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The Jeffersons
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"Jeffersons" redirects here. For other uses, see Jefferson (disambiguation).
For the South Park episode, see The Jeffersons (South Park).
The Jeffersons
Seasons 3–11 title card
Genre
Sitcom
Created by
Don Nicholl
Michael Ross
Bernie West
Developed by
Norman Lear
Directed by
Bob Lally
Oz Scott
Jack Shea
Tony Singletary
Arlando Smith
Starring
Isabel Sanford
Sherman Hemsley
Marla Gibbs
Roxie Roker
Franklin Cover
Paul Benedict
Mike Evans
Berlinda Tolbert
Zara Cully
Damon Evans
Ned Wertimer
Jay Hammer
Danny Wells
Theme music composer
Jeff Barry
Ja'net Dubois
Opening theme
"Movin' On Up" performed by Ja'net Dubois
Composer(s)
Don Great
Country of origin
United States
Original language(s)
English
No. of seasons
11
No. of episodes
253 (list of episodes)
Production
Executive producer(s)
David Duclon
Ron Leavitt
Jay Moriarity
Mike Mulligan
Don Nicholl
Michael Ross
George Sunga
Bernie West
Producer(s)
David Duclon
Ron Leavitt
Michael G. Moye
Jerry Perzigian
Donald L. Seigel
Jack Shea
Location(s)
CBS Television City, Hollywood, California (1975)
Metromedia Square, Hollywood, California
(1975–1982)
Universal City Studios, Universal City, California
(1982–1985)
Camera setup
Videotape
Multi-camera setup
Running time
22–24 minutes
Production company(s)
T.A.T. Communications Company
(1975–1982)
(seasons 1-8)
NRW Productions
(1975–1979)
(seasons 1-5)
Ragamuffin Productions
(1980–1981)
(season 7)
Embassy Television
(1982–1985)
(seasons 9-11)
Distributor
T.A.T. Communications Company (1981–1984)
Embassy Telecommunications
(1984–1986)
Embassy Communications
(1986–1988)
Columbia Pictures Television
(1988–1995)
Columbia TriStar Television
(1995–2002)
Sony Pictures Television
(2002–present)
Release
Original network
CBS
Audio format
Monaural
Original release
January 18, 1975 (1975-01-18) – July 2, 1985 (1985-07-02)
Chronology
Preceded by
All in the Family
Followed by
Checking In
Related shows
Maude
Good Times
Archie Bunker's Place
Gloria
E/R
704 Hauser
The Jeffersons is an American sitcom that was broadcast on CBS from January 18, 1975, through July 2, 1985, lasting 11 seasons and a total of 253 episodes.[1] The Jeffersons is one of the longest-running sitcoms,[2] the second-longest-running American series with a primarily African American cast (surpassed in 2012 by Tyler Perry's House of Payne by one episode, though The Jeffersons ran for more seasons),[1][3] and the first to prominently feature a married interracial couple.[1][4]
Contents
[hide]
1 Show
2 Series development
3 Synopsis
3.1 Cast changes
4 Main cast
4.1 Notable guest appearances
5 Episodes
6 Theme song
7 Broadcast history and Nielsen ratings
8 Awards and nominations
9 DVD and Internet releases
10 References
11 Further reading
12 External links
Show[edit]
The show focuses on George and Louise Jefferson, a prosperous African-American couple who have been able to move from Queens to Manhattan owing to the success of George's dry-cleaner chain. The show was launched as the second spin-off of All in the Family, on which the Jeffersons had been the neighbors of Archie and Edith Bunker.[5][6] The show was the creation of Norman Lear.[5][7] The Jeffersons eventually evolved into more of a traditional sitcom but did reference such issues as alcoholism, racism, suicide, gun control, being transgender, and adult illiteracy. The epithets "nigger" and "honky" were used occasionally, especially during the earlier seasons.[2][4]
The Jeffersons had one spin-off, titled Checking In. The series was centered on the Jeffersons' housekeeper, Florence.[8] Checking In only lasted four episodes, after which Florence returned to The Jeffersons.[9] The Jeffersons also shared continuity with the show E/R, which featured Lynne Moody, who made a guest appearance in one episode of The Jeffersons.[10] Sherman Hemsley guest-starred as George in two episodes of the series, which lasted for one season.[11]
The Jeffersons ended in controversy after CBS abruptly canceled the series without allowing for a proper series finale. The cast was not informed until after the July 2, 1985, episode "Red Robins", and actor Sherman Hemsley said he found out that the show was canceled by reading it in the newspaper.[12] Sanford, who heard about the cancellation through her cousin who read about it in the tabloids, has publicly stated that she found the cancellation with no proper finale to be disrespectful on the network's part.[13]
The cast reunited in a stage play based on the sitcom.[14] In the 1996 series finale of The Fresh Prince of Bel-Air, the Jeffersons made a guest appearance and bought the house from the Banks family.[1] In an episode of Tyler Perry's House of Payne in 2011, Sherman Hemsley and Marla Gibbs reprised their roles of George Jefferson and Florence Johnston.[15]
In 1985, Hemsley and Sanford made a special joint guest appearance in the Canale 5 comedy show Grand Hotel, starring Italian actors Paolo Villaggio, Franco & Ciccio comic duo and Carmen Russo. They were guests in the fictional hotel, and appeared just twice during the show, for a total of five minutes. Their voices were dubbed by Italian actors Enzo Garinei (George) and Isa di Marzio (Louise), who also dubbed their characters for the full series.[citation needed]
Series development[edit]
Louise Jefferson, played by Isabel Sanford, first appeared in the All in the Family episode "Lionel Moves Into the Neighborhood", which was broadcast on March 2, 1971. The episode, the eighth of the series, centers on Louise, her son Lionel, and her husband George's moving next door to Archie and Edith Bunker in the working-class section of Queens.[2] Lionel, played by Mike Evans, first appeared in "Meet the Bunkers", the premiere episode of All in the Family.[2]
Norman Lear created the character of George Jefferson specifically for Hemsley. Lear originally intended for George to appear in the first season of the series; however, Hemsley was starring in the Broadway musical Purlie at the time, and Lear decided to postpone introduction of the character until Hemsley was available. Lear created the character of Henry Jefferson, George's younger brother, and replaced George with Henry in the series's scripts until Purlie finished its run. Mel Stewart was cast as Henry.[2][3] George was introduced in the episode "Henry's Farewell", and Hemsley and Stewart share their only scene together in its final minutes. The episode marked the final appearance of Henry.
George, Louise, and Lionel continued to appear on All in the Family until 1975, when the spin-off The Jeffersons, also created by Lear, premiered.[8] The characters of Lionel's biracial fiancée, Jenny, and her family, all of whom first appeared in the 1974 All in the Family episode "Lionel's Engagement", were also written into the new series.[16] However, the roles were all recast, with Berlinda Tolbert taking over the role of Jenny, veteran actor Franklin Cover playing her father, Tom Willis, whose first name was changed from Louis, as it was in their first AITF appearance, and Roxie Roker as her mother, Helen.
