Word: crude
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...world's largest oil-refinery complex sits on an arid peninsula off the western coast of Venezuela. The Paraguaná facility processes more than 700,000 bbl. of crude each day for the state-owned oil monopoly, Petróleos de Venezuela, S.A. (PDVSA), while tankers line up on the Caribbean horizon to ship it around the world. Towering burn-off pipes, as loud as jet engines, shoot flames above giant posters of President Hugo Chávez. His fist raised, he roars, "Of course...
...July 2006, the world's oil rigs pumped out crude at a rate of nearly 85.5 million bbl. a day. They haven't come close since, even as prices have risen from $75 to $98 per bbl. Which raises a question of potentially epochal significance: Is it all downhill from here...
...temping to applaud McCain's restraint. Picking on Clinton - often in personal, even crude ways - has practically become an official Republican party plank. Rudy Giuliani regularly mocks Clinton's voice, and when Mitt Romney's campaign playbook was leaked to the crowd, it contained a proposal to link Clinton to the thing Americans used to hate more than anything: France...
...rowers are also rivals for a handful of seats on the boat. The same dilemma occurs in business. Co-workers have to cooperate to succeed while competing with one another for promotions, resources and the attention of superiors. To ease the tension, the Cambridge rowers relied on humor, typically crude and black. When that failed, De Rond acted as a mediator. "Part of the trick," he relates, "is simply getting people to talk...
...that Saudi Arabia can increase its output to even 15 million bbl. a day is remote. Even maintaining its current production rate for an indefinite period of time is hardly a certainty. The Ghawar, Abqaiq and Berri fields (which still make up about 90% of Saudi Arabia's light crude) now pump oil from water-injection wells--essentially the low-hanging fruit. Once that ends, oil production in those key fields will decline, and the declines could be steep. The two other giant fields producing lesser-quality oil are subject to this same risk. Quantifying the timing and the magnitude...