Word: petroleum
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When most Americans think of the Organization of Petroleum Exporting Countries - OPEC, the world's most powerful energy cartel - they usually envision Arab sheikhs lording over oil drills in the desert. But the organization's more important home today arguably lies half a world away among the lush hills and beaches of Venezuela, which has the hemisphere's largest oil reserves...
...that reads them than the person that writes them. I guess I do feel the decline of America, let's call it, and without being any less of an American myself, the piggishness of us all. Clearly, there's going to be a global crisis in the amount of petroleum in the world. There's only so much, and there are more people wanting it. No wonder the Third World is sore at us. We're spending the limited reserves of resources about as fast as we can. Our solution is to waste it all and then punt...
...then, Gaddafi was looking hard for a way out of Libya's isolation, which was hurting its vital petroleum industry; in fact, U.S. oil companies were lobbying hard from the mid 1990s for a rehabilitation of Libya, in order to be there first in the upgrading of its aging oil infrastructure. As American and international sanctions were taking their toll and the stagnation was slowly killing Gadfhafi's regime, he offered a major gesture, turning Libyan intelligence agents over for trial in the downing of of Pan Am Flight 103 over Lockerbie, Scotland...
...relatively quickly. There have been no reports of major damage to Gulf refineries. The problem is there isn't enough electricity to power them. Demand for gasoline typically tapers off after Labor Day. And thanks to a presidential directive, the crude is flowing; 30 million bbl. from the Strategic Petroleum Reserve is being loaned to companies like Exxon. In addition, foreign producers in 25 countries have pledged another 30 million bbl. of crude and refined product. The EPA is allowing sales of less stringently refined fuel, and President Bush is permitting foreign vessels to ferry oil and gas between...
Americans, however, are the original gas hogs. The U.S. uses more oil per day than any other country--4.5% of the world's population guzzling 25% of the planet's petroleum output. But voters viscerally blame their petrodependency on the man and the party in charge. In a recent CNN/ Gallup poll, 75% of those surveyed said a President could control oil prices; 71% said this President wasn't doing enough to bring them down...