Word: tankerous
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...lose an oil tanker...
...been owned all along by the Shell International trading company, and the Salem was supposed to have been carrying it to the Italian port of Genoa. As soon as it became known that the Salem's cargo had in effect been sold twice, there were allegations that the tanker had been scuttled to hide that fact. The South African government revealed to Parliament last week that it had subsequently paid an additional $30.5 million to Shell in partial compensation for the loss...
...spot markets for oil, where tanker-size shipments are traded on a day-to-day basis, normally bustle with buying and selling. Last week, however, they seemed almost paralyzed by uncertainty. Only a fortnight ago, the Organization of Petroleum Exporting Countries had failed to reach agreement on a plan to prop up oil prices by curbing production. That dramatic breakdown induced a kind of suspended animation. The cost of crude seemed sure to fall, but no one could be certain how far or how fast. While a few oil producers made their opening moves last week, others held back...
Dawn was breaking along Venezuela's coastline as workers began the routine task of unloading an oil tanker at the Tacoa Arricifes generating plant, 20 miles northwest of Caracas. Suddenly and inexplicably, a half-filled storage tank onshore caught fire. Ignited, the 20,000 tons of fuel already in the tank turned the site into an inferno. As hundreds of rescue workers converged on the scene, superheated gases in the same tank erupted, trapping rescuers in a curtain of fire. Then, 17 hours later, a second tank nearby exploded. In the searing heat one fire engine reportedly just melted...
...quite profitable because it will cost less to produce than Alaskan crude. Moreover, refineries and transportation networks are close by, a formidable advantage when one considers that Prudhoe Bay oil from Alaska must be pumped through 800 miles of pipeline and then shipped 1,000 miles by tanker to reach the nearest customers. Says Oil Consultant Walter Levy: "The fact that the oil companies don't have to spend $8 billion for an Alaskan pipeline is a major advantage." Also, not having to contend with bitter Arctic weather will make it far easier to maintain and operate California wells...