Word: petroleum
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Dates: during 1980-1989
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Only a few months ago, the British government turned to Kuwait as a savior. Under Prime Minister Margaret Thatcher's grand privatization plan, the government had been ready last October to sell its 32% stake in British Petroleum to the public. Then stock markets around the world crashed. Since the BP shares had been priced far above their postcollapse market value, it seemed certain that few investors would buy them. Enter the Kuwait Investment Office, the London-based agency of Kuwait's Finance Ministry that handles the bulk of the Arab country's overseas holdings. Beginning in early November...
...even those maverick producers seem ready to consider tightening their spigots. Last week in London, petroleum experts from non-OPEC countries met in an emergency session to discuss ways to mop up the glut. But OPEC is unlikely to follow suit. Saudi Arabia's Hisham Nazer and other oil ministers seem hesitant to discuss cutbacks, since some OPEC members flout existing quotas...
Ensconced in their aeries overlooking Santa Monica Beach, the residents of Pacific Palisades sit atop 60 million bbl. of oil. Occidental Petroleum had fought for 18 years to get at the oil, while environmentalists battled the company in court, warning of the risk of earthquakes throughout the Malibu area. The no-drilling battle cry was taken up by celebrities such as Walter Matthau and Carol Burnett. Last month, however, the California Supreme Court finally allowed Occidental to begin drilling at the base of a 225-ft. cliff next to the Pacific Coast Highway...
...long-term blueprint for U.S. financial stability, however, the Reagan budget is woefully inadequate. For one thing, the President intends to raise $10 billion in 1989 through the sale of federal assets like the Naval Petroleum Reserves and other one-shot gimmicks that will do nothing to reduce the deficit permanently. The President wants to boost outlays for education, law enforcement, science and AIDS research -- all worthy proposals -- but steadfastly refuses to support tax hikes to finance increased spending over the long run. Moreover, Reagan's budget projections are based on the decidedly optimistic assumption that the gross national product...
...horseback representing the North- West Mounted Police, Calgary today looks nearly brand new. Credit that to oil, which lies beneath the surrounding prairie in vast pools and has made a passel of folks as rich as the Ewings from Dallas. Of the 1,000 or so petroleum companies registered in Canada, 800 hang their Stetsons in Calgary. Block after block of antiseptic-looking office towers have popped out of the ground in the past 15 years, creating the illusion on a crisp February night of a skyline cut meticulously from cardboard...