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"The time when we could count on cheap oil and even cheaper natural gas is clearly ending." That was the gloomy forecast delivered in February by Dave O'Reilly, the chairman of Chevron Texaco, to hundreds of oilmen gathered for a conference in Houston. The following month, Venezuela's President Hugo Chavez gleefully echoed the sentiment: "The world should forget about cheap oil."
The surge in oil prices, from $10 a barrel in 1998 to above $50 in early 2005, has prompted talk of a new era of sustained higher prices. But whenever a "new era" in oil is hailed, scepticism is in order. After all, this is essentially a cyclical business in which prices habitually yo-yo. Even so, an unusually loud chorus is now joining Messrs O'Reilly and Chavez, pointing to intriguing evidence of a new "price floor" of $30 or perhaps even $40. Confusingly, though, there are also signs that high oil prices may be caused by a speculative bubble that could burst quite suddenly. To see which camp is right, two questions need answering: why did the oil price soar? And what could keep it high?
To make matters more complicated, there is in fact no such thing as a single "oil price": rather, there are dozens of varieties of crude trading at different prices. When newspapers write about oil prices, they usually mean one of two reference crudes: Brent from the North Sea, or West Texas Intermediate (WTI). But when ministers from the Organisation of the Petroleum Exporting Countries (OPEC) discuss prices, they usually refer to a basket of heavier cartel crudes, which trade at a discount to WTI and Brent. All oil prices mentioned in this survey are per barrel of WTI.
The recent volatility in prices is only one of several challenges facing the oil industry. Although at first sight Big Oil seems to be in rude health, posting record profits, this survey will argue that the western oil majors will have their work cut out to cope with the rise of resource nationalism, which threatens to choke off access to new oil reserves. This is essential to replace their existing reserves, which are rapidly declining. They will also have to respond to efforts by governments to deal with oil's serious environmental and geopolitical side-effects. Together, these challenges could yet wipe out the oil majors.
Dave O'Reilly and Hugo Chavez believe that

A. prices of oil and natural gas are very high.
B. prices of oil and natural gas will not go down.
C. oil and natural gas will keep sustained high prices.
D. the world has forgotten about cheap oil.

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Every spring migrating salmon return to British Columbia's rivers to spawn. And every spring new reports detail fresh disasters that befall them. This year is no different. The fisheries committee of Canada's House of Commons and a former chief justice of British Columbia, Bryan Williams, have just examined separately why 1.3 m sockeye salmon mysteriously "disappeared" from the famed Fraser river fishery in 2004. Their conclusions point to a politically explosive conflict between the survival of salmon and the rights of First Nations, as Canadians call Indians
In 2004, only about 524,000 salmon are thought to have returned to the spawning grounds, barely more than a quarter the number who made it four years earlier. High water temperatures may have killed many. The House of Commons also lambasted the federal Department of Fisheries and Oceans (DFO) for poor scientific data, and for failing to enforce catch levels. Four similar reports since 1992 have called for the department's reform. In vain: its senior officials are "in denial" about its failings, said the committee.
Mr. Williams' report added a more shocking twist. He concluded that illegal fishing on the Fraser river is "rampant and out of control", with “no-go” zones where fisheries officers are told not to confront Indian poachers for fear of violence. The judge complained that the DFO withheld a report by one of its investigators which detailed extensive poaching and sale of salmon by members of the Cheam First Nation, some of whom were armed.
Some First Nations claim an unrestricted right to fish and sell their catch. Canada's constitution acknowledges the aboriginal right to fish for food and for social and ceremonial needs, but not a general commercial right. On the Fraser, however, the DFO has granted Indians a special commercial fishery. To some Indians, even that is not enough.
Both reports called for more funds for the DFO, to improve data collection and enforcement. They also recommended returning to a single legal regime for commercial fishing applying to all Canadians.
On April 14th, Geoff Regan, the federal fisheries minister, responded to two previous reports from a year ago. One, from a First Nations group, suggested giving natives a rising share of the catch. The other proposed a new quota system for fishing licences, and the conclusion of long-standing talks on treaties, including fishing rights, with First Nations. Mr. Regan said his department would spend this year consulting "stakeholders" (natives, commercial and sport fishermen). It will also launch pilot projects aimed at improving conservation, enforcement and First Nations' access to fisheries.
The "explosive conflict" in Para 1 refers to

A. Salmon's return to spawn and its survival.
B. The fisheries committee of Canada's House of Commons and Bryan Williams
C. The struggle between sockeye salmon and human beings.
D. The collision between salmon's survival and human fishery.

商业银行的资金只能投资国债资产,而不能投资公司债券,以保证商业银行资产在投资上的绝对安全。()

A. 正确
B. 错误

商业银行应按季度对个人理财业务进行统计分析,并于下一季度的第一个月内,将有关统计分析报告报送中国银行业监督管理委员会。()

A. 正确
B. 错误

银行从业人员还要时刻记住,客户从从业人员手中拿去的是银行的推销。()

A. 正确
B. 错误

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