Word: petroleum
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...capacity, has promised to make up part of Iraq's shortfall. The U.S., Europe and the major industrialized countries of Asia also have access to substantial oil stocks to help them weather the likely drought. President Bush has given orders to top off America's 700 million--bbl. Strategic Petroleum Reserve--enough oil to meet U.S. needs for 36 days. That process is about 85% complete. The most probable scenario, according to a study by the Center for Strategic and International Studies, a research institute in Washington, has oil prices running up a few dollars, to about...
Those costs aren't likely to stop global oil companies from rushing to Iraq on the heels of the U.S. Army. But they will need to be patient. Fadhil Chalabi, a former Secretary General of the Organization of Petroleum Exporting Countries and a member of the Iraqi exile group that met in Washington, tells TIME that it could take five years or more before Iraq can boost its output above levels first achieved more than two decades ago. And it will require the participation of foreign investors eager to repatriate profits from an Iraq mired in poverty and in desperate...
...closed-door meeting in Washington comes amid a frenzy of war preparations that has helped drive oil prices above $35 per bbl., from $20 a year ago. A one-third cutback in petroleum production by Venezuela, beset by a political crisis, has contributed to the price increase, leaving the U.S. more dependent on Middle Eastern crude. Americans are also weathering an exceptionally cold winter, which is boosting demand for heating oil. At the gas pump, the average price of regular unleaded gasoline is $1.53 per gal., up 43¢ from the price 12 months ago and 11¢ just since...
...takeover and occupation of Iraq, perhaps for a decade or more, could cost American taxpayers up to $200 billion. Virtually none of that will be covered by the sale of Iraqi petroleum. At least that's what Secretary of State Colin Powell told the press recently. "The one thing I can assure you of is that the oil will be held in trust for the Iraqi people, to benefit the Iraqi people," Powell said. "That is a legal obligation that the occupying power will have...
...Keep Green? It takes nerve to pour $6.75 billion into Russia - more than double the total amount of foreign direct investment in the country last year. So the oil industry took notice last week when British Petroleum paid that sum for a 50% stake in oil company TNK, making the biggest purchase of Russian equity ever. But just as BP was showing its faith in Russia, environmental groups were claiming the company had become an apostate to the green causes it once championed. TNK has some notoriously polluted assets, like the Ryazan refinery and the Samotlor field in western Siberia...