Word: petroleum
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...another. Such huge combines as ITT, Gulf & Western and RCA have been selling holdings to streamline operations. Last week, in one of the biggest divestitures to date, R.J. Reynolds Industries, the second-largest U.S. cigarette manufacturer, took a back-to-basics step by selling its energy businesses to Phillips Petroleum for $1.7 billion. The units sold include Aminoil, an oil and gas exploration concern, and Geysers Geothermal, which produces steam for power generation in California. It was the second major divestiture of the year for Reynolds. In June the company spun off its containerized shipping subsidiary Sea-Land to shareholders...
Through creating such new molecules, Cooper is creating what may eventually be an integral part of a chemical reaction that would produce a petroleum substitute...
...years, Iran has been either unable or unwilling to launch a land offensive that has been expected since March. Iraq, deprived of its export facilities in the gulf, has been unable to transport enough oil over its remaining outlet via Turkey to meet its quotas under the Organization of Petroleum Exporting Countries (OPEC). Work is expected to begin soon on two pipeline projects, including one that would cut across Jordan to the port of Aqaba, and another that would join with Saudi Arabia's petroline and carry Iraqi oil to the Red Sea port of Yanbu. Iraqi officials talk...
Airlines, chemical manufacturers and other heavy petroleum users will benefit most from the falling prices. Consumers, too, will feel an impact. The average price of gasoline in the U.S. has dropped to $1.18 per gal. from $1.25 a year ago, and is likely to fall further. The surge in supply, though, could put a sharp kink in the profits of U.S. oil companies. Last week Frank Kneuttel, of the Gintel energy-research group, warned clients away from energy stocks. Said he: "The price is like a snowball coming downhill without a mogul to stop it." Falling prices will also hurt...
...OPEC'S crisis will prompt an emergency meeting of the group in September or October. In the meantime, the Saudis may try to bolster prices by announcing that they will cut back production as soon as they have paid for the planes. Said John Lichtblau, president of the Petroleum Industry Research Foundation: "There is still a possibility they can correct the situation by substantially reducing their output. But it is difficult to recontrol prices once they start running away." -By Stephen Koepp. Reported by Jay Branegan/Washington and Timothy Loughran/New York