Word: crude
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Dates: during 1980-1989
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...foreseen the shocking oil- price hikes of the 1970s? And then prophesied bottom-of-the-barrel cuts in the 1980s? No wonder the possibility of a cease-fire between Iran and Iraq threw oil traders into a frenzy last week as they tried to divine whether the cost of crude would ultimately go up or down...
...which produced 140,000 bbl. of crude a day, along with natural gas, had been in operation since 1976 and was one of the oldest of the 123 fixed platforms in the British exploration area of the North Sea. Some experts cited equipment failure or metal fatigue as possible causes of the disaster. One widely held view was that there had been a leak in the natural-gas compression apparatus and that ignition had occurred through some kind of mechanical failure...
Long the world's leading exporter of crude, Saudi Arabia now wants more of the profits its oil generates -- from the ground to the gas tank. The Saudi government has agreed to pay $1.2 billion for a 50% interest in Texaco's refining and marketing operations in 23 U.S. states, mostly in the East. If the deal is approved by both governments and Texaco's shareholders, it would represent the largest Arab investment in the U.S. oil industry...
...traveled to New York City and Washington as Ashland's executive in charge of corporate lobbying. In 1983, however, the two men felt they had to blow the whistle on their employer: they told federal investigators that Ashland Oil had paid bribes to Middle Eastern government officials to obtain crude supplies. Before long, McKay and Williams were fired, and their comfortable lives began to come apart. Unable to find jobs in the industry, they filed suit in 1984 against Ashland, charging that they were unfairly dismissed merely for telling the truth...
...company's troubles began in 1979, when the U.S. Government embargoed oil from Iran. Since Ashland had depended on Iran for 25% of its crude supplies, the firm scrambled to find alternative sources. In so doing, the jury ruled, Ashland resorted to bribery: in 1980 and 1981, according to court records, the company paid $49 million to government officials in Oman and Saudi Arabia and a government representative in Abu Dhabi to obtain oil. Ashland attorneys had argued that the payments were legal and were made to private consultants...