Word: petroleum
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...constant shuffling raised suspicion that Iacocca had no real plan for stepping down but rather, as a bemused insider put it, "wanted to beat Armand Hammer's record" for executive longevity. (Hammer died in 1990 at 92, still at the helm of Occidental Petroleum...
...life in the oil patch, hovered last week near an all-time low of 660. Production from existing fields has shrunk to its lowest since 1962. Scores of drillers, producers and support firms are laying off, folding up or going bankrupt. Warns Denise Bode, president of the International Petroleum Association of America: "The industry is nearing a state of economic collapse...
...last of the 647 oil-well fires ignited by the Iraqis was extinguished in November, months ahead of schedule. Kuwait is producing 500,000 bbl. of oil a day, well on the way to matching its prewar quota of 1.5 million bbl. Vast lakes of spilled petroleum remain to be drained from the desert sands, but the Kuwait Oil Co. is already pumping 35,000 bbl. daily from those lakes. The blackened skies over the city have cleared, and the air is cleansed of acrid smoke...
...also throwing out the textbooks on capitalism to fashion distinctly Ethiopian economic policies. In August his government unveiled a draft program that elicited skeptical grimaces in the West. While the plan opens up road transport and retail trade to private capital, it also maintains government control of the petroleum, mining and chemical industries. Even less encouraging to potential aid donors, who want to see evidence that capitalist inclinations have buried socialist leanings for good, private ownership of land is still forbidden. Meles regards this as critical to protecting the interests of the poor peasant farmers who constitute almost...
...even qualify as an outcast Bernard Baruch. Lansky's best investments -- in the gambling hotels of Las Vegas and pre-Castro Havana -- were either sold too early or held too long. Like other Florida retirees, he saw his income from oil and gas leases greatly reduced by the petroleum glut of the early '80s. Lansky died in 1983. If there were secret millions, they do not seem to have changed the lives of his family. After a life limited by cerebral palsy, elder son Buddy died a pauper...