Word: crude
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...Crude Facts: Right now, Venezuela can't risk any threat to its oil industry, which still accounts for a third of the nation's gross domestic product, half of government revenues and 80% of export earnings. Even the Organization of Petroleum Exporting Countries (OPEC), of which Venezuela is a founding member, reports that Venezuelan crude production is still well below the more than 3 million barrels a day that the state-owned oil monopoly, Petroleos de Venezuela (PDVSA), pumped before it suffered a debilitating management strike in 2002 and 2003. Experts agree that the shortfall in output is largely...
...STAY WARM The price of wheat reached an all-time high of more than $12 per bu. on Feb. 25. The culprit, in part, was the price of crude oil, which has surged back above $100 per bbl. Ironically, high prices for basic foods like potatoes and eggs have also been causing unrest in the oil-rich Middle East...
...Disaster Re-Examined It has been almost two decades since the Exxon Valdez oil spill, in which a tanker dumped millions of gallons of crude oil into Alaska's Prince William Sound. Now after a lengthy legal battle over one of the most environmentally disastrous events in U.S. history, the Supreme Court is hearing Exxon's appeal. A look back at the case...
...reserves, may actually weigh more heavily today on Raul's mind than the U.S. In recent years Venezuela's left-wing, radically anti-U.S. President, Hugo Chavez, a fervent Fidel admirer, has helped prop up Cuba's economy with almost 100,000 daily barrels of cut-rate crude. Chavez, however, is deeply suspicious of, if not antagonistic to, Raul's economic reform intentions. "Raul has to play ball with the Venezuelans," says Latell. "He has no one else to turn to right...
...trendy Zona Rosa district last Friday afternoon when he saw a flash of brilliant light followed by a thundering bang and the sound of shattering glass. Minutes later, ambulances and police rushed into the street to find three blood-soaked people crying for help and the remains of a crude plastic explosives device. One of the injured died on the way to hospital. "Being in Mexico, I first thought it was an earthquake or something," Kohl said, visibly shaken from the blast. "I had no idea that bombs went off here...