Word: petroleum
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Dates: during 1990-1999
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...military lexicon needs a new term: "eco-war." What better way to describe the acts of environmental carnage committed last week in the Persian Gulf, where the air is thick with the smoke from burning oil wells and a wide swath of crude petroleum is fouling the water and devastating wildlife? If these disasters brought to mind the Exxon Valdez, the news of air attacks on nuclear- and chemical-weapons facilities raised the specter of Chernobyl and Bhopal. The environment itself has become both a weapon and a victim...
...sure which museum is the worst. But now we know which is the vainest. It opened in Los Angeles last November. It is the Armand Hammer Museum of Art and Cultural Center. It cost nearly $100 million -- paid for, to their now deep resentment, by the shareholders of Occidental Petroleum Corp., whose chairman Dr. Hammer...
...sell orders forced a one- hour halt in trading moments after the opening bell. The frantic trading slashed the oil price to near the $20-per-bbl. level that prevailed just before the gulf crisis began. "Euphoria is too weak a word," observes John Lichtblau, president of the Petroleum Industry Research Foundation. "The market assumes that the allied forces will be victorious and that Saddam Hussein will not have a chance to inflict any damage" on oil supplies. Prices stabilized for a time after Iraq's missile attack on Israel, but then closed the week...
With every favorable turn in the war, oil prices will tend to fall because the world is awash in petroleum. The storage tanks of industrial countries are brimming with 3.5 billion bbl. of crude, a 96-day cache that is the largest in nearly a decade. The supply has built up because of slumping demand in the U.S. and other countries mired in recession, along with furious pumping by energy-rich nations to make up for the boycott of oil from Iraq and Kuwait. % Even without the two countries' combined daily output of 4.3 million bbl., the rest...
...price plunge was aggravated last week because industrial countries, mistakenly anticipating an outbreak of panic buying as war began, gave the go- ahead to tap their emergency petroleum supplies. President Bush authorized the month-long sale of 1.1 million bbl. a day from the 585 million-bbl. Strategic Petroleum Reserve, which is stored in salt domes along the Texas and Louisiana coasts. The drawdown will provide some 6% of the U.S.'s daily consumption of 17 million...