Word: crude
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...most traded commodity, and as a major source of energy, and a raw material for a whole array of products ranging from plastics to drugs, oil is the most important lubricant for the economies of the developed nations. A halt, or even a minor disruption, in the flow of crude oil to the U.S., Western Europe and Japan, results in major economic convulsions...
...COMPANIES have been posting enormous profit increases-up to 90% in the third quarter for Gulf. Rising prices will surely keep profits up, but the oilmen nevertheless have problems: they may have to close some refineries because of an inability to get crude. Mobil last week announced that after Dec. 31 it will "mothball" an East Chicago refinery that has been processing 47,000 bbl. per day of crude for small independent oil companies. Small oil distributors will be really pinched. John Fiore has been supplying diesel fuel to barges, tugs and fishing boats in Boston harbor for 40 years...
...companies can easily shift the destinations-as well as the source-of thousands of barrels of crude in minutes by a few calls to tanker captains. In 1951, when Iran's Premier Mohammed Mossadegh nationalized that country's wells, the multinationals overnight dropped Iran's share of the world market from 6% to zero...
...have been developed to get it (estimated cost per bbl.: around $6, or about as much as that of newly found U.S. oil). In each of these, the shale is literally chewed up and cooked. Under heat, the kerogen in the rock yields a heavy oil similar to petroleum crude. As an environmental plus, shale oil contains very little sulfur. At first glance, Interior's program might appear to be too tentative and cautious for an energy-starved nation. Of the Federal Government's 8 million acres of oil-shale land, only six tracts will be leased...
Outside, the children are prepared with fresh flowers. They file up the road to the church, singing, four of them bearing the little coffin on a crude wooden frame. Inside, Don Efren plays a twangy banjo and Senora Gudelia and Senora Rosa sing an endless song in nasal harmony while two cousins perform a funereal ritual before the coffin. The other children play for their mothers' attention, or titter, or hold back their tears...