Word: crude
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Dates: during 1970-1979
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...energy program, outlined on Sunday, was to be fleshed out in two Monday speeches, in Kansas City and Detroit. The most immediate improvement that Carter could mention on the energy front came in the form of news from abroad, that Saudi Arabia had agreed to increase its pumping of crude oil by 1 million...
...past five weeks, Mexico's Bay of Campeche has presented a harrowing sight to an oil-thirsty world. A relentless flow of uncontrolled crude has been boiling to the surface, then bursting into an inferno. It is casting off a polluting slick that has broken into many splotches and is spreading. John Robinson, the Government oceanographer who heads the U.S. team studying the spill, says that it now reaches over an area 300 miles long and 25 miles wide. Some U.S. marine biologists fear that the spill, pushed by currents, could soon begin to hurt plant and fish life...
...bright side, the size of the latest blowout implies a major new find by Pemex. Director General Jorge Diaz Serrano estimates that the immediate area contains as much as 800 million bbl. of top-quality lightweight crude and "will considerably increase Mexico's oil reserves." Before this strike, the country's proven reserves of oil and gas stood at the equivalent of 40 billion bbl., well above those of both Venezuela and Nigeria but still far below Saudi Arabia's 160 billion bbl. Though Mexico is not a member of OPEC, it took a page from...
...When crude petroleum enters a refinery, the buyer records its price. To that figure the refiner is allowed to add a margin varying in size to cover processing costs and profit. Until this year, the price of a refiner's product was based on how large a percentage of a barrel of crude it represented. That was considered unfair in the case of gasoline, which costs more to produce than most other oil products. So the refiner was allowed to increase his margin on gasoline by an average...
...have probably persuaded Americans that the crisis is real, and that the nation can meet it by making some sacrifices and changes in its lifestyle, by taking some chances and paying some costs. What is needed, of course, is to lessen immediately the country's umbilical dependence on crude oil from the cartel. Slackened demand could loosen the market, make OPEC nervous and start a rush by its members to sell. The ways to accomplish that are well known and many, for there is no single miracle stroke against OPEC...