High oil prices take toll on Europe

Article Abstract:

With the price of crude oil remaining well above $50 per barrel, economists who had previously forecast an acceleration of the European economy in 2005, are now foreseeing weak growth and only a tenuous hold on recovery for the region. While Europe consumes less oil than the U.S. and has therefore been perceived as less vulnerable to high oil prices, the euro's weakening value against the dollar has exposed the countries that use the euro to the debilitating economic effects of spikes in oil costs.

United States, Europe, Asia, Analysis, Economic aspects, International aspects, Economic conditions, European Union, European monetary union

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More companies may dig deeper in search for oil; Gulf of Mexico discovery fuels prospects of finding new supplies; lack of resources could slow push

Article Abstract:

Petroleum companies will likely focus on deep-water petroleum exploration, following the success of the Jack well in the Gulf of Mexico. This should help allay fears about crude oil supplies, and should increase prices.

Market information - general, Crude Petroleum and Natural Gas Extraction, Crude petroleum and natural gas, Crude Petroleum & Natural Gas, Petroleum refining, Gulf of Mexico, Supply and demand, Petroleum industry, Discovery and exploration, Natural resources, Oil and gas exploration, Petroleum exploration

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