Word: petroleum
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...investment from American and European firms. In April, the country’s biggest and fourth-biggest oil companies, Yukos and Sibneft, merged to form the largest Russian company in post-Soviet history; ExxonMobil and Shell immediately announced their interest in joining the new partnership. Prior to this, British Petroleum merged with Russian oil company TNK, and the new company rebounded financially. Such an influx of foreign investment is the first step toward linking Russian oil with the United States...
...time when prices are rising again and America's dependence on foreign oil is once more creating economic pain. As TIME reported in July, Congress's failure to adopt a serious energy strategy over the past three decades is taking its toll on consumers in bloated prices for petroleum products and natural gas, looming shortages of certain fuels, lost jobs, rolling brownouts and little hope for any relief, given that lawmakers are fixated on passing out subsidies, like the synfuel credit, that will do little or nothing to ease U.S. dependence on foreign...
...change a country's energy fortunes? The answer can be found 700 miles north of Montana near a onetime frontier outpost in Alberta called Fort McMurray. At Syncrude Canada's North Mine, a huge open pit nearly two miles across and 250 ft. deep, giant shovels scoop out a petroleum-soaked deposit called oil sand that is beginning a long journey from here into the gas tanks of American cars. The region contains enough of the crude mixture to produce an estimated 175 billion bbl. of oil, eight times the known deposits of conventional crude...
...that converts it to crude oil. From there, it goes by pipeline to refineries in the U.S. The output of the Alberta operations is expected soon to reach 1 million bbl. a day, surpassing U.S. crude production on Alaska's North Slope. The U.S. now imports more oil and petroleum products from Canada than from any other country...
...notably for large and powerful motor vehicles) not only props up Middle East tyrannies but also funds people dedicated to destroying America. Changing our automobile-dependent lifestyle would be immensely difficult and disruptive and would involve major battles with business interests, yet we absolutely must reduce our demand for petroleum to a level that can be supplied by countries that don't have links to international terrorism. ROY A. MATTHEWS Ottawa...