Word: petroleums
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...also optimistic that it can push through a bill before oil prices come down and the sense of crisis abates. "We are in a window, which basically forces us to go flat out," says Roger Herrera, a 33-year veteran of British Petroleum who now lobbies for opening ANWR in Washington. "We'll use a range of arguments. National security, dependence on unreliable sources in the Middle East, cost of energy. The best way of winning is to make people concerned about the cost of filling up their gas tank. It will all be over by September...
...Palestinian uprising, handing out money to families of those killed and portraying himself as the one Arab leader bold enough to take on Israel. More seriously, TIME has confirmed, he is banking unaudited cash by sneaking out oil through a pipeline to Syria. Unlike the revenues he gets from petroleum sales allowed under the U.N.'s oil-for-food program, this money can go straight into Saddam's military coffers. One of Powell's toughest days will come in Damascus, where he wants to persuade the Assad regime to shut off the pipeline...
...have been sentenced to years in prison. The principal allegation against them concerned a scheme from 1980 and 1981, in which their U.S. company made nearly $100 million by selling oil at several times the government-controlled price then in effect. The indictment claimed that Rich's firm bought petroleum for as little as $5 per bbl., then ran the crude through a series of complex transactions that obscured its origin before selling it back to a Rich subsidiary at a markup as high as 400%. Much of the profit went to a Rich company in Switzerland, which paid...
...Bush wants to press his domestic agenda. And his big problem is more basic: his energy policy is mostly just an oil-and-gas policy. He wants to use tax credits to boost domestic oil production, and he has a 10-year, $7.1 billion plan that includes drilling for petroleum on 1.5 million acres of protected Alaskan tundra in the Arctic National Wildlife Refuge. But those ideas--the second one hugely controversial--would take years to have an effect, and even then wouldn't ease the electricity crunch. Bush's goal of eliminating regulations that impede the construction of refineries...
Will spiraling energy costs doom the longest economic boom in American history? With petroleum selling in the past few weeks for nearly $35, close to a 10-year high, talk of a possible oil shock--a threat unseen since the 1990 Gulf War--is suddenly gaining respectability. And prices could go higher still if dictator Saddam Hussein suddenly shuts off Iraq's flow of crude, which the victorious West has allowed to flow into Western markets since 1996. Or if the Organization of Petroleum Exporting Countries makes good on threats to rein in crude-oil supplies in 2001. The Clinton...