Word: petroleum
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...world economy about to fall victim to the crisis between the U.S. and Iran? Though the U.S.'s cutoff of imports from Iran and its seizure of that nation's assets in U.S. banks was a necessary response to irrational provocations, the actions also transformed petrodollars and petroleum itself into even more dangerous weapons in economic brinksmanship. That, in turn, added a new and alarming element to the crisis...
...actions should lead to such results. Oil imports from Iran amount to a scant 4% of total U.S. consumption. In theory, at least, those purchases could be easily replaced by swapping: oil companies could exchange Iranian crude with other companies that have equal amounts of non-Iranian petroleum. Nor in theory should the freezing of Iranian bank assets prove especially disruptive to money markets or the banking system. The Tehran government's estimated $6 billion in petrodollar holdings is only a fraction of the more than $150 billion that big international banks move back and forth among each other...
...Jimmy Carter's energy program. The Administration is more optimistic than oilmen: it envisages the production of 400,000 bbl. a day by 1990. Carter wants Congress to grant shale developers a tax credit of $3 a bbl. to make shale oil prices competitive with those of conventional petroleum. In addition to the Senate's $20 billion program, the Administration is providing $2.2 billion in fiscal 1980, largely for shale...
Although the first shale patent was granted in England in 1694 and called for distilling "oyle from a kind of stone," oil from the dark, veined rock so far has not been developed primarily because conventional petroleum has always been cheaper. Now, at last, economic necessity and innovative technology may lead to tapping the vast potential of shale...
...gouging. The National Iranian Oil Co. (NIOC) demanded $50 per bbl. for some oil it put on the spot market and threatened that if its regular customers did not pay the price, NIOC would refuse to renew its supply contracts when they expire in December. Exxon, Shell and British Petroleum got telex notification from NIOC that their anticipated deliveries for the last three months of 1979 were being cut by approximately 5%. NIOC blamed "operational difficulties," but many oilmen suspected that the missing petroleum would soon enough turn up for sale on the spot market. Meanwhile, Saudi Arabia was hinting...