Word: crude
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This year's ample oil supplies, however, are uncomfortably reminiscent of the situation two years ago. In 1978 the major oil companies faced a temporary glut of crude, and they cut down their reserves to save on storage costs. But then the Iranian revolution quickly turned a winter of abundant energy into a summer of frightening shortages...
...despite brimming storage tanks, the oil companies are buying all the crude that they can, even at $32 per bbl. Said one Exxon official: "There's still a fear of being caught short if Iraq reduced production or Iran cut back more. We're going to fill every bucket." American oil reserves now amount to only a ten-week supply of imports at current consumption levels, and today's ocean of oil could evaporate like a mirage in the desert...
...lessen dependence on foreign oil. While this might prove a partially effective short-term solution, it does not bode well for the U.S. 20 years from now, when depleted supplies--no matter how vigorous the exploration--will send shock waves through an economy even more deeply mired in crude. His dismissal of conservation as secondary shows that Reagan has little prescience, little desire even to consider the long-term. Increased emphasis on coal--also a finite resource, and the cause of acid rain to boot--and on nuclear energy (which has proved remarkably cost-inefficient, apocalyptic scenarios aside) show...
That is the view of Samuel Fuller, 68, who built a cult reputation as the writer-director of a series of crude but vivid action films (The Steel Helmet, Pickup on South Street) in the 1950s and '60s, has not worked in movies for almost a decade and has long wanted to make a film based on his experiences as a World War II infantryman. The Big Red One, which was the nickname of Fuller's old outfit, the 1st Infantry Division, is that film. And it is fine, fully justifying Fuller's faith in himself...
...confused with Saudi Arabia, has a problem: too much money and not enough closet space. What should it do with the endless trunkloads of dollars it exchanges for limitless barrels of oil? After all, the Kingdom feels the pinch of inflation too: every time it raises the price of crude, its dollars depreciate. Everyone is caught in a viscous circle-until the entrance of David Harrison, American freelance financial adviser, connoisseur of paintings, wine, well-bound books and unfettered women. Petrodollars, he reasons coldly, can rig almost anything, including the stock market. His plan is simple. Surreptitiously insert billions...