Word: crude
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...stock market, where the Dow Jones industrial average rose 41.06 points last week to close at a record 1570.99. But for the once flush U.S. petroleum industry, no gushers of champagne have flowed since 1981, when the value of oil peaked. And last month's 25% drop in crude prices is bringing even more failures and layoffs to the Energy Belt. Last week one of the largest offshore drilling companies, Houston's Global Marine (1985 revenues: $379 million), filed a bankruptcy petition. The company, which operates 34 rigs, will stay in business but wants temporary protection from its creditors...
...Energy Department started the complex dispute by charging Exxon with violating crude-oil price controls that were in force between 1973 and 1981. In asking the Supreme Court to turn down the case, the department claimed that because the law has expired, the issue did not have enough continuing importance to be taken up by the highest court. The Justices apparently agreed. Exxon Chairman Clifton C. Garvin Jr., who contended that the price- control law was an inequitable hodgepodge, pronounced the company "extremely disappointed" with the ruling. Even so, Wall Street investors think the payment will be only a minor...
Some of the most encouraging results have been in children with a rare and extreme version of FH. Yuko, 11, of Osaka, Japan, has been treated for nine years by Dr. Akira Yamamoto of the National Cardiovascular Center, earlier with a crude version of cholesterol filtering and more recently with a process similar to that used at Rogosin. Racked by angina at age two, she can now climb a flight of stairs without stopping. What is even more impressive to scientists is that X-ray studies show that her disease has actually regressed. "Atherosclerosis of her renal artery has completely...
...indication of growing dismay among many of the world's major oil-producing countries, as they seem unable to halt a major price war that has dramatically depressed the value of their most important product. The war, caused by a surplus of some 2 million bbl. of crude oil a day flooding onto world markets, showed no signs of abating last week. The spot price of oil, which two weeks ago fell through the $20-per-bbl. barrier for the first time in seven years, closed last week at about...
...greatest pain of adjustment focuses on the high-debt, industrializing oil producers, led by Mexico, which has a foreign debt of $96.4 billion. Last week Mexico slashed its crude-oil prices by an average of $4 per bbl. The move, which will cost the country close to $2.2 billion in revenues this year, comes at a tense moment. Earlier in the week in Mexico City, tens of thousands of workers and students marched through the center of a capital still marred by last September's disastrous earthquake to protest the belt-tightening economic policies of the De la Madrid government...