (CGES) points to the huge stocks of oil, as much as 100 millon barrels, put in storage when demand collapsed at the end of 2008. The CGES reckons that such a harsh winter warrants a much higher oil price. Because underlying demand is weak in a slow economic recovery, the price response has been weak.
    The oil price collapsed a year ago to $36 per barrel, a level at which most Opec nations were facing hardship as the economic rent from exporting crude fell below budgeted government expenditure.
    For green energy technologies, such as biofuels made from plant waste, high prices are critical. In the absence of punishing carbon taxes or a very high carbon price in Europe’s emissions trading system, investors in green technology need an oil price signal that compels the switch to alternatives. The signal was very loud in July 2008, when Brent reached $147 per barrel, but it was also unsustainable as the soaring price of oil was destroying demand and undermining economic growth.
    World demand for oil is still very weak. It fell throughout 2008 and began to recover only in the third quarter of last year. Global demand is 1.8 million barrels a day below its level two years ago. Opec is more or less maintaining its cartel discipline in the face of rising prices, but non-Opec producers are raising their output, adding 570,000 daily barrels to the market last year.
Investors in green technology would like to see______.
选项 A、a steady oil price.
B、a falling oil price.
C、a fluctuating oil price.
D、a rising oil price.
答案D
解析 细节题。“investors in green technology”绿色技术的投资者是定位关键词，信息可以在第六段找到。“In the absence of punishing carbon taxes or a very high carbon price in Europe’s emissions trading system，investors in green technology need an oil price signal that compels the switch to alternatives．”此处需要搞清楚油价和绿色能源之间的逻辑关系：绿色能源不能大量投放市场的主要原因是其高昂的费用，所以如果油价一旦高过绿色能源的使用成本，就可能会导致消费者的转向，更多地使用绿色能源，那么投资者也就可以从中获益了。
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