Word: crudely
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Dates: during 2000-2009
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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...
...question is, Does he really want to? Last year the government announced a $280 million plan to upgrade Paraguaná and increase its capacity to process Venezuela's abundant heavy crude from 50,000 bbl. to 130,000 bbl. per day. But workers say they have yet to see the project move ahead, and some complain the refineries are underperforming. "It's precarious," says a veteran supervisor. "The plant isn't living up to its original design because [PDVSA doesn't] want to cover the costs...
...experts say Venezuelan production is slipping and Chávez's industry policy for the long term is risky. Venezuela, like Mexico and Iran, needs reinvestment and foreign investment to keep its $100 billion industry in prime condition. But with China's and India's demand for crude inspiring projections for exponential growth and the U.S.'s determination to remain a slave to oil, the oil industry may well have hit a point when the short term is the long term--every barrel not pumped today will be worth more tomorrow. "The Venezuelans are investing as much as they want...
...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...