Word: crude
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Global Insecurity insists that oil shocks are likely to occur as long as consuming nations remain addicted to petroleum from the explosive Middle East, which has some 60% of the non-Communist world's known oil reserves and which ships 65% of the crude involved in international trade. Any type of conflict in the area could disrupt the flow of oil and plunge the world into a crisis...
...modest oil glut developed in the past year, however, the price of Oklahoma crude started slumping, from a peak of $38 per bbl. to a trough of about $32. Penn Square's once attractive loans suddenly became big burdens for borrowers increasingly unable to repay...
Lopez Portillo was heading for trouble in any case, but last year's world oil glut brought a sudden end to Mexico's spree. As prices for crude oil began to drop around the world, Mexico stubbornly tried to hold the line. When Jorge Diaz Serrano, the president of Pemex, announced a $4-per-bbl. price cut, he was promptly sacked, and Mexican oil prices were jacked up again. Customers went elsewhere until Mexico bowed to the pressures of the marketplace. By that time, the country had lost about $1 billion hi revenue, and the drain has continued...
Jubail and Yanbu, which is under construction 700 miles to the southwest on the Red Sea, represent an Ozyman-dian-scale hedge by Saudi Arabia against the eventual depletion in 65 years of its 165 billion bbl. of proven crude oil reserves. The cities, replete with petrochemical complexes, refineries, a steel mill and smaller secondary industries by the dozen, will be counted on to help keep the Saudi economy vibrant and the country's small but rapidly growing population employed and enjoying a rising living standard far into the 21st century...
...extend an immense quarter-mile-wide causeway, one of the largest landfill operations of its kind. When completed in 1985, the six-mile-long causeway will provide berths for up to 18 ocean-going cargo ships at a time. At its farthest outward point sits a colossal open-sea crude-oil loading terminal large enough to accommodate a 500,000-ton supertanker...