Word: gas
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...Some Cambodians may be wondering whether an eighth tray should be added to the ceremony, this one holding a pool of oil. Around 2010, a cluster of offshore fields is expected to begin yielding significant amounts of oil and natural gas, radically changing the Cambodian economy. Optimistic estimates suggest that future oil revenue could dwarf the country's current GDP. But will any of this money trickle down to Cambodia's poor? Economists aren't sure, warning of a Nigerian-style oil curse that could simply make a privileged few very rich and leave the vast majority of people penniless...
...from the Middle East in 2005, and more from the Gulf of Guinea than from Saudi Arabia and Kuwait combined. Nigeria, the giant of the region, supplies 10-12% of U.S. oil imports. "There's a huge boom across the region," says Erik Watremez, a Gabon-based oil and gas specialist for Ernst & Young. "Exploration, drilling, rigs, pipes. It's exploding." Ann Pickard, Shell's regional executive vice president for Africa, agrees: "The Gulf of Guinea is an increasingly important place...
...combination of high oil-company profits and high gasoline prices has led to much fulminating on Capitol Hill, mostly about refining bottlenecks that have brought near record prices at the pump. But the main reason gas prices are so much higher now than a decade ago is that crude has jumped from $10 per bbl. in 1999 to $64 today. And the fact that the world's biggest nongovernment oil company isn't going like gangbusters to find more of the stuff will have far more impact on future prices than the Federal Price Gouging Prevention Act approved...
...just 2,836. But ExxonMobil is the most cautious of the lot. Slightly smaller rival Shell spent 25% more on capital and exploration in 2006, and the other oil majors spent more than ExxonMobil relative to their size. The Dallas-based industry leader still reports that its oil and gas reserves are growing. But recent gains have been modest, and most have been in natural gas, not the crude that is refined into gasoline...
...Perhaps Internet actions speak louder than survey answers. Take the cost of gasoline. Despite gasoline prices reaching an all-time high this month, searches for "gas prices" during September 2005, when gas prices breached the $3/gallon mark, were six times greater than last week when the average gallon of regular gas hit $3.21. But to get at the question of what consumers think about gas prices and how they view the effect on the economy, you have to dig a little deeper. For example, how do soaring pump prices affect our vacation plans? Visits to U.S. travel sites are down...