Word: petroleum
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Another piece of equipment of great use to the Center's researchers is the X-ray machine. Several years ago petroleum magnate Armand Hammer sent a Rembrandt entitled "Juno" to be inspected. The painting depicts the wife of Zeus holding a staff. X-ray surprisingly revealed that Rembrandt originally painted Juno empty-handed and with her arms down...
Occidental Petroleum is currently groaning under the burden of Cities Service, for which it shelled out $4 billion last year. Oxy's long-term debt has now jumped from $1 billion to $5 billion, while its earnings have dropped from $722 million to $221 million. Similarly, U.S. Steel fought off Mobil to rescue Marathon Oil and is now struggling with the $6.7 billion price of its chivalry. Its steel business is down sharply, and while Marathon's earnings were at a record high last year, they are currently threatened by the downturn in oil prices. To help compensate...
...glittery lobby of Geneva's Hotel Intercontinental last week, reporters waited anxiously outside the grand ballroom as delegates from the 13-member Organization of Petroleum Exporting Countries deliberated behind closed doors. For the second time in the past five weeks, OPEC's contentious band of oil ministers were debating what to do about a continuing worldwide petroleum glut that has put intense downward pressure on prices. Their main goal: to reach agreement on production quotas that would keep the cost of crude at $34 per bbl., the "official" level for the past 16 months. Suddenly, the ballroom door...
...make the investment required to double its output unless it could line up cash customers first. One willing buyer might be the U.S. Department of Energy, which under a one-year contract is already pumping 170,000 bbl. of Mexi can oil per day into the U.S. Strategic Petroleum Reserve, and has paid $1 billion in advance...
...think the highest priority by far is the emergency preparedness area. And the highest single priority there would be to fill up a Strategic Petroleum Reserve. We have an opportunity to take advantage of lower prices. If the world oil market is going to be tight by the end of the decade, as I predict it will, it takes a maximum effort just to achieve a 750-million barrel target. If the reserve is not filled, it will not be available even in the 1990s. And I think if one looks at where all the military expenditures are going...