Word: petroleum
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...Houston Petroleum Club, now high atop the city's ExxonMobil building, had always been where oil executives and adventurers gathered to discuss "bidness." But these days, more and more energy executives are meeting at the Emirates Golf Club in Dubai, where Tiger Woods recently played, to discuss their deals. So, it shouldn't have been too surprising when Halliburton Chairman and CEO David Lesar announced that he was moving the headquarters of the enormous oil construction and logistics company to the business capital of the United Arab Emirates. The rest of the industry was migrating that way already...
...three- day celebration marking the opening of permanent buildings at the Texas A&M University at Qatar, set to graduate its first engineering class in 2007 - evidence that the oil and gas industry will be relying on engineers trained in the Middle East as the number of U.S. petroleum engineers continues to fall...
...Apart from knowing their clients, says Jaffe, the company has recognized how the petroleum industry is going to look in the coming decades: "Halliburton is looking to the future. [The industry is] moving away from the Seven Sisters, the major oil companies, and towards national oil companies. Between 1970 and 2000, 40% of the increase in oil in the world came from the majors like Shell. [But] in the next 30 years, 90% of the new oil will come from the Middle East and Africa and will not be produced by Exxon and Shell, but by the nationally owned...
...Houston have been saying that the energy industry in Houston needs to be a lot more innovative," Jaffe said. Energy industry and political leaders are beginning to develop wind energy offshore in the Gulf, and look to other alternatives. From now on, the "bidness" discussions at the Petroleum Club are more likely to focus on new energy technologies like carbon sequestration than wildcatting...
...deluded view of sacrifice misses all the ways in which our success in Iraq depends on the choices we make back home. If we want to defeat an enemy that gains strength from oil revenue, then we need a more aggressive approach to ending our dependence on petroleum. On the individual level, this means becoming smarter consumers who prioritize fuel efficiency over engine size in buying cars, and who take advantage of public transportation. On the collective level, this means supporting policies that entail sacrifices in the short term—like a gasoline tax, or at least a floor...