Word: petroleum
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Just when Americans were getting used to cheaper gasoline at the pump, prices have suddenly started to creep up again. The reason: a developing squeeze on worldwide petroleum stockpiles and supplies. Production cuts by Saudi Arabia, the largest single oil producer in the 13-nation Organization of Petroleum Exporting Countries, have combined with a continuing rundown of excess inventories by oil companies to start wiping out the price-depressing effects of last winter's oil glut. Says Claude Messinger of Ashland Oil, who was the chairman of a gathering last week in New York of the American Petroleum Institute...
...drew down their stocks at a rate of anywhere from 3 million to 5 million bbl. per day. But now that the price of oil has begun to stabilize, at least temporarily, some industry analysts expect oilmen to begin replenishing their storage tanks. Energy Expert Lawrence Goldstein of the Petroleum Industry Research Foundation estimates that by autumn the non-Communist world's oil needs from OPEC will reach about 20 million bbl. per day. At present, however, the cartel's producers are pumping less than 17.5 million bbl. out of the ground...
...firming international price of crude also represents an initial success for Saudi Arabia, which for the past two months has directed a high-stakes strategy to firm up the market. Saudi Petroleum Minister Sheik Ahmed Zaki Yamani had feared that a continuation of the yearlong slide in petroleum prices could destroy OPEC. Thus, at the organization's March meeting, he succeeded in winning agreement on an unprecedented package of production cuts of 700,000 bbl. per day, or 3.8% of total OPEC output...
...increase in oil prices, but not as rapid as previously expected. R.P. Larkins, the manager of Exxon U.S.A.'s synthetic-fuels department, said that shale oil is simply too expensive now and that "nothing over the long term would offset our costs." Adds John Lichtblau, president of the Petroleum Industry Research Foundation: "The fact is that from a market point of view, most synfuel projects are not economically viable...
...elegant descriptions of the gaudy, gawky new flying machines called ultralight aircraft, but none more accurate than this waggish observation. The plane that sounds like a low-calorie beer does resemble a plastic -and video-age version of the Kitty Hawk. Or, as a Tolkienian might put it, a petroleum-feeding pterodactyl. In any case, the planes are designed not to lodge beauty in the eye of the earth-bound beholder but, rather, to warm the soul of the seat-of-the-pants pilot. Put-putting along a few hundred feet up at 40 m.p.h. is not like any other...