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...price of a barrel of crude oil hits the $75 mark, the gas pump may not be the only place you feel the pain. About 1 million bbl. a day--roughly 5% of U.S. consumption--go toward the manufacture of plastics, detergents and other nonfuel products. Researchers are working on cheaper, eco-friendlier alternatives to oil-derived ingredients, but with the prevalence of petroleum, that's a big challenge. Here's another: Test your knowledge by checking the boxes next to the products that typically use petroleum-based ingredients. Answers are at the bottom. HOUSE PAINT...
...Kurdistan, but there were always objections" from Baghdad, says George Yacu, a Kurd who served in Saddam's Ministry of Oil for 30 years until 1999 and is now oil-and-gas adviser to Kurdistan's regional government. Kurdish officials estimate their unexplored oil reserves at about 45 billion bbl. If that's accurate, Kurdistan's power could soar within Iraq, which depends almost completely on oil for its exports. Some researchers believe the Kurds' oil estimates are unrealistic, but geologist Plintz says his research suggests that unexplored reserves "could be among the biggest in the world." In addition, more...
...focusing public attention on the country's external adversaries, Ahmadinejad has sidestepped criticism for not addressing the country's internal social problems. Despite $60-per-bbl. oil prices, 16% of Iranians remain unemployed. Zahra Rassai, 46, a mother of four teenage sons, voted for Ahmadinejad, hoping he would reduce college tuition. "Nothing has improved in my daily life, but that doesn't matter," she says. "If we Iranians rallied together and boycotted Western products, they wouldn't have the right to dictate to us." It's just as likely, though, that the nuclear dispute will produce pain for Iran...
...continuing loss of American lives. And if the U.S. were to declare war on Iran, a dwindling "coalition of the willing" might eventually become a "coalition of the billing," making opportunistic demands on the U.S. More important, oil prices may hit $100 or more per bbl. if Iran embargoes its oil exports or bottles up oil tankers in the Strait of Hormuz in retaliation. And the U.S.'s huge budget deficit, compounded by war, inflation and soaring oil prices, would make a nasty dent in George W. Bush's image in his own country. Kangayam R. Narasimhan Madras, India Your...
There is no question that Prudhoe Bay, the nation's largest oil field, is in decline. Production has slumped from a daily average of 1.6 million bbl. in 1988 to just 425,000 bbl. in 2005. To extract whatever oil remains, BP, which operates the field for a consortium of petroleum companies that includes ConocoPhillips and Exxon Mobil, has been taking measures that may have unintentionally raised the risks. Drilling more wells to further develop Prudhoe just adds to the more than 1,700 miles of pipeline that already crisscross the North Slope, increasing the chance of leaks. And other...