Word: petroleum
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...this. Oil companies are posting declines in production as onshore oil and gas fields are getting depleted. Oil revenues account for 60% of Russia's budget, which has been calculated for 2009 on the basis of $70 per bbl. But if the price goes below that, the country's petroleum windfall may be drastically reduced, and the budget could go into deficit...
...viral email with preposterous fake quotes attributed to Sarah Palin that stated that “God made dinosaurs 4,000 years ago” as “lizards of Satan” with the manifest destiny that they would die and become “petroleum products.” Bloggers and pundits quickly picked up on this and continued the buzz. The New York Times’ Maureen Dowd, in a September 9 column asked, “Does she really think Adams, Eve, Satan, and the dinosaurs mingled on the earth 5,000 years...
...activist, had grown tired of waiting for the Big Three oil companies to tap their huge natural-gas reserves in the state's North Slope, the long swatch of northern Alaska tundra that includes the largest oil and gas fields in North America. For decades, ExxonMobil, ConocoPhillips and British Petroleum had little incentive to sell the trillions of cubic feet of natural gas that shares space beneath the ice with all those oil deposits. Gas is less profitable than oil and much harder to move to market. The majors could afford to wait until the economics of gas were more...
Abandoned ships wreak havoc on the marine ecosystem long after they've sunk. Decaying wreckages leach toxic chemicals like petroleum products and PCBs that remain in the water harming or destroying sea life and potentially enter the food chain, eventually getting ingested by humans. Sometimes dead watercraft foster the growth of new sea life that threatens the pre-existing local ecosystem. On Palmyra Atoll, 1,000 miles south of Hawaii, a population explosion of corallimorph, an aggressive creature similar to anemones and coral, killed almost all the coral growing around a long-line fishing vessel that sank in 1991, according...
...more significant provisions: the removal of enormous subsidies given to the oil companies in 2005 and the redistribution of this revenue to extend tax credits for renewable energy firms. There is no doubt that the United States is facing major problems in the energy sector, especially the supply of petroleum products for the transportation sector. Since 2003, the price of oil futures contracts on the New York Mercantile Exchange (NYMEX)–the largest coordinated global market for futures trading in commodities–has more than tripled. This major increase in fuel costs has had a seriously detrimental...