Word: petroleum
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...which the American Petroleum Institute happily pleads guilty. "As long as the company or individuals act on their own, when they decide to put their supply on the market is their decision," president Red Cavaney told the Associated Press. "It's part of the free enterprise system...
...Lots of petroleum dollars end up supporting terrorism, too,” Small said. “Is it people’s use of the drugs that’s supporting terrorism or is it the fact that drugs are illegal?” she said...
...prices already set in motion by unrest in the Middle East. In the short term, it may even lead to a spike. Venezuela, the third largest exporter of oil to the U.S., emerged under Chavez as an oil hard-liner. The left-wing former paratrooper cozied up to radical petroleum producers like Iraq and Libya. He also criticized U.S. military action in Afghanistan and pushed for higher prices in the Organization of Petroleum Exporting Countries. To further that strategy, Chavez had cut back Venezuelan oil output, which then declined to a virtual standstill when workers at the state oil company...
...coup. However, political instability in the world’s fourth-largest oil producer might be expected to decrease the flow of oil and cause prices to rise. Indeed, politically motivated strikes have hurt oil production in Venezuela, South America’s only member of the Organization of Petroleum Exporting Countries (OPEC) in the past few months. One of the major factors in Chávez’s two-day fall from power was the work stoppages and strikes plaguing the state-run oil company, Petroleos de Venezuela...
...York Times wrote about a new oil field in Kazakhstan on the front of its world business section. After years of delays due to financial difficulties and corruption, Kazakhstan is making a serious bid with its Karachaganak oil field to break into the international market. With Iraq halting petroleum exports to protest Israel’s war against Arab terrorism and the rest of the Arab world urging the U.S. not to invade Iraq and end Hussein’s murderous regime, the conditions are good for a serious challenge to OPEC and the authoritarian governments it keeps in power...