Word: petroleum
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Dates: during 1980-1989
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...Minister Arturo Hernandez Grisanti, who is currently OPEC's chairman. Even as Saudi Arabia's Yamani was calling for other countries to cut back, he was at work in his Geneva hotel room lining up a large order for new oil deliveries, according to Kenneth Miller, executive editor of Petroleum Intelligence Weekly...
...drilling budgets. Last week Ohio-based Standard Oil said that it will spend only about $450 million this year looking for crude, a 50% cut from 1985. The cutbacks affect not only the U.S., but also the allies from which it buys oil. In Britain's offshore fields, observes Petroleum Intelligence Weekly, "concern is starting to center on a spending slowdown that could leave the North Sea industry ill equipped to pick up again...
...bust has spoiled the economics of alternative energy sources as well. Many of the ballyhooed 1970s-era programs to extract petroleum from oil shale and tar sands have been mothballed because they cost too much to operate. The hundreds of mom-and-pop solar-power companies that sprang up in the past decade have mostly folded, even in the Sunbelt. Says Susan deWitt, executive director for the California Solar Energy Industries Association: "Our customers no longer feel the urgency to pursue renewable energy." The U.S. is not alone in that regard. Brazil's innovative alcohol-fuel program will...
Another backstop against an OPEC-induced shortage is the strategic petroleum reserve started in 1975 by President Ford. By the end of May, the U.S. will have filled a series of hollow salt domes in Louisiana with about 500 million bbl., enough to meet U.S. oil-import needs for 100 days. The Reagan Administration has proposed stopping short of the final goal, 120 days' worth, as a way of cutting the federal deficit. But at these oil prices, the Administration is now thinking of continuing to stock up before the discount binge ends...
...sheer size of the potential petroleum "tax break" is stunning. Last year the U.S. economy consumed some 15.7 million bbl. of crude oil a day, at an average price of $27 per bbl. Total cost: $155 billion. According to the Washington Analysis Corp., an economics- and market-research firm, a petroleum price of about $10 per bbl. for the rest of 1986 would boost American disposable income by $84 billion this year, or roughly $330 for the average wage earner. More conservatively, a Department of Energy economist estimates that if the average price of crude stabilizes this year...