Word: oiling
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Dates: during 1980-1989
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When Iran and Iraq decided to end their eight-year war, oil producers hoped that a new spirit of unity in OPEC would lead to a boost in crude prices. But the cartel is still fueled more by friction than by fellowship, and oil prices are plunging. Last week the cost of West Texas Intermediate, the benchmark grade of U.S. crude, dropped 4%, to $14.18 per bbl. -- its lowest level in nearly two years. Reason: although OPEC agreed last month to hold daily output to 15 million bbl., some 20 million bbl. are flooding the market each day. Among those...
That could be good news for consumers. If crude-oil output remains high and prices stay down, gasoline and heating oil will eventually cost less. But it will take at least two months for the benefits of OPEC's overproduction to trickle down to the retail level...
Currently the most pressing and complex environmental problem is the greenhouse effect. The industrial age has been fueled by the burning of coal, wood and oil, which spews wastes -- most notably carbon dioxide (CO2) -- into the sky. This thickens the layer of atmospheric gases that traps heat from the sun and keep the earth warm. This greenhouse effect is expected to bring about more change more quickly than any other climatic event in the earth's history. Scientists warn that the changes cannot be stopped, though they can be slowed. But the time is short. Says Robert Dickinson, a senior...
...number of savvy business executives have begun seeking fortunes in the ruins of the savings and loan industry's insolvent institutions. Since 1984 investors have bought 260 failed S and Ls, most of them in the West and Southwest, where thousands of loans to the depressed real estate and oil industries have gone bad. Last week Robert Bass, 40, one of Fort Worth's billionaire Bass brothers and an accomplished takeover artist in his own right, joined the trend. He led a group that agreed to put up $550 million in capital to take over the financially comatose American Savings...
...agreement ends 15 years of land-claims wrangling and clears the way for the social and economic development of an area roughly the size of Texas. Besides land and cash, the native people will receive 10% of royalties from minerals, oil and gas that may lie beneath the tundra, as well as traditional fishing and hunting rights over an additional 600,000 sq. mi. of boggy terrain. Said Alexis Arrowmaker, an elder of the Dogrib tribe: "The young generation is going to appreciate what we've done...