Word: petroleum
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...minister said oil-pricing by OPEC and non-OPEC nations based only on short term supply and demand trends led to the dramatic fall in petroleum prices from more than $30 per barrel in 1980 to a low of $9 in July...
...visit of Saudi Arabian oil minister AhmedZaki Yamani will not fall under the jurisdictionof either State Department security or the SecretService, both agencies said. The Law Schoolalumnus, considered one of the most influentialactors in the international petroleum industry,will be accompanied by his family and a personalguard detail, said Ford...
...problems, Iran under the Ayatullah Ruhollah Khomeini seems increasingly confident and active. Earlier this month Tehran persuaded its partners in the Organization of Petroleum Exporting Countries to limit oil production and thus push up the price. Last week it received two high-level envoys from Syrian President Hafez Assad, the most influential power broker in the Arab world, who called the alliance between the two countries "invulnerable." Now Iran is negotiating with France for the return of $1 billion in Iranian funds that were frozen by Paris after the Ayatullah came to power...
Elbow grease and friends help. Larry Bauman, 36, a petroleum geologist, and five partners bought the Palm Leaf in 1982 for $5,000. After 5,000 hours and an investment of $100,000, the gleaming silver Pullman is within a few weeks of rolling out of Denver. Is it worth it? To paraphrase J.P. Sr.: If you have to ask, it's not. "You have a sense of travel in a train car," says Bauman. "In a yacht, what can you do? Go out to the horizon and turn around and come back. Here you can see America...
...OPEC somehow sticks to its agreement and prices keep rising, heavily indebted petroleum-producing nations like Mexico and Venezuela would clearly enjoy a boon. The production cut would also help the oil-patch states in the U.S., which felt the pinch as the price of Texas-grade oil fell from about $27 per bbl. in January to a low of $9.75 in April. Consumers, though, would face more expensive heating oil and gasoline, and if prices continue to climb, the increase could rekindle inflation and eventually weaken the world economy...