Word: petroleum
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Dates: during 1980-1989
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When the supertanker Amoco Cadiz foundered in 1978, spewing 68 million gal. of crude oil over the beaches of Brittany, it created the worst petroleum spill ever to hit land. It also launched one of the world's stickiest legal battles. The French government and a host of other plaintiffs claimed $1.6 billion in damages...
Suddenly, without warning, the Victor, a Philippine tanker carrying 8,800 bbl. of petroleum products, collided with the Dona Paz. Immediately, the tanker's cargo ignited, setting the sea aflame. As the inferno engulfed both ships, dozens of passengers leaped, diving deep to avoid the burning waters. Swimming beyond the fiery oil, Eugenio Orot, 27, surfaced hundreds of feet away from the ferry. As the anguished screams of children calling "Nanay!" (mother) and "Tatay!" (father) echoed around him, he searched desperately for his two children and wife, but to no avail. Within four hours, the Dona Paz and the Victor...
...agreement comes not a moment too soon, because the oil industry may be facing rough times. When the Organization of Petroleum Exporting Countries failed last week to reach a meaningful pact to curb production, the price of oil futures plunged from $18 per bbl. to $15.58. If prices collapse, at least Pennzoil and Texaco can start putting their resources into the businesses again instead of into the pockets of their lawyers...
Tchioba said the deal was virtually set Saturday, but a debate broke out in the Organization of Petroleum Exporting Countries over how long the accord should last...
...compiled a gross national sports product (GNSP). The New York City- based magazine says Americans last year sank $47.25 billion, or more than 1% of total GNP, into sports. That puts sports just below the $49.5 billion motor vehicles industry but well ahead of the $38.9 billion U.S. petroleum and coal business. The GNSP includes estimates of spending on legal sports betting ($2.7 billion), ski lessons, rentals and lift tickets ($1.13 billion) and purchases of baseball and other trading cards ($200 million...