Word: oiling
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Dates: during 1980-1989
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...warning, the Victor, a Philippine tanker carrying 8,800 bbl. of petroleum products, collided with the Dona Paz. Immediately, the tanker's cargo ignited, setting the sea aflame. As the inferno engulfed both ships, dozens of passengers leaped, diving deep to avoid the burning waters. Swimming beyond the fiery oil, Eugenio Orot, 27, surfaced hundreds of feet away from the ferry. As the anguished screams of children calling "Nanay!" (mother) and "Tatay!" (father) echoed around him, he searched desperately for his two children and wife, but to no avail. Within four hours, the Dona Paz and the Victor were gone...
Under the deal Texaco will pay Pennzoil $3 billion. That is far less than the $10.5 billion penalty that a Texas jury ordered Texaco to give Pennzoil in 1985. The jury held that in early 1984 Texaco illegally acquired Getty Oil, which had already promised to merge with Pennzoil. But Texaco was determined to appeal the case to the U.S. Supreme Court. The stakes were frighteningly high. If Pennzoil refused to settle and then lost, it might have wound up with nothing. If Texaco lost, it would have been destroyed...
...Texaco shareholders that pushed the two companies into agreeing on a $3 billion figure. The settlement will remove the dark cloud of uncertainty that has hovered over Texaco and enable it to emerge from bankruptcy. As for Pennzoil, the money may encourage the company to go shopping for smaller oil firms. The biggest winner of all may be Texas Lawyer Joseph Jamail, who will reportedly get a $600 million cut for leading Pennzoil's attack against Texaco...
...agreement comes not a moment too soon, because the oil industry may be facing rough times. When the Organization of Petroleum Exporting Countries failed last week to reach a meaningful pact to curb production, the price of oil futures plunged from $18 per bbl. to $15.58. If prices collapse, at least Pennzoil and Texaco can start putting their resources into the businesses again instead of into the pockets of their lawyers...
...shaky side of the balance sheet for today's banks is not necessarily deposits but loans. The U.S. banking industry is saddled with $59 billion worth of sour loans made to a lengthening list of troubled borrowers: developing countries, farmers, takeover artists, real estate developers, oil drillers and spendthrift consumers. While most U.S. banks can handle bad debts during good times, a recession would turn a quiet problem into a grinding one. Many more borrowers could go over the brink, along with their banks. The resulting rash of federal bailouts could strain the Government's deposit- insurance system and even...