Word: crude
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...fiery oil wells, which after a month of continuous burning will create enough smoke and soot to cover an area half the size of the U.S., according to some projections. The by-products of combustion include carbon monoxide, nitrogen dioxide and, because of the high sulfur content of Kuwaiti crude, a good deal of sulfur dioxide -- a prime component in acid rain...
...history of alternative fuels is spotty at best. After the 1970s oil shocks, many auto and oil companies started ambitious programs to develop domestic alternatives to gasoline, but most of the projects withered as crude prices declined. The driving force this time around -- new passion for the environment -- may be more durable...
...livid over the way gasoline prices leaped after Iraq's invasion of Kuwait, peaking at an average $1.30 in October for an unleaded gallon. Actually, however, the U.S. rise was much less than the rise in European nations and Japan, where pump prices more accurately reflected the cost of crude. The Energy Department last week announced it had found no proof of profiteering by the oil industry, while the Hudson Institute concludes that 80% of the benefit of the higher prices went to the foreign nations that control the commodity...
Since war broke out on Jan. 16, crude prices have dropped from $32 per bbl. to $21 per bbl., but oil companies have been slow to cut retail gas prices correspondingly. This has fed anti-oil acrimony, but the industry argues that it is just making up for not hiking prices all the way during last fall's crude run-up. Even so, the average price of a gallon of unleaded is down to $1.18, only 10 cents higher than the day before Iraq invaded Kuwait -- and half that difference is from a nickel-a-gallon federal tax imposed...
...been bad news for the major oil companies so far. Not only are crude prices down, but many experts foresee a further plunge when the war ends. Other countries have more than made up for Iraq's and Kuwait's lost production, and the U.S. is getting by on less imported oil, thanks in part to a warm winter and reduced demand driven by the recession. When Iraq and Kuwait start pumping again, the sudden glut could force prices down temporarily to $15 per bbl. or less. That would wash away the industry's profit gains of last quarter...