Word: petroleum
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...their drive to restore Russia's Soviet-era muscle, Vladimir Putin and his allies have plenty to build on: fabulous petroleum wealth, ironclad political stability and an increasingly confident foreign policy. Will national pride get an extra boost from the country's footballers? Can they join the phalanx of Russian hockey and tennis stars who are earning the nation some international respect...
...late 1870s and early 1880s, the first oil tankers were allowed to pass through the Suez Canal, and the modern shipping system was born. Today crude oil travels in tankers that can carry up to 4 million bbl. With daily world demand at about 85 million bbl., petroleum represents about a third of all international cargo. And even though the commodity is also measured in kiloliters (in Japan) and metric tons (in Russia), thanks to whiskey, the units are always converted to the 42-gal. barrel for trading and selling...
...embargo on exports. Before the embargo, in 1972, the price of imported oil was about $3.20 per barrel; by 1975, the average price was nearly $14 per barrel, more than four times greater. President Nixon had imposed economy-wide controls on wages and prices in 1971, including prices of petroleum products; in November 1973, in the wake of the embargo, the President placed additional controls on petroleum prices.2...
...Energy Information Administration (2002). "Petroleum Chronology of Events...
...with the stabilization of oil prices and disarray of the Organization of Petroleum Exporting Countries (OPEC) came a return to complacency. Americans are in the process of forgetting all they learned about energy conservation. Yet convincing signs—including a recently released repot by the International Energy Agency (IEA) indicate that a new oil crisis may develop by the end of the decade that would “deal a devastating blow” to major industrialized countries...