Word: petroleum
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Dates: during 1980-1989
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...large parking lot behind Quincy House on DeWolfe St., where developer H.J. Davis plans to build condominiums, has residues of lead, arsenic and petroleum under the blacktop, and St. Paul's Parish, which agreed to sell Davis the land, must pay to clean...
Engineers testing the St. Paul's parking lot found small amounts of chemicals including lead, arsenic and petroleum, said Powers...
...prices will rise. Reason: both Iran and Iraq have pumped as much oil as possible to pay for their holy war, helping depress prices. Peace could eliminate the glut, the theory goes, by bringing back tighter production quotas from Iran, Iraq and the other members of the Organization of Petroleum Exporting Countries. Such thinking caused the price of oil futures to seesaw violently last week. The price of a barrel of West Texas crude jumped 84 cents, to $15.70, when Iran first proposed peace, then plunged 47 cents per bbl. the next day, after Iraqi fighters bombed Iranian targets...
Even if a cease-fire takes hold, however, the long-term outlook for petroleum prices is far from settled. Economists estimate that the two countries will need a total of at least $300 billion to rebuild their ravaged economies, twice their annual gross national products. The simplest solution is to sell more oil. Analysts predict that Iraq could nearly double its current production of 2.4 billion a day by 1990; Iran's daily capacity might jump from 2.5 million to 6 million. If they pump that much oil to pay for reconstruction, prices will plunge...
...prices much higher. "If the war ends, the geopolitics of oil are changed greatly," says Daniel Yergin, president of Cambridge Energy Research Associates in Cambridge, Mass. "But the price may not be changed nearly as much." The possibility of peace in the Persian Gulf seems to have left the petroleum community as bewildered as the rest of the world...