Word: petroleum
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Dates: during 1980-1989
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...disputed patch of the Aegean Sea. Yet last week Greece and Turkey came close to blows over just that argument. Athens ordered its military forces on full alert and threatened to forcibly prevent the Turkish research vessel Sismik 1, with an escort of two warships, from conducting petroleum explorations in waters near the Greek islands of Lesbos, Lemnos and Samothrace...
Hodel is not the only Government official expressing concern. Next week the Department of Energy will release a 400-page report that will examine America'svulnerability to another major energy crisis. National Security Adviser Frank Carlucci will assess the possible security threat posed by a weakened U.S. petroleum industry. At stake also is the stability of Europe and the rest of the oil-consuming world. Since oil is traded in one global market, rising U.S. imports could create a worldwide crunch...
When the glut is gone, OPEC will be a formidable force again. Predicts Dallas Energy Consultant Ed Vetter: "Once the OPEC countries got us backed into a corner, they could raise their price with impunity and we would have no way to respond." A recent report by the National Petroleum Council, an industry group that advises the Department of Energy, asserts that by 1990 OPEC will be producing at 80% of its capacity, as compared with 66% today. Historically, whenever OPEC has reached the 80% threshold, it has succeeded in imposing -- and sustaining -- oil-price hikes. The report estimates that...
...course, since energy forecasting is often as accurate as gazing into a crystal ball, the National Petroleum Council report could turn out to be wrong. A more optimistic outlook is offered by the Energy Information Administration, a division of the Department of Energy. It estimates that oil will sell for less than $20 per bbl. for the next five years and that not until the year 2000 will the U.S. be dependent on foreign supplies for about 55% of its consumption...
Whenever the moment of truth arrives, it would seem, the beleaguered U.S. petroleum industry will be in no position to respond to a resurgent OPEC. Fully 75% of all U.S. drilling rigs now stand idle. A total of 806 rigs are currently operating in the U.S., down from 4,530 in 1981. The oil is there for the taking, of course, but it is simply too expensive to get out of the ground. While Middle East producers can find and lift a new barrel of oil for about $1, U.S. companies spend an average of more than...