Word: diesel
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Dates: during 2000-2009
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...useless unless it is refined into the products we really need - gasoline, heating oil and jet fuel. Refining is a simple but essential step in getting from oil in the ground to gas in your car's fuel tank. Oil's various refined products, such as gasoline, kerosene and diesel, have different boiling points. The lighter the chemical composition of the desired product, the lower the temperature needed to separate it from the crude. It's not cheap; refining costs account for nearly 19% of the price of gas sold in Britain. Today's refineries are so efficient that they...
...scene looks like a war zone, houses blown to splinters, cars abandoned on the roads, crowds of huddled refugees escaping a fallen city. It also smells like a war zone. Flying over the neighborhoods where water reaches the eaves of most houses, my nostrils burn with the fumes of diesel fuel, which swirls in rainbow iridescence in the fetid eddies below. It's the dry areas of the city that smell the worst, where the water poured in fast and receded. There, the smell is unmistakably of death - the rotting contents of abandoned refrigerators, and the corpses of the drowned...
...price spike may be softened by the fact that coal, not oil, generates most of China's electricity, somewhat shielding its factories from the effect of rising oil prices. The government also limits the impact of rising fuel costs by dictating the price of gasoline and diesel at the wholesale level each month. Wholesale gas prices in China are currently about 80% of what the market price is in, say, Singapore. But fixing prices at an artificially low level also has the less-desirable effect of cutting profits at China's major refiners?all of which are state-owned. Energy...
...meantime, governments in the region are scrambling to cope with the oil shock?risking popular ire in the process. Malaysia, a net exporter of oil, cut its subsidies on gasoline and diesel fuel by 7% and 23% respectively last week. Indonesia did the same in March, increasing the price of gasoline by 29%. In Thailand, Prime Minister Thaksin Shinawatra, who last year resisted pressure to eliminate fuel subsidies during an election year, reversed course this year as the oil bills mounted. On July 12 he announced the end of subsidies, which he hopes will curb demand for oil imports that...
...Beijing, too, the soaring price of oil and sporadic gas and diesel shortages are drawing the attention of the government, which has drafted plans to levy steep taxes on gas-guzzling cars and SUVs. The new taxes could add as much as 27% to sticker prices. As one of the world's growing gas hogs, China's conservation efforts matter enormously. But it will take time for such measures to have much impact?and until they do, China's neighbors may simply have to get used to oil at almost $70 a barrel. It's a painful prospect...