Word: petros
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Dates: during 2000-2009
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...though many analysts put it at little over 2.5 million.) But the bottom line is that since 2000, the last time Ch?vez hosted an OPEC gathering, the cartel's daily output has increased by fewer than 2 million barrels to 28 million today - even as the exploding petro-appetite of emerging giants like China and India has put enormous new pressures on global oil supplies, and prices...
...like Brazil's Petrobras and Spain's Repsol don't face expropriation of the hundreds of millions of dollars worth of investments and infrastructure they have staked in the Andean nation. That balance will probably require Venezuela to help subsidize the nationalization by pouring some of its own prodigious petro-wealth into Bolivia's threadbare state energy company, YPFP...
...operating in Venezuela by raising their taxes and royalties and forcing them to concede majority stakes in their projects to the government. Few plan to pull out of Venezuela, however, given the record profits they're earning there. And with crude prices at astronomical levels, Chavez has used his petro-largesse - including programs to provide cash-strapped neighbors with cheaper access to Venezuelan oil and to build continent-wide pipelines for oil and natural gas - to create what he hopes could someday be an E.U.-style economic partnership in Latin America (though analysts like Mares nevertheless call it a pipe...
...Republicans turned on Big Oil, an industry they normally treat like a good neighbor--or an ATM. In a particularly delicious bit of populist sophistry, the party led by two oil guys that is pro-business, antitax and antigovernment meddling was talking loudly about greedy petro-executives, IRS audits of oil-company tax returns and withdrawing $2 billion in industry-specific tax breaks over 10 years. That's about a month's worth of profits for ExxonMobil, which announced quarterly earnings of $8.4 billion. "Listen, we've got people like this that are working for a living, who are paying...
...public service campaign may seem unusual, but in many ways it simply reflects the country's desperate economic situation. During the oil crisis of the early 1980s - when Nigeria was awash with petro-dollars and its president boasted to his neighbors that his country's problem was not poverty but how to spend all its money - the Naira was almost worth $2. Since then, though, military rule, corruption and mismanagement have crippled the country's economy and its currency. One U.S dollar is now worth around 140 Naira...