Passage 1

East Europeans Fear Protectionism

With the collapse of the Comecon trading systems two years ago, the countries of Eastern Europe cut ties with one another and reoriented their trade to West European markets.Helped by the lifting of many European Community and European Free Trade Association (EFTA ) trade barriers, Eastern leaders had hoped that the signing of free trade agreements with the EC and EFTA earlier this year would further integrate their economies with the West.But a spate of measures restricting imports from the East has raised concerns across the region that Western Europe has no intention of letting the East compete on an equal footing.Western European measures：In April, the EC imposed a ban on livestock, meat and dairy products from 18 eastern countries. The EC followed with antidumping duties and “voluntary” export restraints on certain steel products from Hungary and Poland. And just days after signing the EFTA free-trade agreement in early April, Austria introduced import quotas on chemicals, cement, agricultural machinery and steel from Eastern Europe. West Europeans claim that their eastern neighbors have an unfair advantage because of low wages, state subsidies and low environmental standards.Although the EC and EFTA agreements are supposed to lift tariffs and trade barriers on most industrial goods over 10 years, most agricultural products are not included in the agreements. This is critical for Hungary, with its extensive farm sector.

The countries of Eastern Europe are welcomed by their western neighbors in foreign trade.

It is no coincidence that government departments in the various emirates ore welcoming bids from consultants that arc new to the area. Easily lured away from the recession-hit West by the notion that the streets of Abu Dhabi and Dubai are paved with gold, these companies arc tending to submit very low offers to gain a foothold in the area. While there undoubtedly is work about and the outlook for the UAE is bright, the ever increasing competition among consultants and contractors means that margins are being squeezed. In the opinion of one major local consultant, the only way forward is to diversify: “Diversification into project management in the oil and gas sector is the only way to secure continuity of work and revenues and keep international calibre consultants on the ground.”

Enforcing clean gasoline regulations will further improve the air quality in New Jersey.

The state officials are unwilling to control fuel quality because they don’t have money.

The tumbling gasoline prices in New York have no affect on the oil prices in London.

Passage 2

Oil companies act to save refining margins

London, Jan. 27 (Reuter)—major oil companies flexed their muscles to salvage profit margins from oil refining this week, supporting oil product prices and depressing crude oil.By limiting the amount of crude oil running through their refineries, oil companies are hoping to eat away at burgeoning (迅速增长的) stocks of unused heating fuel and at the same time boost demand and prices for crude oil.A broker in London said that throughout reduction at European refineries was ultimately a bearish signal for all oil prices, products and crude.“There may well be less output from refineries, but if demand is weak, that’s still bearish for prices,” he said.Brokers cited tumbling gasoline prices in New York as another negative influence.Traders on New York’s futures trading pits sold gasoline futures heavily on news that New Jersey may not enforce the use of a new cleaner grade of gasoline in its sales at the pump.Stale officials in New Jersey argued that they have almost attained their pollution targets and are unwilling to enforce expensive winter regulations controlling fuel quality.“We feel we’ve done a lot to improve our air quality, if we’re not in attainment, we’ve very close,” said Amy Collings of the New Jersey department of environment protection.Traders said that if New Jersey does not enforce clean gasoline regulations, demand for the grade will fall.

To stimulate demand and prices for crude oil, oil companies try to reduce the amount of crude oil at their refineries and the stocks of unused heating fad.

A bearish signal usually means price decreasing in the market.

Quotas and “voluntary” export restraints are non-tariff barriers.

The Eastern European countries have their competitive advantages in low wages.

Hungary will be further benefited from the EC and EFTA agreements.

Antidumping duties are levied on goods sold abroad at a price below that charged in the domestic market.