Word: petroleum
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Dates: during 1980-1989
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During the past four difficult years for the Organization of Petroleum Exporting Countries, Saudi Arabia has been its derrick of strength. But the oil industry churned last week with rumors that the rich kingdom has finally grown weary of that role. After trying to fight a global glut by cutting its output from 10.3 million bbl. per day in 1981 to about 2 million bbl. per day currently, Saudi Arabia now appears eager to move its merchandise again. Traders believe the country will try to double its sales by quietly offering price cuts that could include...
...nonetheless in a bright orange survival suit and hard hat as she spent three hours last week inspecting Forties Charlie Platform, a giant offshore oil rig located 110 miles off Aberdeen, Scotland, in the frigid and fogbound waters of the North Sea. Seems that Husband Charles visited a British Petroleum rig earlier this year, and the oil company heard through the royal grapevine that Di was disappointed not to have been included. A BP helicopter was dispatched to Balmoral Castle, where the royal family summers. This time Charles was left home to baby-sit Princes Wills, 3, and Harry...
With the price of petroleum declining, there were simply no more oil fields worth the struggle. Said Pickens: "We had more cash flow than investment opportunities. We want to give the money back to shareholders, and this is the best way to do it." Energy analysts agreed. Said Alan Edgar of the Dallas investment firm of Schneider, Bernet and Hickman: "They'd run out of targets." While Mesa will be out of the raiding business, Pickens may not be. His 9% share of Mesa could be worth $130 million to $150 million when the company is transferred to a limited...
...abandoned the land for the promise of lucrative jobs in the oil industry. As a result, shortages of basic commodities quickly developed. The Shagari regime's tolerance of corruption only added to the country's woes. In 1983 alone, according to Oil Minister Tam David-West, $1 billion in petroleum was secretly diverted from state oil terminals to foreign tankers, with Nigerian businessmen and politicians taking the profits. Some reports say $1 million a day was skimmed from the public treasury. Transport Minister Dikko reportedly amassed a $1 billion fortune, much of it outside the country...
Union Carbide's long-term woes stem partly from its slowness to adjust to a slump in the chemicals business, particularly in petroleum-based products. The company's financial performance has lagged behind such rivals as Du Pont and Monsanto for the past several years. To perk up profits, Union Carbide is expected to put less emphasis on petrochemicals so that it can concentrate on its more successful business lines, including industrial gases (nitrogen, argon, oxygen) and consumer products (Eveready batteries, Glad bags, Prestone antifreeze...