Bangkok--3 Jul--Standard & Poor's The unprecedented run-up in energy prices has prompted Standard & Poor's Ratings Services to do a wide-ranging review of how the soaring oil prices are playing out in different industries. In a series of articles published today, Standard & Poor's analysts lay out the implications that energy usage and prices have for specific industry sectors. The vignettes provide insight into strategies that specific companies are taking, and a snapshot of the credit impact on those companies. Industry articles include: -- How Two Airlines Are Trying To Offset The Drag Of Ever-Rising Fuel Costs, -- Premium-Priced Energy Puts Companies That Cater To Consumers In A Bind, -- Higher Energy Prices Are Creating Problems Even For Energy Companies, -- For Chemicals, Forest Products, And Capital Goods, Energy Prices Are Only Part Of The Equation, and -- Surging Fuel Costs Can Squeeze U.S. Electric Utilities--Unless They're Green. The special report also addresses alternative energy: -- Automakers And Utilities Are Finding Alternative Energy More Attractive--But Not So Accessible, -- The Dynamics That Are Calling U.S. Ethanol Economics Into Question, and -- Global Ethanol Production: Rising Output, High Capital Spending, Uncertain Earnings. Two overview articles provide a global look on what's causing the rise in energy prices: -- Guest Opinion: What's Whipping Up The Perfect Storm For Oil Prices, and -- As Demand Continues To Increase, How Will The World Cope with Sustained High Oil Prices. "The good news is that energy is a smaller part of the U.S. and world economies than it once was," noted Mr. Wyss. "Even this year, we expect the average U.S. household to spend 6.7% of its income on energy, which is about the same as in 1971, before OPEC." In 1980 and 1981, energy was 7.9% of income. This reflects a greater efficiency in energy use relative to GDP. Even with that, however, per-capita use of energy has lifted. In the U.S., higher per-capita GDP has increased energy use per person by 2.0% (1971 to 2005). For the world overall, energy use per head has risen 15.7% (1971-2004). The average American used 4.7 times as much energy as the average for the world in 2005 and nearly twice the average of Western Europe and Japan. The reports are available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-9823 or sending an e-mail to [email protected]. Ratings information can also be found on Standard & Poor's public Web site at www.standardandpoors.com; under Credit Ratings in the left navigation bar, select Find a Rating, then Credit Ratings Search. Members of the media may request copies of these reports by contacting the media representative provided. Media Contacts: Mimi Barker, New York (1) 212-438-5054, [email protected] David Wargin, New York (1) 212-438-1579, [email protected] Analyst Contacts: David Wyss, New York (1) 212-438-4952 Andrew Watt, CFA, New York (1) 212-438-7868 Philip Baggaley, CFA, New York (1) 212-438-7683 John W Whitlock, New York (1) 212-438-7678 Gerald A Hirschberg, New York (1) 212-438-7837 Robert Schulz, CFA, New York (1) 212-438-7808