Word: petroleum
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Dates: during 2000-2009
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...from Atlanta to northern Virginia knew that our infrastructure needed investment and that capacity hadn't kept pace with demand. It hasn't helped that many state politicians have been just as reluctant as Congress to raise gas taxes. Or that thanks to the surging price of materials like petroleum and steel, the cost to build highways has jumped 43% since the beginning...
...August to the Arctic Ocean floor at the North Pole that inspired Canada, the United States, Denmark and Norway to freshen up their own claims to the Arctic. Considerable - but still largely uncharted - oil and gas deposits are the attraction, and they become ever more enticing as prices for petroleum soar and exploitation technology improves...
...outside Norway, the competition is fierce. As the world's demand for energy swells, petroleum-pumping countries like Russia and Venezuela "are asserting a higher degree of national control over [oil and gas] developments and leaving less room for non-national companies to participate," says Peter Mellbye, StatoilHydro's head of international exploration and production. While key Middle Eastern nations have long held their domestic oil companies and development projects in a tight grip, a more protectionist stance among energy powers elsewhere has, Mellbye says, "fundamentally changed the picture...
...easy to exploit, are being depleted. So Big Oil is being forced offshore into increasingly complex projects, often at great depths and in harsh conditions. "Each barrel of oil produced tomorrow contains a higher degree of R&D than a barrel produced yesterday," Reiten, a former Norwegian Minister for Petroleum and Energy, told TIME a couple of days before his resignation. With StatoilHydro's decades of experience operating in the tricky terrrain and climate off Norway's coast, the company could become the industry specialist at tackling the world's most difficult jobs...
...Some Southeast Asian governments seem to want to learn from the mistakes committed by other countries. East Timor has created a national petroleum fund to save revenues for future generations. Dili has also enlisted advisers from Norway, one of the best examples of putting black gold to good use, to manage its oil money. But noble intentions are not enough. East Timor NGOs worry that their country's oil laws are so vague that they open the door to mismanagement and skimming. A damning World Bank-Indonesia joint study earlier this year showed Indonesia was struggling to spend state funds...