Synopsis[edit]
Cast of The Jeffersons, clockwise from top: Mike Evans, Sherman Hemsley, and Isabel Sanford (1975)
During the January 11, 1975 episode of All in the Family, titled "The Jeffersons Move Up", Edith Bunker gave a tearful good-bye to her neighbor Louise Jefferson, as her husband George, their son Lionel, and she moved from a working-class section of Queens, New York into a luxury apartment in Manhattan.[17] The Jeffersons premiered the following week, on January 18, 1975.[8]
George's career as a dry-cleaner began in the first season of All in the Family, in the third episode, "Oh, My Aching Back" (though the character himself did not appear on-camera). After his car was rear-ended by a bus, he filed a civil action and won $3200, enough to open his first store in Queens.[3] At the beginning of The Jeffersons, he was operating five stores throughout New York City, with another two opening during the following seasons.
Louise made friends with Tom and Helen Willis, an interracial couple with two adult children of their own[8] (whom George insultingly called "zebras"):[1][18] son Allan (played by Andrew Rubin in the first-season finale, and by Jay Hammer throughout season 5), a white-passing college drop-out; and daughter Jenny, an aspiring fashion designer. Jenny and Lionel became a couple, were married on December 24, 1976, and later became the parents of a daughter, Jessica (played in later seasons by Ebonie Smith).[8][19] Lionel and Jenny experienced marital issues, and filed for divorce in 1985.[8]
Marla Gibbs portrayed the role of Florence Johnston, the Jeffersons' back-talking, wisecracking, and devoutly religious housekeeper. Florence often teased George, mostly about his short stature and receding hairline.[20] Paul Benedict arrived as Harry Bentley, a loyal, kind, friendly yet somewhat dimwitted British next-door neighbor,[8] who worked as an interpreter at the United Nations.[21]
A common sight-gag of the show was George slamming the door in Bentley's face mid-conversation.[21] Bentley also had a bad back, and frequently needed George to walk on his back.[22][23] He also became known for addressing the Jeffersons as "Mr. J" and "Mrs. J".[23] Zara Cully played George's mother, Olivia "Mother" Jefferson, who constantly disparaged her daughter-in-law.[6][18][19] Cully, who had first appeared in the 1974 All in the Family episode, "Lionel's Engagement", reprised her role.[24] She appeared regularly in the first two seasons, but made sporadic appearances over the next two years and was written out in the fifth season (Cully died in 1978, from lung cancer; no episode was centered on Mother Jefferson's death, but it was mentioned that she had died in season 5). Ned Wertimer played the doorman, Ralph Hart, throughout the series,[25] along with Danny Wells who played Charlie the bartender.[26]
Cast changes[edit]
Berlinda Tolbert and Damon Evans as Jenny and Lionel (1976)
Mike Evans ("Lionel") left the show after the first season; his replacement was Damon Evans (no relation),[6] who took over the role until halfway through the fourth season.[8] Damon Evans's last episode was "Lionel Gets the Business".
Mike Evans and Tolbert returned in the 1979–1980 season, with Tolbert's character, Jenny, pregnant with a daughter named Jessica. However, Mike Evans appeared for only one more season, along with Tolbert.[8] The Jeffersons' sixth season peaked at #8 in the summer of 1980. The characters of Lionel and Jenny were written out by stating that they had marital problems, the result of which became a two-part episode storyline as the series' eighth-season premiere. The series' eighth season was the first African-American sitcom in years (since Sanford and Son) to peak in the top 5 (the series' eighth season debuted at #3).
Evans and Tolbert appeared in the two-part episode together; Evans also appeared in one episode during the series' ninth season in 1982, and made his final appearance in two episodes during the series' eleventh and final season. Tolbert became a regular guest star throughout the rest of the series. In the spring of 1981, Paul Benedict left the show for a season and a half, returning in the final two seasons of the series.[8] However, the ratings sank below the top 30, and The Jeffersons aired its last episode, "Red Robins", on July 2, 1985.[27]
Main cast[edit]
Actor/Actress
Character
Seasons
1
2
3
4
5
6
7
8
9
10
11
Isabel Sanford Louise Jefferson Main
Sherman Hemsley George Jefferson Main
Mike Evans Lionel Jefferson Main Main Recurring Guest
Damon Evans Main
Roxie Roker Helen Willis Main
Franklin Cover Thomas "Tom" Willis Main
Zara Cully Olivia "Mother" Jefferson Main
Berlinda Tolbert Jenny Willis Jefferson Main Recurring
Paul Benedict Harry Bentley Main Main
Marla Gibbs Florence Johnston Recurring Main
Jay Hammer Allan Willis Main
Ned Wertimer Ralph Hart Recurring
Danny Wells Charlie the bartender Recurring
Ebonie Smith Jessica Jefferson Recurring
Notable guest appearances[edit]
This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (January 2017) (Learn how and when to remove this template message)
Frances Bay
Johnny Brown
Barbara Cason
Charo
Gary Coleman[1]
Andrae Crouch
Sammy Davis, Jr.[9]
Frank De Vol
Phyllis Diller (as herself)
David Dukes
Famous Amos
Bernard Fox
Joe Frazier
Susie Garrett
Louis Gossett, Jr.
Rosie Grier
Robert Guillaume[9]
Moses Gunn
Kene Holliday
Reggie Jackson
Victor Kilian
Lincoln Kilpatrick
Mabel King
Gladys Knight
Peter Lawford (voice)
Larry Linville
Carl Lumbly
Helen Martin
Edie McClurg
Garrett Morris
Greg Morris[9]
Josephine Premice[28]
Sheryl Lee Ralph
Thalmus Rasulala
Susan Ruttan
Sister Sledge[29]
Michael Spinks
Amzie Strickland
Ernest Lee Thomas
Liz Torres
Donald Trump
Vernee Watson
Jaleel White
Billy Dee Williams[9]
Hal Williams
Source[30]
Episodes[edit]
Main article: List of The Jeffersons episodes
Season
Episodes
Originally aired
Nielsen ratings[31]
First aired
Last aired
Rank
Rating
Tied with
1 13 January 18, 1975 (1975-01-18) April 12, 1975 (1975-04-12) 4 27.6 N/A
2 24 September 13, 1975 (1975-09-13) March 6, 1976 (1976-03-06) 21 21.5 N/A
3 24 September 25, 1976 (1976-09-25) April 11, 1977 (1977-04-11) 24 21.0 N/A
4 26 September 24, 1977 (1977-09-24) March 4, 1978 (1978-03-04) N/A N/A N/A
5 24 September 20, 1978 (1978-09-20) April 18, 1979 (1979-04-18) N/A N/A N/A
6 24 September 23, 1979 (1979-09-23) April 13, 1980 (1980-04-13) 8 24.3 N/A
7 20 November 2, 1980 (1980-11-02) March 29, 1981 (1981-03-29) 6 23.5 N/A
8 25 October 4, 1981 (1981-10-04) May 16, 1982 (1982-05-16) 3 23.4 N/A
9 27 September 26, 1982 (1982-09-26) May 1, 1983 (1983-05-01) 12 20.0 Newhart
10 22 October 2, 1983 (1983-10-02) May 6, 1984 (1984-05-06) 19 16.6 N/A
11 24 October 14, 1984 (1984-10-14) July 2, 1985 (1985-07-02) N/A N/A N/A
The Jeffersons had many two-part episodes, either over two consecutive weeks, or aired as an hour-long episode.
