Theories abound: Since the Organization of the Petroleum Exporting Countries decided Nov. 27 it wouldn’t cut oil production to try to halt plummeting prices, FuelFix.com reports, leaders of the world’s oil powers have been taking shots at each other through the media to cast blame for the crash. In trying to explain his country’s economic woes, Russian President Vladimir Putin proposed the theory recently that the United States and Saudi Arabia could be colluding to send oil prices plunging. Meanwhile, Saudi Oil Minister Ali Al-Naimi blamed the global price fall on a “lack of cooperation by main producing countries outside OPEC, misleading information and speculators’ greed.” Read the full story.
The final cut: Cheniere Energy Inc. will drop the salary for the highest-paid U.S. executive to $1 after a shareholder revolt and lawsuit this year against his $142 million pay package. Houston-based Cheniere—which is set to finish construction in 2015 on its Sabine Pass liquefied natural gas export terminal in Cameron Parish and is poised to be the first company to export natural gas from the U.S. shale boom—announced it has reduced Chief Executive Officer Charif Souki’s annual salary from $800,000 to $1, effective Dec. 15. The company didn’t mention changes to its stock awards, which totaled $133 million for Souki in 2013. Bloomberg has the full story.
At the buzzer: The U.S. Postal Service says it delivered 28.2 million packages on Monday alone, breaking its own record for most parcels ever delivered in a single day in its 237-year history. The number of packages slid past the record the USPS set a week before, spokeswoman Sarah Ninivaggi says. On Dec. 15, USPS delivered 27.9 million packages, she says. Monday’s deliveries marked a 10.5% increase over the same day last year and a 9.5% increase over the busiest day in the 2013 holiday season. UPS, FedEx and USPS, the nation’s largest shippers, said in November they expected more people to shop online and had prepared to handle increased demand. USA Today has the full story.
Editor’s note: In observance of the Christmas holiday, Daily Report will not be published on Thursday, Dec. 25, or Friday, Dec. 26, and will return on Monday, Dec. 29. Have a safe and happy holiday weekend.
