Word: petroleum
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Though the well's majority owner, Phillips Petroleum Co., quietly closed down Petunia's oil production last April, for public relations purposes Phillips will continue to tap the well's small yield of natural gas. Thus, as the Tulsa Tribune put it, "Oklahoma still has a distinction as a capitol: two sources of gas, one underground and one in the legislature...
...Tuesday oil dropped below $20 per bbl. for the first time in seven years. Said Charles Maxwell, an analyst with the Cyrus J. Lawrence brokerage house near Wall Street: "This is one of the most important days in the oil markets in a decade." Since November, the price of petroleum contracts has plunged about 40%, including an 18% drop last week. Said Peter Beutel of Rudolf Wolff Futures, a New York City investment firm: "A whole new era has begun...
...would be eager to take away Libya's European market share. And all Western economies have cultivated diverse supply sources and improved conservation measures, making them even less dependent on imported crude. True, some European nations have strong economic ties to Libya that go beyond the realm of the petroleum industry; fully breaking these ties would cause considerable economic dislocation. But the price is worth paying to undermine Khadafy, especially since any relations with such a volatile nation are insecure at best...
...Wednesday--Arthur J. Moneybags VI is stripped of his one-week-old membership in the prestigious Porcellian Club, when it discovers that Moneybags Petroleum Co. has filed for Chapter 77 bankruptcy in Houston. "This is no downscale frat," sniffs a Porc spokesman...
While OPEC's woes inspire visions of energy-to-burn for U.S. consumers, petroleum experts warn that the cartel could get the upper hand again in the 1990s. By then, many alternative sources, notably Alaskan and North Sea oil fields, will be on the decline. Low crude prices could help OPEC make a comeback by discouraging exploration for new sources. Says Elihu Bergman, executive director of Americans for Energy Independence: "We shouldn't let down our guard. We should take advantage of this to prepare for the future...