Word: crude-oil
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...Iraqi government, "we have made significant progress." But here in Iraq, healthy indicators are hard to come by. Everyday life in much of the country has deteriorated in measurable ways. According to the Brookings Institution, Iraq's power system generated less electricity in June 2005 than in June 2004; crude-oil production is down, as are revenues from oil exports; the mile-long lines at gas stations are back after subsiding a few months ago. Many Baghdad neighborhoods have had little or no water supply for several weeks. It's small wonder that Harith was so grateful for the brief...
Banner headlines in Iraqi newspapers last Friday proclaimed WE DESTROYED KHARG ISLAND. The papers reported a "massive blitz" by Iraqi planes against the terminal, one of the world's largest, through which flow 90% of Iran's crude-oil exports of 1.6 million bbl. a day. If indeed Iraq had destroyed the terminal, it would have been a turning point in the five-year-old gulf war. By late last week, however, oil-industry experts concluded that although Iraqi jets had managed to penetrate the heavily defended southeastern, landward side of the complex known as "T terminal," the strike would...
Look at China and India. The world's two largest countries are experiencing blazing economic growth, fueling a booming thirst for oil. The rest of the world's appetite for oil hasn't diminished. Use in the U.S.--still far and away the world's largest oil consumer--is growing along with economic activity by 200,000 barrels a day annually while domestic crude-oil production stagnates. Britain, long an oil exporter from its North Sea reserves, will soon become a net importer. Last year world oil production increased, but demand for oil rose faster...
...pipeline from Russia has especially frustrated China's leaders. In its absence, Siberian oil is currently transported into China at great expense in trains and trucks. Beijing has for years lobbied its former Communist brother for a more direct link between oil fields in Russia and refineries in Daqing. The flow could supply as much as 15% of China's imports. During a visit to Moscow last month, Premier Wen Jiabao repeated China's entreaties but received no promises. In fact, Russia's only crude-oil supplier to China, the embattled Yukos, announced only days before Wen's arrival that...
...crude-oil prices soared to record levels in July, South Korea's flagship airline, Korean Air, established a nine-member fuel-management team charged with a single purpose: contain escalating fuel costs by wringing every last bit of mileage out of their aircraft. One idea the team floated during early brainstorming sessions was to ask crew members to lose 4.5 kilograms each, thus lightening in-flight loads. Another was to install rest rooms next to airport gates, using the power of suggestion to encourage passengers to shed a few grams by relieving themselves prior to boarding. Someone even proposed limiting...