Word: crude
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Dates: during 2000-2009
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...fields to foreign investment - in some cases handing the multinationals deals that even conservative Venezuelans considered too sweet. Chavez has just as steadily, and stridently, reversed that policy, paring down the multinationals' ownership while ratcheting up their taxes and royalties. And because Venezuela is America's fourth-largest foreign crude supplier - providing the U.S. with almost 15% of its oil imports - each turn of his nationalization screw tends to provoke outsized alarm...
...eastern Venezuela today - May Day, the leftiest day of the year - and announced his government's takeover of the nation's lucrative heavy oil industry, it sent the usual panic through Washington and the international media. "It's national power!" shouted Chavez, who controls the hemisphere's largest crude reserves. "We can't have socialism if the state doesn't have control over its resources...
Jamestown also was the first place to find a cash cow and an economic system for exploiting it. The Powhatan smoked a crude indigenous species of tobacco. But in 1612, John Rolfe imported seeds of Nicotiana tabacum, the Spanish-American weed that was already a craze in England. By 1620 the colony had shipped almost 50,000 lbs. home. Fifty years later, Virginia and Maryland would ship 15 million lbs. Tobacco and foodstuffs were grown on privately owned farms. Beginning in 1618, old settlers were offered 100 acres of land, and newcomers who paid their way were given 50 acres...
UNHAPPY START Nigerians may have elected President Umaru Yar'Adua in a landslide, but corruption remains endemic. Rioting resulted in 65 deaths. Crude-oil prices surged worldwide on fears that supplies from Africa's largest oil-producing state would be disrupted. Yar'Adua will face unrest; for starters, he must dump the zip-up bags...
...produced from trees and shrubs, promises energy yield ratios of 16, but requires extensive research into cheaper enzymes. A full-scale carbon tax would help, but hawks reject such action as quite rash. At most, they might support a gasoline tax as a way of weaning America off Saudi crude...