Word: petroleum
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Over the past three years, Mesa Petroleum Chief T. Boone Pickens has become America's best-known corporate raider, earning more than $800 million for Mesa and its partners and striking cold fear into the hearts of U.S. oil companies. Knowing a good yarn in the making, at least seven major publishers have been competing for the rights to his autobiography. The winner: Houghton Mifflin, which will pay Pickens $1.5 million for his story. "We'll have some details that haven't been told before," said Pickens last week...
...known that he had entered negotiations that could lead to lower Saudi Arabian crude prices for some customers. The move was seen by many as evidence that prices of the hard-pressed OPEC cartel might be on the verge of cracking. Said John Lichtblau, president of the Petroleum Industry Research Foundation: "The era of official prices is ending...
...less troubling for Mexico are indications that Saudi Arabia is taking steps that could lower world oil prices (see ECONOMY & BUSINESS). The consequences would be enormous for Mexico, which draws 66% of its export earnings from petroleum. Last week's devastation is also certain to hurt Mexico's tourism industry, which provides crucial foreign-exchange dollars to help service Mexico's debt. Tourists are likely to stay away until normal conditions are restored in Mexico City and the hard-hit coastal states; accommodations will be tight until the many damaged hotels are repaired or rebuilt. On the bright side, neither...
During the past four difficult years for the Organization of Petroleum Exporting Countries, Saudi Arabia has been its derrick of strength. But the oil industry churned last week with rumors that the rich kingdom has finally grown weary of that role. After trying to fight a global glut by cutting its output from 10.3 million bbl. per day in 1981 to about 2 million bbl. per day currently, Saudi Arabia now appears eager to move its merchandise again. Traders believe the country will try to double its sales by quietly offering price cuts that could include...
...nonetheless in a bright orange survival suit and hard hat as she spent three hours last week inspecting Forties Charlie Platform, a giant offshore oil rig located 110 miles off Aberdeen, Scotland, in the frigid and fogbound waters of the North Sea. Seems that Husband Charles visited a British Petroleum rig earlier this year, and the oil company heard through the royal grapevine that Di was disappointed not to have been included. A BP helicopter was dispatched to Balmoral Castle, where the royal family summers. This time Charles was left home to baby-sit Princes Wills, 3, and Harry...