George and Louise with Mother Jefferson (1976)
Theme song[edit]
Ja'net Dubois (from Good Times) and Jeff Barry co-wrote The Jeffersons theme song, "Movin' on Up", which was sung by Dubois with a gospel choir.[32] The song was covered by Sammy Davis, Jr., in 1978.[33]
Broadcast history and Nielsen ratings[edit]
The Jeffersons changed time slots at least 15 different times during its 11-year run, unusual for a popular long running series.[34] The most common time slot was on Sunday night.[7]
In its first season (1974–75), the show ranked at number four, surpassed by its parent series All in the Family (which landed at number one for the fifth year in a row).[35] The show's ratings for the following two seasons placed it in the Top 30, but during the 1977–78 and 1978–79 seasons (the show's fourth and fifth seasons), it fell out of the top 30.[19]
It returned to the Top 10 in 1979–80, and at the end of the 1981–82 season, The Jeffersons finished third overall, only surpassed by fellow CBS series Dallas and 60 Minutes. As a result, the series remained among the Top 20 for the next two seasons.[19]
Awards and nominations[edit]
Main article: List of awards and nominations received by The Jeffersons
Harry Bentley and Mother Jefferson (1975)
The Jeffersons received 14 Emmy Award nominations during its time on the air.[36] Marla Gibbs was nominated for Best Supporting Actress in a Comedy Series each year from 1981-85. Sherman Hemsley was nominated for Best Actor in 1984. Larry M. Harris won the Emmy for Outstanding Video Tape Editing for a Series in 1983.[36]
Isabel Sanford was nominated for seven consecutive Best Actress Emmys, from 1979 until 1985.[36] Her victory in 1981 made her the first African-American actress to win an Emmy for Best Actress in a Comedy Series,[1][19][37] and the second to win any Emmy Award; Gail Fisher, who played Peggy on the TV show Mannix, preceded her in 1970. Sanford was also the recipient of five of the eight Golden Globe Awards nominations the program received.[38]
DVD and Internet releases[edit]
Sony Pictures Home Entertainment released the first six seasons of The Jeffersons on DVD in Region 1 between 2002 and 2007.[39] These releases have been discontinued and are now out of print.
On August 27, 2013, it was announced that Mill Creek Entertainment had acquired the rights to various television series from the Sony Pictures library including The Jeffersons.[40] They subsequently re-released the first two seasons on DVD on May 20, 2014.[41]
On August 8, 2014, it was announced that Shout! Factory had acquired the rights to the series; they subsequently released the complete series on DVD in a 33-disc collection on December 9, 2014.[42][43]
On April 28, 2015, Shout! released season 7 on DVD in Region 1.[44] Season 8 was released on August 11, 2015.[45]
As of 2016, all eleven seasons of The Jeffersons are available for online streaming on the STARZ network.[46][47]
DVD Name
Ep #
Release Date
The Complete First Season 13 August 6, 2002
May 20, 2014 (re-release)
The Complete Second Season 24 May 13, 2003
May 20, 2014 (re-release)
The Complete Third Season 24 April 12, 2005
The Complete Fourth Season 26 October 11, 2005
The Complete Fifth Season 24 August 15, 2006
The Complete Sixth Season 24 March 27, 2007
The Complete Seventh Season 20 April 28, 2015
The Complete Eighth Season 25 August 11, 2015
The Complete Series 253 December 9, 2014
References[edit]
^ Jump up to: a b c d e f g Kathleen Fearn-Banks; Anne Burford-Johnson (October 3, 2014). Historical Dictionary of African American Television. Rowman & Littlefield. ISBN 9780810879171.
^ Jump up to: a b c d e David J. Leonard; Lisa Guerrero (April 23, 2013). African Americans on Television: Race-ing for Ratings. ABC-CLIO. ISBN 9780275995157. Retrieved January 23, 2017.
^ Jump up to: a b c Kara Kovalchik (December 10, 2015). "11 Deluxe Facts About 'The Jeffersons'". Mental Floss. Retrieved January 23, 2017.
^ Jump up to: a b Danielle Cadet (July 25, 2012). "'The Jeffersons': How Sherman Hemsley And The Sitcom Changed The Landscape Of American Television". The Huffington Post. Retrieved January 23, 2017.
^ Jump up to: a b Val Adams (January 18, 1975). "'The Jeffersons' premiere on CBS in 1975". New York Daily News. Retrieved January 22, 2017.
^ Jump up to: a b c Louie Robinson (January 1976). "The Jeffersons: A look at life on black America's new 'Striver's Row'". Ebony. Retrieved January 22, 2017.
^ Jump up to: a b Pam Deane. "The Jeffersons". Encyclopedia of Television. The Museum of Broadcast Communications. Retrieved January 21, 2017.
^ Jump up to: a b c d e f g h i j Tim Brooks; Earle F. Marsh (June 24, 2009). The Complete Directory to Prime Time Network and Cable TV Shows, 1946-Present. Random House Publishing Group. ISBN 9780307483201. Retrieved January 22, 2017.
^ Jump up to: a b c d e Donald Bogle (1988). Blacks in American films and television: An encyclopedia. Garland Publishing, Inc. ISBN 0824087151. Retrieved January 23, 2017.
Jump up ^ "Lynne Moody List of Movies and TV Shows". TV Guide. Retrieved January 23, 2017.
Jump up ^ Patrick Kevin Day (July 24, 2012). "Sherman Hemsley dies: Watch George Jefferson at his finest". Los Angeles Times. Retrieved January 23, 2017.
Jump up ^ "The Jeffersons and Happy Days and Valerie Bertinelli Bio". bio. Retrieved January 24, 2017 – via YouTube.
Jump up ^ "Isabel Sanford interview". Archive of American Television. Retrieved January 23, 2017.
Jump up ^ Bruce Fretts; Alan Carter (April 16, 1993). "The Jeffersons take the stage". Entertainment Weekly. Retrieved January 22, 2017.
