Word: petroleum
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Perhaps the most encouraging forecast by the board members is for a slowdown in inflation. They predict that it will end the year at around an 8.6% annual rate, vs. 13.2% for the last quarter of 1980. The small surplus in world petroleum markets is now keeping a tight grip on oil prices, and that will remove one of the key causes of recent inflation (see box). Homeownership costs, which account for about one-fourth of the consumer price index, are up from a year ago, but the increases are tapering off because sales are slow. Good crops and heavy...
After years of climbing up and up, petroleum prices have begun to show the first signs of slipping and sliding. Moreover, the 13-nation Organization of Petroleum Exporting Countries, which meets in Geneva this week for its semiannual price-setting conference, does not now appear able to do much about...
...slowdown or halt in price increases has been caused by a minisurplus of petroleum, which has created a strong downward pressure on prices. One oil company after another is shaving the prices it will pay for crude. Exxon and Mobil, the two largest American producers, have instituted automatic cutbacks of about $2 per bbl. in the prices that they will pay to independent domestic suppliers...
Last week terrorists of the Provisional wing of the Irish Republican Army set off a bomb at a British Petroleum complex while the Queen was near by, reminding Britain that both its oil terminals and its royalty are highly vulnerable. Since the shooting of the Pope, the London press has complained about poor security for the Queen. One sign of the times: both Elizabeth II and Prime Minister Margaret Thatcher appear heavier in recent photographs, and it is assumed that they sometimes wear bulletproof vests...
Michigan is only one of many regions around the U.S. where geologists and petroleum engineers are on the prowl for fuel. In Arizona and Appalachia, in New York and North Carolina, wildcatters and exploration teams are in breakneck competition to cash in on the energy bonanza brought on by the ever escalating prices of both oil and natural gas. Last year domestic drilling surged by 22%. In March alone, 6,404 wells were dug in the U.S., 650 more than during the same month of the year before...