Word: petroleum
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...order to get around the government's objections, the firms announced Wednesday that they'd reached an agreement to sell Arco's Alaska holdings to Phillips Petroleum for about $6 billion. The court, in turn, was expected to suspend court hearings indefinitely, with the FTC vowing to sit back down with the firms and make a good-faith effort to hammer out a deal. Of course, this is all still cold comfort to drivers on the West Coast who, for a different reason - OPEC production controls - are currently paying nearly $2 per gallon...
...protesters claimed Gore owns stock in an oil company, Occidental Petroleum, that drills in Colombia, and they claim is unfriendly to the environment and the local Colombian population...
...Rollback in barrel production implemented last winter by the Organization of Petroleum Exporting Countries...
...scheme could offer some much desired relief to consumers hammered by oil prices that have hit a nine-year high, courtesy of the Organization of Petroleum Exporting Countries (OPEC), whose members have by agreement kept supplies tight. As the cost has surged, some industries have reacted. Airlines such as American and United have slapped fuel surcharges on tickets. With crude stocks dwindling, further price increases threaten to ratchet up inflationary pressure...
...Resources, a leading consultant: "Any effort to tap the strategic reserve now will add to pressure on oil producers to put more crude on the market, which will start to bring prices down." The last time the government announced it was unloading oil from the SPR, in April 1996, petroleum-futures prices plummeted nearly 8% almost immediately and the cost of gasoline soon dropped 10[cents...