Word: gas
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...Donald Felsinger, CEO of Sempra energy, based in San Diego, took charge of a volatile company tainted by the California energy scandal, which threatened to bankrupt the $15.5 billion firm. Felsinger settled lawsuits, shed holdings in coal and expanded its natural-gas business globally. Now, he tells TIME, the volatility has moved south...
There's a lot of distrust in South American countries that their natural resources won't be accrued for the people living there. We saw that firsthand in Bolivia. We had been trying to convince the government to produce natural gas, liquefy it and ship it to North America, but there was an uprising, and the President got thrown out of office. At the end of the day, the commodity is so important to countries as a revenue source that it will eventually move to market. We're just going through a step change as to how countries get compensated...
Bolivia will eventually come around to the fact that they don't have a lot they can do to better the population, but they have huge natural-gas reserves. Iran has large reserves, but we're prohibited from doing business there. There's also instability in Africa that makes it difficult to embark on projects...
What are the worst places for a liquefied-natural-gas company to do business...
...What can we expect to come out of this?" sneers 66-year-old Josef Hruby. "Are we going to once again teach kids to put on gas masks and hide in shelters...