Word: crude
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...decision. That goes along with Carter's previous stand. During the primary campaign, candidates to the left of Carter had urged legislation now to break up large oil companies (see BUSINESS). Carter had stopped short of that. The platform noted the lack of a "free, competitive market for crude oil in the U.S." It supported new Government restrictions "when competition inadequate to insure free markets and maximum benefit to American consumers exists...
...million bags. The industrial diamond concession in northeastern Angola will produce less than half its prewar output of 2 million carats this year. Internal transport is a shambles: dozens of key bridges and roads have been destroyed. Perhaps the most hopeful note for Neto is that production of crude at Gulf Oil's refinery in Cabinda has been resumed; the $500 million annual royalties from the facility now account for 80% of Angola's foreign exchange earnings...
...have been impressive. Last year, for instance, largely because of the high prices of imported food, fertilizer and oil, the country suffered a record trade deficit of $1.2 billion. Now, as a result of an intensive campaign of exploration, some petroleum experts believe India can be self-supporting in crude...
...After two days of trying to determine whether or not to end the nine-month freeze on world oil prices, the ministers were unable to reach a decision, which in the case of prices requires the unanimous support of member oil-producing nations. As a result, the price of crude oil will remain at its present levels, but for how long is by no means certain. Though OPEC is not scheduled to meet again until December, some disgruntled representatives called for a special ministers' meeting in the next few months to reopen the troublesome price issue...
Despite last week's reprieve, the long-term outlook on prices is grim, largely because of the increasing dependence of the industrialized Western nations on OPEC oil. In 1973, for example, about 38% of the U.S. oil demand was being met by crude imported from foreign countries, most of it coming from Canada and Venezuela. This year, however, the U.S. will be forced to import 40% or more of its oil, most of it from OPEC member countries. By next year the economies of the U.S. and Europe should be getting into full stride, and oil demand cannot help...