Word: richardson
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...October, Secretary of Energy Bill Richardson signed an agreement with Russia inaugurating a joint center to monitor the use of nuclear materials...
...After a year of relative inactivity on the matter, Energy Secretary Bill Richardson has set an ambitious agenda for the coming weeks in which he'll meet with top officials in such oil-producing states as Mexico, Norway, Kuwait and Saudi Arabia. "This is an increasingly visible problem, and it's important to remember that we're in an election year," says TIME correspondent Andrew Zagorin. While economists don't predict that the high oil prices alone could drive inflation in the U.S., it could certainly have an impact on consumer behavior - and thus potentially slow down the high-revving...
...prices keep going up it'll hurt the world economy, and that's not in their interest," says Zagorin, noting that the producers also fear the possibility of an oil price collapse. "So they're going want to have an orderly, coordinated plan for easing the supply cuts." When Richardson comes to town, for its own sake, OPEC is likely to listen carefully...
...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...
...more lasting impact, though, Richardson's formula will require cooperation from none other than OPEC. Richardson will try diplomatic jawboning to get some of its members to loosen their restraints on supply. He's scheduled to meet this week with Mexico's Oil Minister at the World Economic Forum in Davos, Switzerland. He'll then travel to Oslo and, later in February, to the Middle East for more arm-twisting. Perhaps he'll remind the Kuwaitis and the Saudis that they owe the U.S. a favor. And he'll warn the producers that there are real macroeconomic risks to higher...