Jump up ^ Trevor Kimball (August 10, 2012). "Tyler Perry's House of Payne: Paying Homage to Sherman Hemsley". TV Series Finale. Retrieved January 23, 2017.
Jump up ^ Bob McCann (December 8, 2009). Encyclopedia of African American Actresses in Film and Television. McFarland. ISBN 9780786458042.
Jump up ^ "All in the Family Season 5, Episode 16 The Jeffersons Move Up". TV Guide. Retrieved January 23, 2017.
^ Jump up to: a b Marla Brooks (March 30, 2005). The American Family on Television: A Chronology of 121 Shows, 1948-2004. McFarland. ISBN 9781476606903. Retrieved January 23, 2017.
^ Jump up to: a b c d e Kathleen Fearn-Banks (August 4, 2009). The A to Z of African-American Television. Scarecrow Press. ISBN 9780810863484. Retrieved January 22, 2017.
Jump up ^ "Two Sisters Star On TV". Jet. December 10, 1984. pp. 60–61. Retrieved January 22, 2017.
^ Jump up to: a b Dan Neil (December 17, 2016). "'All In The Family,' 'The Jeffersons,' 'Good Times' And More Classic Sitcoms' Reboot In Talks; To Be Made As Miniseries By Sony Pictures". iTech Post. Retrieved January 23, 2017.
Jump up ^ "Paul Benedict". Playbill. Retrieved January 23, 2017.
^ Jump up to: a b Lauren Martin (December 4, 2008). "Actor Paul Benedict, 70, Leaves the Stage". Vineyard Gazette. Retrieved January 23, 2017.
Jump up ^ Jae Jones (November 17, 2016). "Zara Cully: Known For Role as "Mother Jefferson" On The Jeffersons". Black Then. Retrieved January 23, 2017.
Jump up ^ Mike Barnes (January 9, 2013). "Ned Wertimer, character actor known as 'The Jeffersons' doorman, dies at 89". Today. Retrieved January 23, 2017.
Jump up ^ "Danny Wells, Luigi on 'Super Mario Bros.' Show, Dies at 72". Variety. December 4, 2013. Retrieved January 23, 2017.
Jump up ^ "The Jeffersons Episodes Season 11". TV Guide. Retrieved January 23, 2017.
Jump up ^ IMDb, The Jeffersons, "Louise's Sister"
Jump up ^ "The Jeffersons Season 10 Episode 16: My Guy, George". TV Guide. Retrieved January 23, 2017.
Jump up ^ "The Jeffersons Cast and Characters". TV Guide. Retrieved January 23, 2017.
Jump up ^ Brooks, Tim; Marsh, Earle (2007). The Complete Directory to Prime Time Network and Cable TV Shows 1946-Present (Ninth Edition). Ballantine Books. p. 1687-1690. ISBN 978-0-345-49773-4.
Jump up ^ "Movin' On Up (Theme to The Jeffersons)". Songfacts. Retrieved January 22, 2017.
Jump up ^ Movin' on Up (Theme from "The Jeffersons") version by Sammy Davis Jr. 1978
Jump up ^ "The Jeffersons come (back) to the neighborhood". Entertainment Weekly. April 2, 1999. Retrieved January 22, 2017.
Jump up ^ Michele "Wojo" Wojciechowski (July 28, 2015). "The Norman Lear Experience: His Shows, His Honesty and One Thing He Wanted to Do". Parade. Retrieved January 22, 2017.
^ Jump up to: a b c "The Jeffersons". Emmys. Television Academy. Retrieved January 22, 2017.
Jump up ^ Kenneth Jones (July 12, 2004). "Isabel Sanford, Emmy-Winning Actress Who Created "Weezie" Jefferson on TV and Stage, Dead at 86". Playbill. Retrieved January 22, 2017.
Jump up ^ "The Jeffersons". Golden Globe Awards. Hollywood Foreign Press Association. Retrieved January 22, 2017.
Jump up ^ "Sony Pictures - Catalog". Sony Pictures. Retrieved January 23, 2017.
Jump up ^ Gord Lacey (August 27, 2013). "Mill Creek Entertainment Signs Deals With Sony Pictures Home Entertainment To Expand Their Distribution Partnership". TV Shows on DVD. Archived from the original on October 6, 2014. Retrieved January 23, 2017.
Jump up ^ David Lambert (April 15, 2014). "Mill Creek's Re-Releases for Next Month Get Great DVD Package Art". TV Shows on DVD. Archived from the original on February 2, 2017. Retrieved January 23, 2017.
Jump up ^ David Lambert (August 8, 2014). "The Jeffersons - CORRECT DATE, Packaging for 'The Complete Series: The Deee-luxe Edition'". TV Shows on DVD. Archived from the original on October 10, 2014. Retrieved September 23, 2014.
Jump up ^ David Lambert (September 15, 2014). "Great Extras Revealed for 'The Complete Series: The Deee-luxe Edition'". TV Shows on DVD. Archived from the original on September 20, 2014. Retrieved September 23, 2014.
Jump up ^ David Lambert (January 1, 2015). "The Jeffersons - Shout! is Movin' On Up to a 'Season 7' Separate Release!". TV Shows on DVD. Archived from the original on February 3, 2017. Retrieved January 23, 2017.
Jump up ^ David Lambert (May 5, 2015). "The Jeffersons - 'The Complete 8th Season' Getting a DVD Release this Summer". TV Shows on DVD. Archived from the original on February 3, 2017. Retrieved January 23, 2017.
Jump up ^ "The Jeffersons". STARZ. Retrieved January 23, 2017.
Jump up ^ Christian Zibreg (April 5, 2016). "Cable network Starz launches $9 per month streaming package for iPhone, iPad and Apple TV". iDownloadBlog. Retrieved January 23, 2017.
Further reading[edit]
Newcomb, Horace (Ed.). (1997). Encyclopedia of Television. Fitzroy Dearborn Publishers: Chicago, IL; ISBN 1-884964-26-5.
Mitchell, Gordon Whitey. (2008). Hackensack to Hollywood-My Two Show Business Careers. BearManor Media: Albany, NY; ISBN 1-59393-121-2.
External links[edit]
Wikimedia Commons has media related to The Jeffersons.
