Word: petroleum
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Harken's biggest flaw as a would-be Big Oil Company was its lack of a refinery. In 1989 Quasha made a $190 million bid for a publicly held refinery, Tesoro Petroleum. Tesoro never had any interest in merging -- its board wouldn't even respond directly to the offer -- nor did Quasha have any interest in carrying out a hostile bid. The debacle wound up costing Harken millions of dollars in expenses. The only party to make out handsomely was Quasha himself; his law firm has collected more than $1 million in fees since + 1988 by handling these and other...
...issued safety guidelines, OSHA has begun adopting them wholesale -- though critics complain it too often approves rules drawn up by the industries it is supposed to supervise. Scannell has also brought eye- catching fines against offenders, including $3.5 million against Arco Chemical and a record $4 million against Phillips Petroleum, after giant explosions at their plants left 40 dead. The agency "is more effective today than it has been in any time in its history," insists Alan McMillan, Deputy Assistant Secretary of Labor for occupational safety and health...
...testimony, much of it bitter, went this month before the Senate environment and public-works subcommittee on toxic substances. Dallas petroleum consultant Tom Latimer, 36, testified that he used the widely sold insecticide diazinon six years ago to control grubs eating grass roots at the same time that he was taking the drug Tagamet to control warts. Neither chemical came with a warning of dangerous interaction, but the impact of diazinon, an organophosphate that inhibits nerve action, was apparently magnified by the Tagamet. Today his eyesight remains severely damaged; he has constant headaches; his memory, concentration and mental acuity...
Curbing the toxic cloud does not come cheap. The oil facility's shutdown will cost $500 million, put more than 5,000 people out of work, and require Mexico to import, at least temporarily, some refined petroleum. But even this dramatic move represents only a beginning. Three-quarters of Mexico City's air pollution comes from the capital's antiquated fleet of 15,000 smoke-belching buses, 40,000 taxis and almost 3 million automobiles. Already the government has revamped 3,500 buses with new, less polluting engines. Last week President Salinas announced a $1.3 million program to replace outmoded...
...pall causes gagging and choking, and there have been reports of respiratory problems from as far away as Bahrain. Eventually some of the toxic by-products will enter the food chain and work their way up, a phenomenon dubbed petroleum poisoning. "I think the whole region is in for a bath of carcinogenic, mutagenic and possibly teratogenic chemicals," says Peter Montague of Greenpeace, referring to compounds that cause cancer, mutations and congenital deformities...