Word: oiled
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
...some Americans do pay a huge price for cheap oil. Texas' petroleum industry, for example, loses roughly 10,000 jobs for every $1 drop in the value of crude. Nationwide the price collapse has so far cost 24,000 jobs, with an additional 17,000 at risk in the first half of 1999, according to the American Petroleum Institute. Almost 140,000 domestic oil wells have been abandoned in little over a year, principally in Texas, Oklahoma, Colorado and Louisiana, forcing U.S. daily production down by 360,000 bbl. a day. In Alaska, which depends on tax revenues from oil...
...Even big oil companies are worried about a bleak pricing future, one reason they are merging. British Petroleum and Amoco recently united, hoping to save more than $2 billion annually, with a reduction of 6,000 workers. The new Exxon/Mobil combination is expected to save about $2.8 billion, with 9,000 jobs eliminated. Conoco, Texaco and Chevron are also expected to reduce staff...
...Saudis, the aim is to absorb some 300 million bbl. of supply overhang and bring inventories more in line with demand. It won't be easy. Nearly a year ago, some of the same countries that signed on to last week's deal agreed to reduce oil production by a whopping 3.1 million bbl. daily. When that happened, prices rose from $13 to more than $17 per bbl. Then flagrant quota busting, higher production from Iraq, warmer winter weather and lower demand for energy in Asia combined to wreck the price-fixing scheme, and oil crashed to just over...
...still leaves 1.5 million bbl. in reduced production and revenues to divvy up among the other members. Many of them, including Iran, Indonesia, Nigeria and Venezuela, are in much greater need of cash than even the Saudis. "I don't like to project what is going to happen," Saudi oil czar Naimi told TIME last week. "But I believe we will be successful in coming to an agreement to reduce surplus inventory and to lift the price." If not, the princes can expect a few more Abdullahgrams...
...shepherd," taught to her by her grandmother June, who's been closer than a mother since Holdsclaw was 11 and her parents divorced. "I told her when she was little, anything you want, ask Him," says June. The Psalm provides this provocative promise: "Thou anointest my head with oil." So there's more than crossing Jordan involved here. Chamique's the one. Even the Bible tells us so. As Holdsclaw tells TIME with blatant understatement: "I knew I wasn't going to be average...