Word: petroleum
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Dates: during 1980-1989
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...Weasel, Slippery Mick, Flying Pharaoh & Co. are the sobriquets of truck drivers who make the overland shuttle from England to Saudi Arabia, carrying heavy machinery to and cheap petroleum fro. Several years ago, British Journalist Robert Hutchison enlisted in the small army of these diesel gypsies, sharing their home cooking and their raunchy exploits. Aside from engine trouble and the occasional stray bullet, his lively memoir records few acknowledgments of the 20th century. Ancient hostilities persist, and bribery remains endemic. Still, customs inspectors prefer modern baksheesh. At one checkpoint, the presentation of a girly magazine "got us all waved...
...British government promised a thorough inquiry, as did the Piper Alpha's owner, Los Angeles-based Occidental Petroleum Corp. After the accident, Occidental promptly shut down the pipeline that services Piper Alpha and five other platforms, thereby temporarily cutting British North Sea oil production by 12.9%. The losses in export earnings and tax revenues from Piper Alpha alone were expected to cost the British government at least $1.2 billion a year, while the losses to insurance companies were likely to exceed $1 billion. Occidental Chairman Armand Hammer promised a contribution of $1.7 million to a Piper Alpha disaster fund...
Occidental Petroleum, owner of the Piper Alpha platform, said it believed a gas leak was to blame, but days or weeks would be needed to determine what caused and ignited it. Occidental said the three-quarters of the 649-foot-high rig was destroyed...
...stand up and insist on not going along with wrongdoing, you're going to have people try to crush you." Recalls Williams: "Ashland Oil had been my life. I felt fiercely loyal to the company, but I felt betrayed." Both men believe they were blacklisted by the petroleum industry after they left Ashland. The executives can hope, though, that their victory may bring about some change in corporate ethics. Says Thomas Dunfee, a professor of social responsibility at the University of Pennsylvania's Wharton School, of the Covington judgment: "I think it's likely to give managers courage when they...
...natural resources? Scientists first saw evidence 15 years ago that there might be oil beneath the area's coastal waters, and some geologists believe any such deposits could be the world's last untapped "elephants," as huge fields are called. Yet no provision existed to regulate exploration for petroleum or for anything else in Antarctica, a continent that has been run more or less by multinational committee since 1959. Now representatives of 33 nations have finally agreed on a treaty to govern development of all natural wealth on -- and under -- the southern land mass. Says State Department Official Tucker Scully...