The Jeffersons on IMDb
The Jeffersons at TV.com
The Jeffersons-related interview videos at the Archive of American Television
[show]
v
t
e
The Jeffersons
Characters
George Jefferson
Louise Jefferson
Lionel Jefferson
List of supporting characters
Episodes
"Now You See It, Now You Don't: Part One"
"The First Store"
Other
Awards
All in the Family
Checking In
[show]
v
t
e
All in the Family
Main characters
Archie Bunker
Edith Bunker
Gloria Stivic
Michael Stivic
Stephanie Mills
Recurring characters
Joey Stivic
George Jefferson
Louise Jefferson
Lionel Jefferson
Henry Jefferson
Episodes
"Maude"
"Cousin Liz"
"Edith's 50th Birthday"
"Edith's Crisis of Faith"
"The 200th Episode Celebration of All in the Family"
Related series
Based on
Till Death Us Do Part
Spin-offs
Maude (1972–1978) (episodes)
Good Times (1974–1979) (episodes)
The Jeffersons (1975–1985) (episodes)
Checking In (1981)
Gloria (1982–1983)
Sequels
Archie Bunker's Place (1979–1983) (episodes)
704 Hauser (1994)
[show]
v
t
e
Norman Lear
Created
The Deputy (1959–61)
All in the Family (1971–79)
Maude (1972–78)
The Nancy Walker Show (1976)
All That Glitters (1977)
Fernwood 2 Night (1977)
America 2-Night (1978)
In the Beginning (1978)
Apple Pie (1978)
Hanging In (1979)
Palmerstown, U.S.A. (1980–81)
a.k.a. Pablo (1984)
Sunday Dinner (1991)
704 Hauser (1994)
Developed
Good Times (1974–79)
Sanford and Son (1972–78)
Mary Hartman, Mary Hartman (1976–78)
The Jeffersons (1975–85)
One Day at a Time (1975–84)
The Dumplings (1976)
All's Fair (1976–77)
Sanford Arms (1977)
The Baxters (1979–81)
Produced only
The Martha Raye Show (1954–56)
Hot l Baltimore (1975)
A Year at the Top (1977)
E/R (1984–85)
The Powers That Be (1992–93)
Channel Umptee-3 (1997–98)
America Divided (2016–present)
One Day at a Time (2017–present)
Written only
The Colgate Comedy Hour (1950–53)
The Ford Show (1957–58)
Film
Come Blow Your Horn (screenwriter; 1963)
Divorce American Style (screenwriter; 1967)
The Night They Raided Minsky's (screenwriter; 1968)
Cold Turkey (director; 1971)
The Princess Bride (producer; 1987)
Pete Seeger: The Power of Song (producer; 2007)
Related articles
Tandem Productions
ELP Communications
Act III Communications
People for the American Way
Business Enterprise Trust
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Price of oil
From Wikipedia, the free encyclopedia
Jump to: navigation, search
This article is about the price of crude oil. For information about derivative motor fuels, see gasoline and diesel usage and pricing. For detailed history of price movements since 2003, see World oil market chronology from 2003.
Brent barrel petroleum spot prices since May 1987 in United States dollars (USD)
Oil prices in USD, 1861–2015 (1861–1944 averaged US crude oil, 1945–1983 Arabian Light, 1984–2015 Brent). Red line adjusted for inflation, blue not adjusted.
Weekly reports on crude oil inventories or total stockpiles in storage facilities like these tanks have a strong bearing on oil prices
The price of oil, or the oil price[1], generally refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent ICE, Dubai Crude, OPEC Reference Basket, Tapis Crude, Bonny Light, Urals oil, Isthmus and Western Canadian Select (WCS).[2][3] There is a differential in the price of a barrel of oil based on its grade—determined by factors such as its specific gravity or API and its sulphur content—and its location—for example, its proximity to tidewater and/or refineries. Heavier, sour crude oils lacking in tidewater access—such as Western Canadian Select— are less expensive than lighter, sweeter oil—such as WTI.
Contents
[hide]
1 Organization of the Petroleum Exporting Countries (OPEC)
2 History
2.1 Price history from 2003 onwards
3 The causes of oil price fluctuations
4 Benchmark pricing
5 Market listings
6 Speculation during the 2008 crisis
7 Oil-storage trade (contango)
8 Comparative cost of production
9 Future projections
10 Impact of declining oil price
10.1 Oil glut
11 Hedging as risk management
11.1 2015–16 prices: The lows of January 2016[73]
12 See also
13 References
14 External links
Organization of the Petroleum Exporting Countries (OPEC)[edit]
Main article: OPEC
In 1960 the Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq by its first five members —Iran, Iraq, Kuwait, Saudi Arabia and Venezuela—,[4][5][6] with Qatar and Libya joining immediately, followed by United Arab Emirates, Algeria, Nigeria, Ecuador and Gabon after a decade. The goal of these countries was to increase its influence in the world oil market, then dominated by a cartel known as the "Seven Sisters", five of which were headquartered in the United States.[5] These companies had been controlling posted prices since the so-called 1927 Red Line Agreement and 1928 Achnacarry Agreement, and had achieved a high level of price stability until 1972.[5] Angola joined the OPEC in 2007 and Equatorial Guinea in 2017.
History[edit]
Further information: 1967 Oil Embargo, 1973 oil crisis, 1979 energy crisis, 1980s oil glut, and Oil price increase of 1990
Price history from 2003 onwards[edit]
Crude oil prices to gas prices
Main article: World oil market chronology from 2003
Further information: 2000s energy crisis
From 1999 til mid 2008, the price of oil rose significantly. It was explained by the rising oil demand in countries like China and India.[7] In the middle of the financial crisis of 2007–2008, the price of oil underwent a significant decrease after the record peak of US$147.27 it reached on July 11, 2008. On December 23, 2008, WTI crude oil spot price fell to US$30.28 a barrel, the lowest since the financial crisis of 2007–2010 began. The price sharply rebounded after the crisis and rose to US$82 a barrel in 2009.[8] In July 2008 oil reached a record peak of US$147.27 but by February 2009 it sank beneath $40 a barrel.[9] On 31 January 2011, the Brent price hit $100 a barrel for the first time since October 2008, on concerns about the political unrest in Egypt.[10] For about three and half years the price largely remained in the $90–$120 range. In the middle of 2014, price started declining due to a significant increase in oil production in USA, and declining demand in the emerging countries.[11] The oil glut—caused by multiple factors—spurred a sharp downward spiral in the price of oil that continued through February 2016.[12] By February 3, 2016 oil was below $30—[13] a drop of "almost 75 percent since mid-2014 as competing producers pumped 1-2 million barrels of crude daily exceeding demand, just as China's economy hit lowest growth in a generation."[14] Some analysts speculate that it may continue to drop further, perhaps as low as $18[15]
According to a report released on February 15, 2016 by Deloitte LLP—the audit and consulting firm—with global crude oil at near ten-year low prices, 35% of listed E&P oil and gas companies are at a high risk of bankruptcy worldwide.[16][17] Indeed, bankruptcies "in the oil and gas industry could surpass levels seen in the Great Recession."[16][18]
The causes of oil price fluctuations[edit]
There are two views dominating the oil market discourse. There are those who strongly believe that the market has undergone structural changes and that low oil prices are here to stay for a prolonged period. At the other end of the spectrum, there are those who think that this is yet another cycle and oil prices will recover sooner rather than later. These two scenarios – structural versus cyclical – reflect the high degree of uncertainty engulfing the oil market. This presupposes that we can separate neatly the cyclical from the structural, but this would be an oversimplification. All the factors discussed above have become intertwined and the response of one part of the system will affect the other parts.[19]
