Word: petroleum
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...When petroleum prices were doubling and redoubling during the 1970s, oil buyers wondered whether the increases would ever hit a ceiling. Last week the problem was reversed: as global prices continued to plummet, traders despaired about the lack of a firm floor. "The market is in a careening tailspin," said one Manhattan oil-futures analyst. Warned another: "Put on your hard hat. The sky is falling." The price for next month's delivery of West Texas Intermediate, a major U.S. crude, plunged $3.39 on Monday and Tuesday to $15.44 per bbl., its lowest point since 1979 and a nearly...
...fourth quarter of 1985. The company was hurt last year by the cost of fighting off Corporate Raider T. Boone Pickens and by its money-losing oil-shale plant in Colorado. While several big oil companies, including Exxon, Chevron and Mobil, showed earnings gains in the past quarter, most petroleum experts see a lean future. Says Constantine Fliakos, who follows the industry for Merrill Lynch: "The last good news in the oil patch was the fourth-quarter results. We'll have to wait quite a while to hear anything like...
...mission, said a Saudi spokesman, was "related to the current oilmarket situation." A day later, Major Khoualdy Humaidi, a member of Libyan Strongman Muammar Gaddafi's governing Revolutionary Command Council, showed up for a session with Saudi King Fahd. Later, it was announced that the 13-member Organization of Petroleum Exporting Countries would hold an emergency meeting in mid-February...
...increasingly clear that a watershed of possibly historic dimensions had arrived for the beleaguered Third World petropowers. In the '70s, when oil-price hikes seemed limitless, eager representatives from the industrialized world made pilgrimages to the doors of the oil-rich, looking to buy petroleum and to sell everything from weapons to steel mills. In the Middle East, the cascade of petrodollars brought about novel configurations of regional power, with Saudi Arabia taking a leading role. Bankers rushed to lend billions of dollars to such oil producers as Mexico and Nigeria, which were embarked on crash development programs. Always there...
...Reagan presents to Congress this week, was expected to propose selling many Government-owned operations to private companies. Among the things that may be put on the block are Dulles Airport, near Washington, the National Weather Service satellites, the Bonneville Power Administration in the Northwest, and the Navy's petroleum reserves in California and Wyoming...