Word: crude
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...search for more domestic energy comes at a time when Saudi Arabia, the U.S.'s principal foreign supplier of crude, is once again showing its clout in world oil. That country last week paid an estimated $2 billion to buy the remaining 40% of Aramco, which produces the bulk of Saudi oil, from a consortium of four American oil producers, Exxon, Mobil, Texaco and Standard Oil of California. Americans will continue working for Aramco, but only in technical and managerial roles. The kingdom's Oil Minister, Sheik Ahmed Zaki Yamani, is also reported to have told British Foreign...
...drilling boom in the U.S. is yet another demonstration of an old economic law: when prices rise, producers will attempt to increase their output. In 1978 Congress began phasing out price controls on natural gas, and in 1979 the Government started a gradual decontrol of crude-oil prices. The cost of oil and gas immediately increased, but the initial production results are impressive. U.S. oil output will rise by 2% this year, from 8.5 million bbl. per day to 8.7 million bbl.-marking only the third increase in a decade. The additions to natural-gas reserves grew by 35% last...
...oldtimers wearing floppy straw hats lead their pack mules through the maze. Everywhere, anxious men watch drying handfuls of earth for signs of pay dirt. The ground around them flows with a liquid waste, from the panning and sluicing, that is the color of oxblood. The methods may be crude and oldfashioned, but they are productive: Serre Pelada is turning out gold at the rate of a metric ton per month, three times as much as the next biggest mine in Brazil...
...Senators learned little that was new about either matter. Billy confirmed that he had visited Libya in 1978 and again the following year; he had played host, in turn, to a Libyan delegation to Georgia in January 1979; he had tried to arrange, without success, for the Charter Crude Oil Co. of Jacksonville to obtain Libyan crude oil; and he had received one check from the Libyans for $20,000 in December 1979 and another for $200,000 the following April...
Instead the tribunal concluded that during the years 1975-78, when Nigerian crude was not selling well because of a short-lived world oil glut, the three oil companies, which pump approximately 80% of Nigeria's normal production of some 2 million bbl. daily, had cut back production, at the government's request, to an average of about 1.7 million bbl. a day. Traditionally, the companies had been splitting their production on a 45%-55% basis with the government, for daily liftings of about 1 million bbl. of crude. In order to stay at that level, the companies...