Word: crude
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...poorest people, and some of its worst environmental destruction. There are villages without power, water, health clinics or schools; pipelines that scar the earth; oil slicks that shimmer on rivers; flares that blaze bright and loud, burning off the gas that gushes to the surface along with the sweet crude. So poor are most who live in the Delta that some are prepared to risk their lives for a bucketful of fuel. Last week, more than 150 people died when an oil pipeline on the outskirts of Nigeria's biggest city, Lagos, west of the Delta, exploded in a massive...
...Alley means more pain at the pump--especially if another big storm hits or events in the Middle East disrupt supply. Katrina sidelined nine refineries that account for about 12% of U.S. capacity. By the end of last week, the storm had prevented production of 547 million bbl. of crude, a 25-day supply. Offshore oil production in the Gulf accounts for nearly 10% of U.S. daily consumption. Worse yet, natural-gas production also shut down, costing us about 8.3 billion cu. ft. a day, which is 13% of what we consume, according to the U.S. Minerals Management Service...
...that doesn't mean we're running out of gas and oil. The U.S. consumes about 21.5 million bbl. of crude a day, and with inventories of 321.4 million bbl., stockpiles are above average for this time of year, according to the Energy Department. The major Gulf Coast pipelines were up and running by the end of last week, albeit at reduced capacity. The Louisiana Offshore Oil Port, the nation's only deep-water tanker port, unloaded its first cargo since Aug. 27. Still, some analysts predict that disruptions in the supply chain mean motorists will be in for several...
Optimists say the situation could stabilize relatively quickly. There have been no reports of major damage to Gulf refineries. The problem is there isn't enough electricity to power them. Demand for gasoline typically tapers off after Labor Day. And thanks to a presidential directive, the crude is flowing; 30 million bbl. from the Strategic Petroleum Reserve is being loaned to companies like Exxon. In addition, foreign producers in 25 countries have pledged another 30 million bbl. of crude and refined product. The EPA is allowing sales of less stringently refined fuel, and President Bush is permitting foreign vessels...
...market, a tough business under any circumstances and particularly after the 1998 crisis, when the government temporarily suspended debt repayments and devalued the ruble 30%. But the economy recovered much faster than anyone expected. Together with his wife and a friend, Kuznetsov scraped and borrowed to buy a crude packaging machine and set up a business selling sunflower seeds and other products. He buys seeds in bulk from farmers in Rostov, 250 miles away, roasts them and then sells them in nearby towns. Today Kuznetsov Seed Co. has annual revenues of about $1 million. Kuznetsov drives a silver Renault Scenic...