Word: petroleum
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Objectively, Iran’s claim that it needs nuclear power just doesn’t make sense. The nation is swimming in fossil fuels: Iran is the Organization of the Petroleum Exporting Countries’s second largest oil producer (it holds ten percent of the world’s proven oil reserves) and the world’s second largest natural gas reserve. Yet Iran has extremely limited deposits of uranium—producing energy via nuclear means makes far less financial sense than producing it by conventional means...
...ready for a chilly winter at home. As the increasingly high winds of Hurricane Rita tore through the Gulf of Mexico Tuesday, petroleum prices soared in expectation that America's already battered oil sector could take another direct hit. The rise was tempered by an offer by OPEC to release an extra 2 million barrels a day on world markets, which helped prices to ease slightly on the New York Mercantile Exchange-where the cost of a barrel of light crude had risen by more than $4 Monday, the biggest one-day increase in history...
...Still, the long-term costs for consumers are almost certain to increase. The problem is a lack of U.S. refining capacity, which means that even if extra petroleum is available, there may be no way to transform it into gasoline and other products like home heating fuel. The result: utilities in many parts of the U.S. are warning customers that winter heating costs could be up to 70% higher than last year's levels. In the event Rita hits Texas, the largest oil refiner in the U.S., disruption could be serious. That state alone has 26 refineries, largely along...
...chemical composition of the desired product, the lower the temperature needed to separate it from the crude. It's not cheap; refining costs account for nearly 19% of the price of gas sold in Britain. Today's refineries are so efficient that they can extract 44.6 gallons of refined petroleum products from a 42-gallon bbl. of crude. That's good, but not good enough, especially not after Katrina knocked out 10% of U.S. refining capacity. Sixty-seven percent of America's oil demand comes from its transportation sector and even before the storm hit, the U.S. was importing about...
...million American refugees at this point. Does that mean we're only handing out five meals per person? And his interview with Diane Sawyer of ABC News seemed weirdly out of touch. His smirk came back; he stumbled into jargon like SPRo, the nickname for the Strategic Petroleum Reserve and said things that seemed patently out of touch, including the now-infamous remark that no one could have foreseen the levee breaking. His inability to see any moral distinction between those who steal water and those who loot TV sets seemed odd-and at odds with local politicians like...