Word: petros
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Eventually, however, the petro-price spiral reached the point at which consumers and industry worldwide simply would not, or even could not, pay any more. Prompted by recession, they cut back on usage so sharply that the world is now awash in surplus oil, and prices are coming down. When lines form at gasoline stations these days, it is not because of shortages but because prices have dropped-below $1 per gal. in Texas...
...more evenhanded approach by the U.S. in the Middle East will no longer be written off as the result of petro-influence. Israeli conduct is earning our displeasure...
Guarding and investing much of the $117 billion or so that Saudi Arabia is now receiving yearly from oil exports is the responsibility of SAMA, and the money from oil knows no religion. In the past eight years, the kingdom's reserves of surplus petro earnings have swelled more than twenty fold, to at least $100 billion. As a result, SAMA, the country's central bank, has loomed as one of the most powerful and potentially threatening players in all of international finance. If it chose to do so, SAMA could buy scores of large American corporations...
...also means bringing con certed pressure on pro-Western members of OPEC, to recycle more of their petrodollars and petro-yen through the multilateral institu tions. Venezuela, a founding member of OPEC, has been assist ing the poorer nations of the Car ibbean basin, and Saudi Arabia spends about 3% of its G.N.P. on aid programs for such relatively poor Islamic states as Pakistan, Syria and Jordan. But Saudi Ara bia's vast wealth represents a global problem and not just a re gional one, since it has accumulat ed that wealth partly at the ex pense...
...scenario calling for complete U.S. freedom from foreign oil supplies is probably a petro-pipedream. But the notion of using solar satellites to capture vast amounts of energy may not be very farfetched at all. In spite of considerable scoffing at the sci-fi grandiosity of the idea, a report published last week, after a threeyear, $19.5 million study undertaken by the Department of Energy in collaboration with NASA, indicates that there are no insurmountable technological hurdles in the way of solar power satellites (SPS) as a major alternative energy source...