Word: petroleum
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Among Cuba's young as well as its old, the greatest source of dissatisfaction is the exhausted economy. The nation's coffers have been devastated by the drop-off in world petroleum prices since the mid-1980s; Cuba generated much of its foreign exchange by reselling, at top prices, cut-rate oil supplied by the Soviet Union. Sugar, Cuba's main export, has also been a loser on international markets. Ever since Havana in 1986 suspended payments on its foreign debt, which now stands at $7 billion, most industrialized countries have refused to extend new credits. With only $87 million...
...cleanup crews in yellow slickers blotted globs of petroleum from the discolored sands of Huntington Beach last week, California Attorney General John Van de Kamp, a Democratic candidate for Governor, turned the occasion into an I-told-you-so press conference. "Here you have birds that are dying," he lamented. "You have fish that are dying. And so we're going to the people in November with an initiative that will provide for an inspections program and a $500 million fund to respond to spills. This," he said with a wave at the beach, "is a helluva warning...
...then Van de Kamp's rivals had issued their own lamentations about the Feb. 7 accident aboard a British Petroleum tanker that dumped 349,000 gal. of crude oil into an area once known as Surf City, U.S.A. Complained the other Democratic candidate for Governor, former San Francisco Mayor Dianne Feinstein: "California has ignored the lessons of Alaska." She reiterated / her proposal to create a new department of ocean resources to protect the sea, bays and estuaries. For his part, Republican candidate Pete Wilson reminded a partisan crowd in Los Angeles, "As your U.S. Senator, I have stood...
...accident gave new impetus to local efforts to require double hulls on all new tankers. But unlike Exxon, whose response to last year's catastrophic oil spill in Alaska's Prince William Sound was too little and too late, British Petroleum, the company leasing the tanker, lost no time in launching a cleanup. "Their response has been without equal," said a Coast Guard spokesman. "The people and the equipment were ready...
...previously ignored areas which Cabot identified as an opportunity when he first arrived at Harvard was private investing. Over the years, HMC has increased its holdings in private assets in areas as varied as real estate, petroleum and LBOs. The University now has more than $1 billion--about a third of all assets, Cabot says--invested in this type of holding...