Word: petroleum
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Dates: during 1970-1979
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...outgoing Treasury Minister Emilio Colombo, and Italy is going to need even more loans in the next few months to stave off bankruptcy and pay for oil. Italy is more dependent on imported fuel than any other European country and has been especially hard hit by the rise in petroleum prices. Meanwhile, capital is fleeing the country; in October alone, $378 million was transferred from Italian banks to foreign ones...
Green, soggy and buzzing with flies, the state of Tabasco at the southeastern tip of Mexico has had some modest local fame as an oil region for decades. Now it has suddenly become the center of the most exciting mystery story in world petroleum. By drilling deeper than ever before-as far as three miles into the geological subbasement-Mexican engineers have found a much bigger reservoir of oil than anyone had suspected was there, a subterranean lake of petroleum three or four miles wide and perhaps up to 30 miles long...
...will double in eight years. Out in the countryside, where rainfall of up to 400 inches a year keeps 40% of the land under water, the rapid change is not appreciated. The oil belongs to Pemex, the state oil monopoly; farmers receive money only for their land and no petroleum royalties. "They are worried that our drilling will ruin their fishing," says a Pemex engineer aboard the Chac, a marine drilling platform named for the Mayan rain god, as two fishermen glide by in a dugout canoe...
...Weight. Other Mexicans are enjoying the new weight that oil gives them in world councils. Within two years, Mexican officials think that the country could be exporting 200,000 bbl. a day, enough to put it in the same league with member producers of the Organization of the Petroleum Exporting Countries. Indeed, Mexican officials are expected to begin sitting in on OPEC meetings soon as observers. Mexican President Luis Echeverria Alvarez told President Ford last month that Mexico would export its oil at world prices, diluting hopes that it might undercut those vastly inflated quotes. These just might begin coming...
...deposits against future purchases from a dozen countries, including Britain and France. For an estimated $100 million, the government recently bought 25.04% ownership of the steel-producing branch of West Germany's 162-year-old Krupp steel empire. In August the Shah endowed a million-dollar chair in petroleum engineering at the University of Southern California...