A 2016 survey of the academic literature finds that "most major oil price fluctuations dating back to 1973 are largely explained by shifts in the demand for crude oil".[20] As the global economy expands, so does demand for crude oil.[20] The authors note that the price of oil has also increased at times due to greater "demand for stocks (or inventories) of crude oil... to guard against future shortages in the oil market. Historically, inventory demand has been high in times of geopolitical tension in the Middle East, low spare capacity in oil production, and strong expected global economic growth."[20] In particular, political events can have a strong influence on the oil price. Historical examples include OPEC’s 1973 embargo in reaction to the Yom Kippur War and the 1979 Iranian Revolution. Financial analysts and academics have had very few tools to study such political events compared to what is available on economic aspects of oil price formation.[21] The PRIX index was developed in attempt to fill this gap with a metric on political developments and corresponding export trends from world’s 20 largest oil exporters.[21][22]
The supply of oil is dependent on geological discovery, the legal and tax framework for oil extraction, the cost of extraction, the availability and cost of technology for extraction, and the political situation in oil-producing countries. Both domestic political instability in oil producing countries and conflicts with other countries can destabilise the oil price. In 2008 the New York Times reported, for example, in the 1940s the price of oil was about $17 rising to just over $20 during the Korean War (1951–1953). During the Vietnam War (1950s – 1970s) the price of oil slowly declined to under $20. During the Arab oil embargo of 1973—the first oil shock—the price of oil rapidly rose to double in price. During the 1979 Iranian Revolution the price of oil rose. During the second oil shock the price of oil peaked in April 1980 at $103.76. During the 1980s there was a period of "conservation and insulation efforts" and the price of oil dropped slowly to c. $22. It again reached a peak of c. $65 during the 1990 Persian Gulf crisis and war. Following that, there was a period of global recessions and the price of oil hit a low of c. $15 before it peaked at a high of $45 on September 11, 2001[23] only to drop again to a low of $26 on May 8, 2003.[14] The price rose to $80 with the U.S.-led invasion of Iraq. By March 3, 2008 the price of oil reached $103.95 a barrel on the New York Mercantile Exchange.[23]
Although the oil price is largely determined by the balance between supply and demand—as with all commodities—some commentators including Business Week, the Financial Times and the Washington Post, argued that the rise in oil prices prior to the financial crisis of 2007–2008 was due to speculation in futures markets.[24][25][26][27][28]
For a dissenting view of oil prices being determined by demand, see Forbes, "Global Oil Demand is Always Rising - and Not Related to Price".[29]
Benchmark pricing[edit]
Main article: Benchmark (crude oil)
In North America this generally refers to the WTI Cushing Crude Oil Spot Price West Texas Intermediate (WTI), also known as Texas Light Sweet, a type of crude oil used as a benchmark in oil pricing and the underlying commodity of New York Mercantile Exchange's oil futures contracts. WTI is a light crude oil, lighter than Brent Crude oil. It contains about 0.24% sulfur, rating it a sweet crude, sweeter than Brent. Its properties and production site make it ideal for being refined in the United States, mostly in the Midwest and Gulf Coast regions. WTI has an API gravity of around 39.6 (specific gravity approx. 0.827) per barrel (159 liters) of either WTI/light crude as traded on the New York Mercantile Exchange (NYMEX) for delivery at Cushing, Oklahoma. Cushing, Oklahoma, a major oil supply hub connecting oil suppliers to the Gulf Coast, has become the most significant trading hub for crude oil in North America.
In Europe and some other parts of the world, the oil price benchmark is Brent as traded on the Intercontinental Exchange (ICE, into which the International Petroleum Exchange has been incorporated) for delivery at Sullom Voe.
Other important benchmarks include Dubai, Tapis, and the OPEC basket. The Energy Information Administration (EIA) uses the imported refiner acquisition cost, the weighted average cost of all oil imported into the US, as its "world oil price".
In Robert Mabro's 2006 book on challenges and opportunities in oil in the 21st century, after the collapse of the OPEC-administered pricing system in 1985, and a short lived experiment with netback pricing, oil-exporting countries adopted a market-linked pricing mechanism.[30] First adopted by PEMEX in 1986, market-linked pricing received wide acceptance and by 1988 became and still is the main method for pricing crude oil in international trade.[30] The current reference, or pricing markers, are Brent, WTI, and Dubai/Oman.[30]
Market listings[edit]
Main article: Commodity market
Oil is marketed among other products in commodity markets. By 2008 widely traded oil futures, and related natural gas futures, included with most of these oil futures having delivery dates every month:[31][32]
Petroleum
Nymex Crude Future
Dated Brent Spot
WTI Cushing Spot
Nymex Heating Oil Future
Nymex RBOB (Reformulated Blendstock for Oxygenate Blending) Gasoline Future
Natural gas
Nymex Henry Hub Future
Henry Hub Spot
New York City Gate Spot
Speculation during the 2008 crisis[edit]
In June 2008 Business Week reported that the surge in oil prices prior to 2008 had led some commentators to argue that at least some of the rise was due to speculation in the futures markets.[24] However, although speculation can greatly raise the oil price in the short run, in the long run fundamental market conditions will determine the oil price. Storing oil is expensive, and all speculators must ultimately, and generally within a few months, sell the oil they purchase.
According to a U.S. Commodity Futures Trading Commission (CFTC) May 29, 2008 report the "Multiple Energy Market Initiatives" was launched in partnership with the United Kingdom Financial Services Authority and ICE Futures Europe in order to expand surveillance and information sharing of various futures contracts. Part 1 is "Expanded International Surveillance Information for Crude Oil Trading."[28] This announcement has received wide coverage in the financial press, with speculation about oil futures price manipulation.[25][26][27]
The interim report by the Interagency Task Force, released in July, found that speculation had not caused significant changes in oil prices and that fundamental supply and demand factors provide the best explanation for the crude oil price increases. The report found that the primary reason for the price increases was that the world economy had expanded at its fastest pace in decades, resulting in substantial increases in the demand for oil, while the oil production grew sluggishly, compounded by production shortfalls in oil-exporting countries.
The report stated that as a result of the imbalance and low price elasticity, very large price increases occurred as the market attempted to balance scarce supply against growing demand, particularly in the last three years. The report forecast that this imbalance would persist in the future, leading to continued upward pressure on oil prices, and that large or rapid movements in oil prices are likely to occur even in the absence of activity by speculators. The task force continues to analyze commodity markets and intends to issue further findings later in the year.
