Word: venezuela
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Dates: during 2000-2009
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...timing of Richardson's announcement was geared not only to domestic politics but also to global energy politics. This week the OPEC heads of state are scheduled to meet in Caracas, Venezuela--their first such meeting in 25 years. Analysts don't expect much serious policy discussion at the meeting, but the Administration wanted its plan in play beforehand--with quiet support lined up from the Saudis as a way to help mute criticism from such OPEC members as Iran. The move is bound to displease those members who want and need high oil prices--countries such as Indonesia that...
...Organization of Petroleum Exporting Countries (OPEC) may simply lower supply in order to keep the prices high (they meet in Venezuela next week) as Gore argued this time last year, or oil companies could simply keep prices high to increase their profits. Furthermore, even if the plan succeeds at lowering oil prices, it will lower prices on all oil products, not just heating oil. This means that prices at the pump--which are justifiably high given the negative effects of smog and other environmental effects of auto pollution--will fall along with heating oil. This means that SUV and luxury...
...Federal Reserve chairman's job, as it has been since the Fed's creation some 90 years ago in response to a dire financial crisis. But the U.S. does not have an oil equivalent of Alan Greenspan, an appointed official working very closely from an established charter. Venezuela has an oil minister - he's president of OPEC right now. Maybe Clinton is jealous, because the U.S. apparently has just appointed one now, just in time for the cartel's meeting next week...
With each company pointing the finger at the other, however, it's increasingly difficult to get straight answers. Last week Ford admitted it had heard of tread-separation incidents with locally made Firestone Wilderness tires in Venezuela, as well as in Colombia and Ecuador, as far back as the fall of 1998, a year and a half before the company started replacing them on some 30,000 vehicles in the region. It blamed Firestone's misleading diagnosis of the problem for the delay in finding the defect. Firestone says it simply mislabeled some tires as having an extra, protective nylon...
...According to plaintiffs' lawyers and experts, the STL studies document on video what happens to major-brand-name radials as their inflation is reduced: none of the tires suffer fatal tread separation if they have nylon caps. Last week Ford urged Firestone to recall its Wilderness AT tires in Venezuela because they lacked the caps...