Word: petroleum
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...next President’s energy policy. George W. Bush’s presidency has been marked by a stubborn unwillingness to recognize the importance of human action in mitigating climate change. Our energy and transportation sectors, which are overwhelmingly dependent on nonrenewable fossil fuels like coal and petroleum, are long due for a comprehensive overhaul...
...transportation sector, which accounts for 70 percent of American oil consumption. By mandating a flex-fuel standard for all automobiles, expanding hybrid-car tax credit, and significantly increasing the Corporate Average Fuel Economy (CAFE) standards, Obama’s plan has the potential to significantly decrease the importation of petroleum in the short term...
...months, the debate over opening up Mexico's petroleum industry to foreign companies raged in the streets. Thousands of riot police held back screaming protesters from invading the Senate. Mammoth rallies screamed that the president was a puppet, selling its nationalized oil wealth out to the gringos. Banner-bearing lawmakers opposed to the president's proposal camped with sleeping bags on the podium of Congress, shutting down the legislature for weeks, as the arguments went back and forth, for and against giving international oil giants the right to sink deep wells in Mexican territory and waters, long the sacrosanct monopoly...
...Slowing the downturn may have just got a bit more complicated, as well. The Organization of Petroleum Exporting Countries (OPEC) announced Friday that it is cutting output by 1.5 million barrels a day in an attempt to halt the slide in oil prices. The price of oil has dropped from $147 a barrel in July, to just $64 Friday. Lower oil prices have been one of the few positive changes in the financial and economic tempest...
...tacit admission of the state capitalists' success, Western leaders are copying their tactics. After blasting Moscow for forcing its petroleum industry into state hands, Western European states are rushing to nationalize their biggest banks. After America criticized China for using state loans to support its leading companies, the Federal Reserve has started handing out loans to critical U.S. companies...