Word: petroleum
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...owned by Star Market at 99 Mt. Auburn St. was included as one of the nine sites in Cambridge with confrmed petroleum leaks. The Riverfront Office Park and a site at 62 Whitemore Avenue owned by W.R. Grace are also on the list of confirmed hazardous waste sites...
Exxon announced on December 31 that it will sell all of its South African assents--about $10 million. While the company does not refine petroleum or process chemicals in the country, two of its subsidiaries do produce these products. Exxon employed about 200 South Africans, who accounted for roughly 2 percent of Exxon's $93.2 billion in revenues. Because the company could not find a local buyer for its affiliates, a trust was established to continue operations...
...historic petroleum price plunge of 1986 could be traced to September 1985, when Saudi Arabia got fed up with its dwindling share of the world's oil market and decided to reverse completely its traditional strategy of holding back production to prop up prices. Oil Minister Sheik Ahmed Zaki Yamani raised crude output from about 2 million bbls. a day to 4 million bbls. with the aim of forcing rival oil producers like Britain to cut back to make room for the Saudis. But when competitors refused to budge, the world's oil glut rapidly increased and discounting became rampant...
...result was a windfall for customers, for a change, rather than for the Organization of Petroleum Exporting Countries. Crude prices plummeted from $26 per bbl. in January to below $10 in April and remained under $15 for most of the year. The low prices distressed the Saudi royal family and provoked anger from other OPEC countries, prompting the Saudis in October to oust Yamani as Oil Minister after he had spent two decades as a leading OPEC strategist. With that, the Saudis abandoned their price-war tactics. When OPEC met in December, twelve of its 13 members, with Iraq dissenting...
...taken years of study for Interior to make this recommendation," says Joseph Lastelic, a spokesman for the American Petroleum Institute. "Development should be a high priority for this Administration. There is a lot of oil there." Other proponents of development cite the impressive conservation efforts made by industry at neighboring Prudhoe Bay, the nation's largest oil field. Even ardent environmentalists cannot disagree with that. Says Jay Hair, executive vice president of the National Wildlife Federation: "The oil industry spent the past 15 years profitably developing Prudhoe Bay and did a commendable job in protecting its wildlife resources...