Word: petroleum
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Dates: during 1980-1989
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...increasingly difficult. One hindrance has been the rise of protectionist sentiment in the industrial world. Another is the falling price of many Third World exports, ranging from coffee to copper and tin. Mexico, which depends on oil for most of its export income, has suffered a 13.5% drop in petroleum sales this year...
Pickens, chief of Mesa Petroleum Inc., is known for his frequent attempts to seize a controlling interest in a company and then to sell-out at a profit once his threat becomes apparent. Such tactics are known as "greenmail...
Over the past three years, Mesa Petroleum Chief T. Boone Pickens has become America's best-known corporate raider, earning more than $800 million for Mesa and its partners and striking cold fear into the hearts of U.S. oil companies. Knowing a good yarn in the making, at least seven major publishers have been competing for the rights to his autobiography. The winner: Houghton Mifflin, which will pay Pickens $1.5 million for his story. "We'll have some details that haven't been told before," said Pickens last week...
...known that he had entered negotiations that could lead to lower Saudi Arabian crude prices for some customers. The move was seen by many as evidence that prices of the hard-pressed OPEC cartel might be on the verge of cracking. Said John Lichtblau, president of the Petroleum Industry Research Foundation: "The era of official prices is ending...
...less troubling for Mexico are indications that Saudi Arabia is taking steps that could lower world oil prices (see ECONOMY & BUSINESS). The consequences would be enormous for Mexico, which draws 66% of its export earnings from petroleum. Last week's devastation is also certain to hurt Mexico's tourism industry, which provides crucial foreign-exchange dollars to help service Mexico's debt. Tourists are likely to stay away until normal conditions are restored in Mexico City and the hard-hit coastal states; accommodations will be tight until the many damaged hotels are repaired or rebuilt. On the bright side, neither...