Word: petroleum
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Dates: during 2000-2009
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...sanctions would far more easily produce the same result—since it is sanctions that have partially prevented Iraq from importing the equipment that it needs to boost oil production.” There are serious risks, moreover, that a war could lead to the devastation of many petroleum-rich fields, or that Hussein could torch his own reserves before he is conquered. At the very least, a pre-emptive U.S.-U.K. assault might cause a sharp spike in oil prices. It seems curious to argue, then, that Bush’s Iraq policy is compelled solely...
...state-owned French company, TotalFinaElf, meanwhile, has recently been maneuvering to gain exploration rights in Iraq’s Majnoon field, which has projected reserves of 20-30 billion barrels. In addition, China National Petroleum Corporation is contracted to repair and develop sections of the Rumaila production zone, which was badly damaged during the 1991 Gulf War. These agreements, of course, might not necessarily be honored by a post-Hussein Iraqi government. The extermination of Baghdad’s totalitarian despot could thereby mean less revenue and less influence for energy companies in all three nations...
Anti-war protesters may contend that the Bush administration is only pushing for regime change out of narrow economic self-interest. But if they are upset with countries whose foreign policy in Iraq is being determined by petroleum investments, the protesters should direct their ire toward Europe and Asia. Hussein has used lucrative oil contracts with Russian, French and Chinese businesses as effective diplomatic weapons in his attempt to stave off a U.S.-led invasion...
BEST INDICATOR Energy Information Administration eia.doe.gov For free research on a crucial industry, try this site from the Department of Energy, which forecasts future prices and trends for oil, gas and other petroleum products. In addition to statistical tables, the era produces clearly written reports that spell out in plain English what the numbers mean. It also features profiles of the energy sector in various countries and regions...
Citibank proposed a deal in which it would buy Trintomar's accounts receivable (two-year contracts to supply petroleum to Shell and Texaco) for $66 million--a little more than was needed to pay off the Japanese loan. Trintomar agreed in principle and began talks with Citibank to finalize the terms. But then the bank changed the game. In addition to the loan they had been talking about, Citibank wanted to finance a second loan of $96.5 million. It was analogous to someone going to borrow money for a car, and as a condition of the deal, the lender insisted...