Word: crude
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Fortunately, major accidents involving tankers have been infrequent, but those that do occur are spectacular. The Liberian ship Torrey Canyon spilled over 30 million gal. of oil when it went aground off England's Cornwall coast in 1967. The Metula dumped about 16 million gal. of Persian Gulf crude when it grounded in 1974 in the Strait of Magellan, polluting an area where Charles Darwin had gone ashore more than a century earlier to study animals and plants. The Jacob Maersk lost or burned some 26 million gal. when it exploded off Portugal...
...sort of accidents that have been happening to small ships will in the future be happening to the very biggest ships, the so-called VLCCs (very large crude carriers). We may confidently expect a rising rate of major big-ship disasters in the decade ahead...
Perhaps not, but the rupture remains. As of Jan. 1, a barrel of Saudi or Emirate crude will sell for $12.08; a barrel from the other eleven countries will cost $12.70, reflecting an immediate 10% boost (the eleven propose to tack on another 5% on July 1). The two-tier price works out to about an 8% increase in the average price of oil imported by major consuming nations-enough to put a drag on the global economy. French President Valéry Giscard d'Estaing estimated that OPEC price boosts since 1973 have hit the French consumer...
...guess is that the majority eleven will forgo the additional 5% hike set for July, and the Saudis and the Emirates will move up from 5% to 10%. A minority view is that the eleven will be forced to cut their prices by such devices as discounts for crude with a high sulphur content, and the eventual increase will settle somewhere between 5% and 10%. Oilmen see only an outside chance of a price war between the Saudis and their OPEC colleagues-but that chance is strong enough to make the battle of the barrels over the next months...
...expected to add $10 billion to the world's fuel bill. Among the major importers, the U.S. seemed likely to be hurt least. It still produces 60% of the oil that it burns, and a large share of its imports come from Saudi Arabia. The average price of crude available in the U.S. will go up no more than 3%, and that will push up the Wholesale Price Index a negligiblen...