Word: petroleum
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...restaurant men?s room.... The Great Molasses Flood knocked down several buildings and an elevated train line and drowned 21 unfortunate (and evidently slow) people.? U.S. Industrial Alcohol eventually morphed into Chemstar, which (if I have it right) in the late 20th century gathered into its growing family another petroleum company: Enron...
When Ali Rodriguez was one of Venezuela's communist guerrillas in the 1960s and '70s, his chief duty ostensibly was making bombs. But Rodriguez admits he knew less about explosives than about oil--the stuff of real political power in Venezuela, which possesses the hemisphere's mother lode of petroleum reserves. "In the mountains, I organized seminars on oil administration," says Rodriguez, 66, whom fellow combatants remember as being the same energy-policy wonk then that he is today. "I committed myself body and soul to it." Not surprisingly, his petro-philosophy was more Marx than Rockefeller, and his rhetoric...
Americans should be watching too. Venezuela, which sits atop 78 billion bbl. of oil--and as much as 270 billion bbl. of extra-heavy crude--is the world's fifth largest oil exporter. It's also a founding member of the OPEC oil cartel (the 11-nation Organization of Petroleum Exporting Countries). In past decades, to please consumers in the U.S.--PDVSA's biggest market, which buys two-thirds of its exports--Venezuela often ignored OPEC's guidelines, stepping up production even when oil prices hit rock bottom in the late 1990s. But Chavez, a harsh critic...
...Saudis are still far from witnessing anything like Iran's 1979 Islamic Revolution - "Nothing's getting toppled," says one U.S. intelligence official - yet diplomats fear al-Qaeda's tactics may dry up foreign investment at a time when the economy sorely needs it. Anxiety about the world's leading petroleum producer saw oil prices spike to an all-time high of $42.33 per barrel on June 1 before sliding back to $38.45 last week. The surge of attacks is prompting hundreds of expats to leave, and those who remain behind are scared stiff. "Guys are growing beards and putting 'Allah...
Energy policy in the United States has a history of being highly politicized and badly timed. President Carter’s efforts to improve fuel efficiency came too little too late as the Organization of the Petroleum Exporting Countries began restricting supply and the Iran-Iraq war started. Opportunities to reduce U.S. dependence on foreign oil were largely ignored under Reagan and Bush Sr. and were not a top priority during the Clinton administration when oil prices were historically low. However, the current Bush administration has broken new ground in irresponsible policy-making with the current energy bill, which...