Oil-storage trade (contango)[edit]
Main article: Oil-storage trade
The Knock Nevis (1979–2010), a ULCC supertanker compared to the longest ships ever built
The strategy works because oil prices for delivery in the future are trading at a premium to those in the spot market - a market structure known in the industry as contango - with investors expecting prices to eventually recover from the near 60 percent slide in oil in the last seven months.
— Reuters 2015
The oil-storage trade, also referred to as contango, a market strategy in which large, often vertically-integrated oil companies purchase oil for immediate delivery and storage—when the price of oil is low— and hold it in storage until the price of oil increases. Investors bet on the future of oil prices through a financial instrument, oil futures in which they agree on a contract basis, to buy or sell oil at a set date in the future. Crude oil is stored in salt mines, tanks and oil tankers.[33]
Investors can choose to take profits or losses prior to the oil-delivery date arrives. Or they can leave the contract in place and physical oil is "delivered on the set date" to an "officially designated delivery point", in the United States, that is usually Cushing, Oklahoma. When delivery dates approach, they close out existing contracts and sell new ones for future delivery of the same oil. The oil never moves out of storage. If the forward market is in "contango"—the forward price is higher than the current spot price—the strategy is very successful.
Scandinavian Tank Storage AB and its founder Lars Jacobsson introduced the concept on the market in early 1990.[34] But it was in 2007 through 2009 the oil storage trade expanded,[35] with many participants—including Wall Street giants, such as Morgan Stanley, Goldman Sachs, and Citicorp—turning sizeable profits simply by sitting on tanks of oil.[36] By May, 2007 Cushing's inventory fell by nearly 35% as the oil-storage trade heated up.[36]
"The trend follows a spike in oil futures prices that has created incentives for traders to buy crude oil and oil products at current rates, sell them on futures markets and store them until delivery."
— Financial Post 2009
By the end of October 2009 one in twelve of the largest oil tankers was being used more for temporary storage of oil, rather than transportation.[37]
From June 2014 to January 2015, as the price of oil dropped 60 percent and the supply of oil remained high, the world's largest traders in crude oil purchased at least 25 million barrels to store in supertankers to make a profit in the future when prices rise. Trafigura, Vitol, Gunvor, Koch, Shell and other major energy companies began to book booking oil storage supertankers for up to 12 months. By 13 January 2015 At least 11 Very Large Crude Carriers (VLCC) and Ultra Large Crude Carriers (ULCC)" have been reported as booked with storage options, rising from around five vessels at the end of last week. Each VLCC can hold 2 million barrels."[38]
In 2015 as global capacity for oil storage was out-paced by global oil production, and an oil glut occurred. Crude oil storage space became a tradable commodity with CME Group— which owns NYMEX— offering oil-storage futures contracts in March 2015.[33] Traders and producers can buy and sell the right to store certain types of oil.[33]
By 5 March 2015, as oil production outpaces oil demand by 1.5 million barrels a day, storage capacity globally is dwindling. Crude oil is stored in old salt mines, in tanks and on tankers.[33] In the United States alone, according to data from the Energy Information Administration, U.S. crude-oil supplies are at almost 70% of the U. S. storage capacity, the highest to capacity ratio since 1935.[33]
Comparative cost of production[edit]
Oil and gas barrel production Cost, March 2016[39]
Country
Gross
taxes
Capital
spending
Production
costs
Admin
transport
Total
UK $0 $22.67 $17.36 $4.30 $44.33
Brazil $6.66 $16.09 $9.45 $2.80 $34.99
Nigeria $4.11 $13.10 $8.81 $2.97 $28.99
Venezuela $10.48 $6.66 $7.94 $2.54 $27.62
Canada $2.48 $9.69 $11.56 $2.92 $26.64
U.S. Shale $6.42 $7.56 $5.85 $3.52 $23.35
Norway $0.19 $13.76 $4.24 $3.12 $21.31
U.S. non-shale $5.03 $7.70 $5.15 $3.11 $20.99
Indonesia $1.55 $7.65 $6.87 $3.63 $19.71
Russia $8.44 $5.10 $2.98 $2.69 $19.21
Iraq $0.91 $5.03 $2.16 $2.47 $10.57
Iran $0 $4.48 $1.94 $2.67 $9.08
Saudi Arabia $0 $3.50 $3.00 $2.49 $8.98
Future projections[edit]
Main articles: Oil depletion and Peak oil
Peak oil is the period when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. It relates to a long-term decline in the available supply of petroleum. This, combined with increasing demand, will significantly increase the worldwide prices of petroleum derived products. Most significant will be the availability and price of liquid fuel for transportation.
The US Department of Energy in the Hirsch report indicates that "The problems associated with world oil production peaking will not be temporary, and past "energy crisis" experience will provide relatively little guidance."[40] The 2014 United Nations World Economic Situation and Prospects report notes that "Oil prices were on a downward trend in the first half of 2013 (after a spike in January and February caused by geopolitical tensions with Iran), as global demand for oil weakened along with the deceleration in world economic growth overall." [41]
Impact of declining oil price[edit]
A major rise or decline in oil price can have both economic and political impacts. The decline on oil price during 1985–1986 is considered to have contributed to the fall of the Soviet Union.[42] Low oil prices could alleviate some of the negative effects associated with the resource curse, such as authoritarian rule[43][44][45][46][47] and gender inequality.[48][49] Lower oil prices could however also lead to domestic turmoil and diversionary war. The reduction in food prices that follows lower oil prices could have positive impacts on violence globally.[50]
Research shows that declining oil prices make oil-rich states less bellicose.[51] Low oil prices could also make oil-rich states engage more in international cooperation, as they become more dependent on foreign investments.[52] The influence of the United States reportedly increases as oil prices decline, at least judging by the fact that "both oil importers and exporters vote more often with the United States in the United Nations General Assembly" during oil slumps.[50]
Lower oil prices lead to greater global trade.[53]
Declining oil prices may boost consumer oriented stocks but may hurt oil-based stocks.[54][55] It is estimated that 17–18% of S&P would decline with declining oil prices.
