Word: crudely
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...fact, many Iraqis are also convinced Iran is the key player in Iraqi oil. In December, Iraq's State Oil Marketing Organization sent a letter to a South Korean firm threatening to halt its crude oil allocation unless South Korean companies halt oil investment in the Kurdish regions of Iraq. The Kurds claim that Iran was behind the letter - just as they maintain that Iran is holding up an Iraqi oil law that would allow the Kurds to open their region to foreign investment. As far as the Kurds are concerned, Iran intends to monopolize every drop of oil exported...
...Where Crude Heads After Hitting...
After several near misses, crude-oil prices briefly hit $100 a bbl. on the first day of trading in 2008. The doubling of crude prices over the past year hasn't been fully felt at the pump, but it will be if prices stay high. What's driving the increase...
...priced in U.S. dollars, so when the buck loses ground against other currencies, the price of crude generally rises. Speculators betting that this will continue may be driving it up even more...
High petroleum prices might hit your wallet hard, but $100-a-barrel oil has some environmentalists quietly celebrating. The more expensive oil gets, the more attractive alternative - and climate-friendly - fuels become. Biofuels that would be buried by $17-a-barrel crude - the price as recently as November 2001 - are suddenly competitive when oil is in the triple digits. Ultra-efficient cars, public transit, plug-in hybrids - they all become better investments as oil gets and stays expensive. Global greenhouse gas emissions have skyrocketed over the past few decades on the back of relatively cheap oil, but as the price...