Word: petroleum
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Dates: during 1990-1999
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Houston American Petroleum Institute...
Turkish officials, who say they are sacrificing $250 million annually in lost pipeline fees, insist that Iraq will get only humanitarian aid -- not cash -- in exchange for its oil. They promise to refine and use the oil domestically, so it will not upset the world petroleum market. The very idea of limited oil sales for Iraq is anathema to the U.S. But Washington will reluctantly go along with the Security Council plan because the U.S. does not want to offend Turkey, an important friend that allows American jets based on its soil to patrol Iraqi airspace. "Turkey is a good...
Around the same time, other researchers began examining maps drawn up by petroleum geologists. Thrust faults, and the folds they form, are excellent traps for gas and oil, and many such subterranean spots have been found in the Los Angeles region. But were these structures still active? In recent years, nature has provided an unequivocal answer. Since 1987, when the Whittier Narrows earthquake caused eight deaths and $350 million in property damage, about half a dozen quakes of significant size have rattled along thrust faults beneath greater Los Angeles. All this activity, many scientists speculate, may . be a symptom that...
More important, oil prices suddenly slumped as low as $15.31 per bbl., down from a March high just over $21 and the lowest in 3 1/2 years. The immediate reason was that the 12-nation Organization of Petroleum Exporting Countries, meeting in Vienna just before Thanksgiving, could not agree on a plan to cut production. Output from non-OPEC sources is rising too, and there is a possibility that United Nations sanctions against Iraq will be eased, allowing some Iraqi oil to flow abroad again. All that adds to a heavy surplus of supply over demand...
...Crude petroleum $4.3 billion 0.5% 10 years...