The extreme volatility that has gripped oil markets for the last 18 months has shown no signs of slowing down, with oil prices

more than doubling since the beginning of the year despite an exceptionally weak economy.

volatility : 波動很大的,上下震盪幅度很大的 grip : 影響, 控制

The instability of oil and gas prices is puzzling government officials and policy analysts, who fear it could jeopardize a global recovery.

The instability of oil and gas prices is puzzling government officials and policy analysts, who fear it could jeopardize a

It is also hobbling businesses and consumers, who are already facing the effects of a stinging recession,

as they try in vain to guess where prices will be a year from now — or even next month.

puzzle : 百思不解, 困惑 jeopardize : 危及 hobble : 躊躇不前, 跛行 stinging : 令人痛苦的

A wild run on the oil markets has occurred in the last 12 months. Last summer, prices surged to a record high above $145 a barrel,

driving up gasoline prices to well over $4 a gallon. As the global economy faltered, oil tumbled to $33 a barrel in December.

But oil has risen 55 percent since the beginning of the year, to $70 a barrel, pushing gas prices up again to $2.60 a gallon,

according to AAA, the automobile club. wild run : 失去控制的 surge : 猛漲, 激增 falter : 衰退 tumble : 暴跌

“To call this extreme volatility might be an understatement,” said Laura Wright, the chief financial officer at Southwest Airlines,

a company that has sought to insure itself against volatile prices by buying long-term oil contracts. “Over the past 15 to 18 months,

this has been unprecedented. I don’t think it can be easily rationalized.”

understatement : 保守的陳述 seek to : 試圖 insure...against : (an American spelling of ensure) 使安全,保護 rationalize : 合理化, 合理解釋

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These gyrations have rippled across the economy. The automakers General Motors and Chrysler have been forced into bankruptcy as

customers shun their gas guzzlers. Airlines are on pace for another year of deep losses because of rising jet fuel costs.

gyration : 旋轉,迴旋, 波動(if the value of money in business gyrates, it moves up and down a lot) shun : 避開 gas guzzler : 耗油車 on pace : 照著步調

And households, already crimped by falling home prices, mounting job losses and credit pressures, are once more forced to monitor

their discretionary spending as energy prices rise.

household : 家庭 crimp : 使起皺;使捲曲 mounting : (漸漸地)增長,上升 discretionary : 任意的

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