Word: crude
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Dates: during 2000-2009
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...hear Al Gore tell it, George W. Bush and Dick Cheney are the oil-industry candidates, the men with Texas crude flowing through their veins. But in reality it is the Democrats who have the clout to meddle in the petroleum market. Last Thursday, Gore proposed that the U.S. control rising oil prices by tapping a small portion of the national Strategic Petroleum Reserve. A day later the Clinton Administration announced that it was releasing 30 million of the 570 million bbl. now stockpiled in salt caves along the Gulf Coast of Texas and Louisiana. The idea, said Energy Secretary...
...part from the fact that domestic refineries spent the summer making gasoline, because doing so ensured high profits. They didn't refine much heating oil because they didn't want to be stuck with large, high-cost inventories if the price dropped before winter. That didn't happen. Crude oil now costs about $10 per bbl. more than it did a year ago, and the domestic heating-oil supply remains dangerously low. So Gore found himself embracing a solution he didn't trust seven months...
...than about supply and demand. By itself, a million barrels a day for 30 days is not enough to change the market equation drastically. Coupled with the threat of additional releases, however, it might be. But easing the burden requires more than a change in the spot price of crude. Domestic refineries are running at about 95% of capacity, and Richardson's estimate that the release could translate into an additional 3 million to 5 million bbls. of heating oil this winter seems optimistic. Since it will take 40 days or more for the oil to work its way from...
...that Gore urged be released is not sold but "swapped": companies who win bids for it can sell it at current market prices, but they will have to return the same value of crude to the reserve next summer or fall. Prices will probably be lower then, so the companies will actually have to return more oil than they have taken out. Gore also proposes to ease the coming pain by giving a temporary tax credit for distributors who build up their oil stocks before winter and by asking Congress to spend $400 million to help low-income families...
...hell," says Brandon of his first year at Baraka. He kept talking back to his teachers, again and again, and landed in the "boma," a crude, isolated group of tents surrounded by thornbushes that Baraka used for punishment. For smaller matters like swearing or sleeping in class, discipline worked on a point system. Staying out of trouble earned students safaris, video nights and trips to the Kenyan capital of Nairobi, three hours south of the school...