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...guess what. The Clinton Administration has just such a scheme brewing. Sources tell TIME that Energy Secretary Bill Richardson is quietly but vigorously pushing a proposal that would pour millions of barrels of oil from America's Strategic Petroleum Reserve onto the market in coming weeks. The proposal, which has circulated among a few top Administration officials and could soon be approved by President Clinton, involves offering a "swap" of crude oil from the 580 million-bbl. SPR to private oil companies. They would bid to take the oil now, then make repayment in kind, plus a premium...
This could get ugly. The heads of the FTC voted 3 to 2 Wednesday to block the pending merger of petroleum giants BP Amoco and ARCO. Though the FTC will no doubt deny it, it would appear that timing was the gasoline companies' problem as much as anything - they decided to combine just when the FTC had had its fill of oil company mergers. The commission spent good portions of 1998 and 1999 wrangling over whether to approve the $81 billion Exxon-Mobil merger, and have since indicated that the competitive playing field of gasoline vendors can't stand...
When President Clinton proposed giving $1.6 billion in military aid to fight drug lords in Colombia last week, he probably never thought of the U'Wa Indians. But the tribe is fighting off attempts by Occidental Petroleum to drill for an estimated 1.5 billion bbl. of oil on ancestral lands in the northeast of the country; hundreds of the U'Wa are currently involved in a tense standoff with Colombian troops trying to remove them from drilling sites...
...moment too soon. Petroleum-based plastics, the magically versatile material of the 20th century, have two major problems: Their manufacturing cost is held hostage by crude oil prices, and, because they're not easy to break down chemically, they can linger in landfills for decades. PLA solves both problems, and is as durable as petroleum-based plastics. The complex process that creates the new plastic involves feeding the crops to microbes, similar to the way yogurt is curdled. The result has been compared to the polyester frequently used in plastic soda bottles, carpeting and wrinkle-free clothes, and clothing manufacturers...
Most Valued Commodities --Petroleum --Microchips --Airplanes --Armaments --Movies...