Word: petroleum
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...many Californians, the proposal makes no sense. If the world is awash in oil and petroleum prices are plunging, then why do energy companies want or need to drill for additional supplies of crude off the U.S. coasts? Nonetheless, despite the crash in the oil market, the Federal Government intends to go full speed ahead with its controversial plan to sell a new set of offshore leases. Along the California coastline, where many of the oil tracts are located, environmentalists, fishermen and many politicians are alarmed and angry...
...prices. Since the 1920s, the school district has bolstered its budget with revenues from oil wells behind Beverly Hills High that overlook the athletic fields. An oil company leases the land from the school district and pays royalties based on the profits it makes from the wells. When petroleum prices shot up in the 1970s, the district's annual oil earnings jumped to $1.5 million. The extra revenue has helped Beverly Hills pay its teachers a handsome $38,000 a year, or $10,000 more than the national average...
...tonic for the U.S. economy. Last week the Labor Department announced that unemployment jumped in February from 6.7% to 7.3%. Most of the increase, however, occurred in three states: California, Texas and Illinois. California's farm economy was disrupted by recent floods, Texas' oil business was decimated by falling petroleum prices, and Illinois lost many manufacturing jobs...
...nearly to catch up on its foreign bills. But the plan was beginning to break down even before two crushing blows that have pushed the country close to default: last September's Mexico City earthquake, which saddled the country with $4.5 billion in damages, and a 50% drop in petroleum prices since November...
...fall of oil prices has drained other South American petroleum producers too. The plunge has soured the comeback hopes of Venezuela, which relies on crude sales for 90% of its export income. A predicted loss of roughly $2 billion in oil revenue for 1986 forced Venezuela last week to ask for last-minute concessions in an agreement it signed with international bankers for rescheduling payments on $21.2 billion of the country's debt...