Word: petroleum
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Energy belt boomtowns sag as cheaper oil jolts the petroleum industry...
Such woes are the bust side of the boom that fueled the energy industry at the end of the 1970s. Oilmen, expecting the Organization of Petroleum Exporting Countries to push prices to $50 or even $75 per bbl., spent billions to find and develop wells and then were startled when consumption dropped and prices fell. OPEC, which had been trying to resist the slide, acknowledged the new era last month by cutting its official price 15%, from $34 to $29 per bbl. Observes T. Boone Pickens Jr., chairman of Mesa Petroleum and a 32-year veteran of the industry...
...past experience suggests that 6.7% of total offshore oil production will spill into the sea because of such mishaps as blowouts, platform fires and other accidents. The world's largest oil spill, in fact, occurred in the Caribbean when a well being drilled by Pemex, the Mexican national petroleum company, blew on June 3, 1979. Before it was capped 290 days later, it had poured some 475,000 metric tons of oil into the sea. Scientists still cannot say what the effects were on the rich fisheries, coral reefs or sea-grass beds of the Caribbean basin. But they...
That bit of doggerel is the opening stanza of a poem written by Mani Said al Oteiba, Oil Minister of the United Arab Emirates, to commemorate the marathon twelve-day meeting in London of the Organization of Petroleum Exporting Countries that ended last week. The minister's lament reflected the mood of desperation that led OPEC to slash its official bench-mark price from $34 per bbl. to $29, the first cut in the group's 23-year history...
...issued in 1980 in Britain for four men, including the Lebanese American owner and the Greek skipper of the Salem. The South African government has no intention of pressing the matter. After all, explains Minister of Mineral and Energy Affairs P.T.C. Du Plessis, South Africa operates in the world petroleum market under "extremely unfavorable conditions." And besides, he contends, the buying of crude oil, even under ordinary circumstances, is "always risky...