Word: crude
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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...
...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...
...Remember Saddam Hussein? With Russia and France back on their end-the-sanctions high horses, and with Iraq's U.N.-imposed 5 million b.p.d. oil-production limit looking more and more absurd the tighter the crude market gets, the Man from Baghdad is sitting in the catbird seat. With one twist of the spigot (or one move against Kuwait, for that matter) Hussein could instantly neutralize all the White House's work and humiliate the U.S. in the bargain. Think that's not tempting? Clinton, one presumes, is aware of this - and you can bet the oil traders...
...After having the weekend to contemplate the Clinton administration's debut as a player in the world crude markets, oil traders heard the sound of spigots and responded just as Bill, Al and the Eurozone had hoped. Benchmark Brent crude oil for November delivery fell by 95 cents to $30.30 per barrel in London, and even briefly hit $29.90 - the lowest intra-day level since...