Word: petroleum
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Dates: during 2000-2009
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Will spiraling energy costs doom the longest economic boom in American history? With petroleum selling in the past few weeks for nearly $35, close to a 10-year high, talk of a possible oil shock--a threat unseen since the 1990 Gulf War--is suddenly gaining respectability. And prices could go higher still if dictator Saddam Hussein suddenly shuts off Iraq's flow of crude, which the victorious West has allowed to flow into Western markets since 1996. Or if the Organization of Petroleum Exporting Countries makes good on threats to rein in crude-oil supplies in 2001. The Clinton...
...failure of the talks may have come as a relief to big oil-producing countries that might have seen demand for oil drop if industrialized countries were forced into investing in alternate energy sources. Indeed, as recently as September, Saudi Arabia, Nigeria and other members of Organization of Petroleum Exporting Countries were pressing for compensation in case an anti-global warming deal hurt oil sales...
Your report on Hugo Chavez Frias, President of Venezuela and host of the 40th anniversary summit of the Organization of Petroleum Exporting Countries [BUSINESS, Oct. 9], served to support my view that developed countries should desist from blaming OPEC for economic problems that may result from rising oil prices. OPEC countries are entitled to use their natural resources to develop economically. They do not need Western countries dictating how much they want to pay for a barrel of oil. If the Western countries cannot afford to buy oil from OPEC because of the high prices, then they can do themselves...
...pessimist, I'm getting ready for an atavistic, pre-petroleum winter. I stand in the yard, knee deep in bright orange maple leaves, and study the grain of the firewood, lazily choosing the straight grains first, the ones without knots or ropy torques that will clutch the blade and hold it, stuck like Excalibur. Splitting wood is a crude, rustic version of diamond cutting. Read the grain right, strike it there, and the wood bifurcates (chunk!) with algebraic cleanness...
...Petroleum Problem...