Word: petroleum
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...much for the Strategic Petroleum Reserve. Those oil-price reductions were wiped out as November crude touched $37 (right near the September 10-year high) during the session and settled at $35.50 a barrel, and heating oil prices have hit new highs again. So much for the NASDAQ's signs of life Wednesday afternoon; the tech index started the day up but got swept into a 93-point slide as visions of the '70s danced in investor's heads...
...easy to see how the various princes, sheiks and emirs might have felt a bit out of place at last week's 40th-anniversary summit of the Organization of Petroleum Exporting Countries. For one thing, members of the famously fractious group (given up for dead only a couple of years ago amid plummeting oil prices) hadn't been able to see their way through the wars, political infighting and price gouging to convene such a gathering for a quarter-century...
...hear Al Gore tell it, George W. Bush and Dick Cheney are the oil-industry candidates, the men with Texas crude flowing through their veins. But in reality it is the Democrats who have the clout to meddle in the petroleum market. Last Thursday, Gore proposed that the U.S. control rising oil prices by tapping a small portion of the national Strategic Petroleum Reserve. A day later the Clinton Administration announced that it was releasing 30 million of the 570 million bbl. now stockpiled in salt caves along the Gulf Coast of Texas and Louisiana. The idea, said Energy Secretary...
...exactly the stuff of scandal, Al Gore's connection to Occidental Petroleum, but it doesn't do much for his efforts to proclaim himself free of the "oil stain" he sees all over George W. Bush. Indeed, the connection has even necessitated an occasional bit of uncomfortable shuffling from the Gore campaign as Naderites and other lefties and environmentalists berate the vice president over it, much to the amusement of the Bush campaign...
...weigh heavily on the minds of swing voters in battleground states), but they do smudge Gore's efforts to project himself as a friend of the Earth. So much so, in fact, that the Gore campaign is at pains to point out that the Gore family holdings in Occidental Petroleum (worth upward of $500,000) are the property of his father's estate, of which Gore is executor but not currently a beneficiary. And, they add, he's leaving the U'wa matter to the State Department...