Word: crude
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...reminder that the U.S. energy supply is increasingly under the influence of outside forces. During March commodities traders bid the price of oil above the $20-a-bbl. threshold for the first time in 17 months. Last week the futures price of West Texas Intermediate, the benchmark U.S. crude, reached $20.15 a bbl., up some 50% since last October. The rally largely reflects an unexpectedly successful campaign by members of the Organization of Petroleum Exporting Countries, along with several non-OPEC countries, to curb their output and reduce the world's oversupply. Since early January, OPEC production has fallen about...
What would happen if foreign producers cut off the U.S. supply of crude, as OPEC did in the 1970s? In the short run, the U.S. would not experience dire shortages. A Commerce Department study found that in the event of war, the country's demand for fuel could be met by domestic production and the Strategic Petroleum Reserve. Created 13 years ago, the reserve is now up to 515 million bbl., equivalent to about three months' total consumption, stored in salt caverns along the Gulf Coast of Texas and Louisiana...
...Christmas Eve the hostages hear on the radio that Church of England envoy Terry Waite has failed to negotiate their freedom, and has returned to London. Anderson is crushed. Father Jenco tries to sing carols but is too depressed. Jacobsen draws a crude Christmas tree on a piece of cardboard and sticks it on the wall...
Despite the severe price hikes in February at the finished goods level, increases earlier in the production process were more moderate. Prices at the intermediate level rose 0.5 percent while the cost of crude goods dipped 0.1 percent after two months of increases above 3 percent. A loaf of bread is an example of an item at the finished goods level, flour at the intermediate level and wheat at the crude level...
Fang Lizhi was not exactly a household name outside China until he was invited to dine with President George Bush. Then a series of missteps turned a social occasion into a diplomatic cause celebre. Using crude police muscle, the Chinese government physically barred Fang, China's most famous dissident, from attending the Texas barbecue that Bush gave at the Great Wall Sheraton Hotel to salute Chinese dignitaries at the end of an otherwise friendly visit to Beijing. The invitation infuriated the Chinese government, Fang's manhandling offended the U.S., and the Bush Administration was left with egg foo yung...