Word: opec
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...need to diversify is now more urgent and the consensus to do so greater than when OPEC first played bully. Global energy demand is expected to triple by midcentury. The earth is unlikely to run out of fossil fuels by then, given its vast reserves of coal, but it seems unthinkable that we will continue to use them as we do now, for nearly 80% of our energy. It's not just a question of supply and price, or even of the diseases caused by filthy air. We know that global warming from heat-trapping carbon dioxide, a by-product...
...Gets High On Strife There is still one market George W. Bush can boost by making a speech: commodities. Hawkish talk about war with Iraq pushed oil through the $30 mark last week, its highest level in 15 months. Prices eased slightly as OPEC indicated it would fill shortfalls caused...
When a U.S. alternative energy company signed a technology license contract last month to enable China's largest coal company to build a $2 billion plant to liquefy coal in Inner Mongolia it may have been sealing the future of OPEC. If the technology lives up to its promise and can economically transform coal into diesel and gasoline it may tip the geopolitical scales by reducing the dependence on oil of coal-rich countries like China, the U.S. and Germany. At the same time it could significantly decrease pollution blamed for global warming and acid rain. Many countries...
...senator from Michigan - under the aegis of the well-named Permanent Investigations subcommittee - spent 396 pages and who-knows-how-many taxpayer dollars drilling for political black gold in the field of possible price collusion by Big Oil. The report found no sign that oil companies had gotten together, OPEC-style, to keep prices high - but that "In a number of instances, refiners have sought to increase prices by reducing supplies...
...only that, oil companies apparently showed an apparent callousness to events that actually resulted in them making a profit. In October 1998, Marathon Oil's internal economic analysis cheered the disruptive and destructive Hurricane Georges ("Nature stepped in to lend a helping hand") and appeared to welcome OPEC's "efforts to rein in output" as helpful to their business, which of course is the same as OPEC's, selling oil. And in 1999, BP Amoco (now BP) actually had a "Midwest, Mid-Continent Strategy" to avoid putting more oil on the market than their profitability could take...