The oil importing economies like EU, Japan, China or India would benefit, however the oil producing countries would lose.[56][57][58] A Bloomberg article presents results of an analysis by Oxford Economics on the GDP growth of countries as a result of a drop from $84 to $40. It shows the GDP increase between 0.5% to 1.0% for India, USA and China, and a decline of greater than 3.5% from Saudi Arabia and Russia. A stable price of $60 would add 0.5 percentage point to global gross domestic product.[59]
Katina Stefanova has argued that falling oil prices do not imply a recession and a decline in stock prices.[60] Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, had earlier written that that positive impact on consumers and businesses outside of the energy sector, which is a larger portion of the US economy will outweigh the negatives.[61] Taking cues from a legendary oil investor, Harold Hamm, ranked as one of the richest men in the world by Forbes, Shawn Baldwin, Chairman of alternative investment firm The AIA Group, speculates that oil prices will rise by year-end 2016 from current levels.[62]
Oil glut[edit]
Economists have observed that the 2015-2016 oil glut also known as 2010s oil glut started with a considerable time-lag, more than six years after the beginning of the Great Recession: "the price of oil [had] stabilized at a relatively high level (around $100 a barrel) unlike all previous recessionary cycles since 1980 (start of First Persian Gulf War). But nothing guarantee[d] such price levels in perpetuity".[63]
During 2014–2015, OPEC members consistently exceeded their production ceiling, and China experienced a marked slowdown in economic growth. At the same time, U.S. oil production nearly doubled from 2008 levels, due to substantial improvements in shale "fracking" technology in response to record oil prices. A combination of factors led a plunge in U.S. oil import requirements and a record high volume of worldwide oil inventories in storage, and a collapse in oil prices that continues into 2016.[64][65][66]
It has also been argued that the collapse in oil prices in 2015 should be very beneficial for developed western economies, who are generally oil importers and aren't over exposed to declining demand from China.[67] In the Asia-Pacific region, exports and economic growth were at significant risk across economies reliant on commodity exports as an engine of growth. The most vulnerable economies were those with a high dependence on fuel and mineral exports to China, such as: Korea DPR, Mongolia and Turkmenistan – where primary commodity exports account for 59–99% of total exports and more than 50% of total exports are destined to China. The decline in China’s demand for commodities also adversely affected the growth of exports and GDP of large commodity-exporting economies such as Australia (minerals) and the Russian Federation (fuel). On the other hand, lower commodity prices led to an improvement in the trade balance – through lower the cost of raw materials and fuels – across commodity importing economies, particularly Cambodia, Kyrgyzstan, Nepal and other remote island nations (Kiribati, Maldives, Micronesia (F.S), Samoa, Tonga, and Tuvalu) which are highly dependent on fuel and agricultural imports [68]
The North Sea oil and gas industry was financially stressed by the reduced oil prices, and called for government support in May 2016.[69]
Hedging as risk management[edit]
The use of hedging using commodity derivatives as a risk management tool on price exposure to liquidity and earnings, has been long established in North America. Chief Financial Officers (CFOS) use derivatives to dampen, remove or mitigate price uncertainty.[70] Bankers also use hedge funds to more "safely increase leverage to smaller oil and gas companies."[70] However, when not properly used, "derivatives can multiply losses"[70] particularly in North American where investors are more comfortable with higher levels of risk than in other countries.[70]
With the large number of bankruptcies as reported by Deloitte[18] "funding [for upstream oil industry] is shrinking and hedges are unwinding."[16] "Some oil producers are also choosing to liquidate hedges for a quick infusion of cash, a risky bet."[17]
"Access to capital markets, bankers' support and derivatives protection, which helped smooth an otherwise rocky road, are fast waning...The roughly 175 companies at risk of bankruptcy have more than $150 billion in debt, with the slipping value of secondary stock offerings and asset sales further hindering their ability to generate cash."
— John England, Vice-Chairman Deloitte LLP, Statement, February 16, 2016
To finance exploration and production of the unconventional shale oil industry in the United States, "hundreds of billions of dollars of capital came from non-bank participants [non-bank buyers of bank energy credits] in leveraged loans] that were thought at the time to be low risk.[71] However, with the oil glut that continued into 2016, about a third of oil companies are facing bankruptcy.[18] While investors were aware that there was a risk that the operator might declare bankruptcy, they felt protected because "they had come in at the 'bank' level, where there was a senior claim on the assets [and] they could get their capital returned."[70]
By 2012,[70]
"... in recent years the combination of the development of large resource plays in the US and the emergence of business models designed to ensure consistent dividend payouts to investors has led to the development of more aggressive hedging policies in companies and less restrictive covenants in bank loans."
— Oil and Gas Financial Journal, 2012
A classic example of taking on too much risk through hedging is the 1982 collapse of Penn Square Bank caused by plummeting of the price of oil in 1981.[71] Penn Square Bank had lent too much to Exploration and Production E&P operators. Penn Square Bank caused the failure of Seafirst in 1982 and then Continental Illinois.[71] When they failed and were liquidated by the Federal Deposit Insurance Corporation (FDIC) the non-bank buyers or participants of bank energy credits of these leveraged loans participants were considered by to be 'unsecured claims,' not 'true sales' and they were not able to collect any capital.[71]
At the 5th annual World Pensions Forum in 2015, Jeffrey Sachs advised institutional investors to divest from carbon-reliant oil industry firms in their pension fund's portfolio.[72]
2015–16 prices: The lows of January 2016[73][edit]
Because of oversupply and lack of agreements between oil-producing countries members of the OPEC (Saudi Arabia in particular, which pumped at world's records) and also because of lack of coordinated efforts between OPEC and Non-OPEC countries (Russian being a big player, refusing to reduce production) the price of oil fell rapidly in 2015 and continued to slide in 2016 causing the cost of WTI crude to fall to a 10-year low of $26.55 on January 20. The average price of oil in January 2016 was well below $35. Oil did not recover until April 2016, when oil went above the $45 mark.
By 20 January 2016, the OPEC Reference Basket was down to US$22.48/bbl—less than one-fourth of its high from June 2014 ($110.48), less than one-sixth of its record from July 2008 ($147.27), and back below the April 2003 starting point ($23.27) of its historic run-up.[66]
See also[edit]
2007–2008 world food price crisis
Asymmetric price transmission
Chronology of world oil market events (1970–2005)
Cost competitiveness of fuel sources
Efficient energy use
Elasticity (economics)
Energy crisis
Food vs fuel
Gasoline usage and pricing
Simmons–Tierney bet
Stagflation
Supply and demand
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External links[edit]
Wikimedia Commons has media related to Oil prices.
Gasoline and diesel fuel prices, EIA, Department of Energy.
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Skyrocketing oil prices pummel U.S. national security.
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History and Analysis of Crude Oil Prices.
NYMEX:BZ is the most commonly quoted price for Brent crude oil
[1] A fair price for motor fuel in the United States
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Energy Futures Databrowser Current and historical charts of NYMEX energy futures chains.
Live oil prices NYMEX Crude oil price chart
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Upload files [ctrl-alt-u]
u

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Language settings
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values: سعر النفط – Arabic

values: اقتصاد نفت – Persian

values: מחיר הנפט – Hebrew

values: ئوموٙری نأفت – Northern Luri

values:
https://nl.wikipedia.org/wiki/Olieprijs
Olieprijs – Dutch
nl
nl
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values: Цены на нефть – Russian

values:
https://sv.wikipedia.org/wiki/Oljepris
Oljepris – Swedish
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