Word: petroleum
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...drilling around a dome near Beaumont, Texas, produced a gusher of unprecedented size. It was called Spindletop and gave birth to the modern petroleum industry. Since then, salt domes in the Gulf States have helped point the way to more than 6 billion...
...relations between the two countries. For their support, the companies receive a monthly RRC Newsletter containing economic analysis of East-West trade not normally available in commercial newsletters. Contributing corporations may send representatives to the RRC-sponsored "Corporate Seminars" held three times a year (this year's deal with petroleum, Eastern Europe, and the Soviet Five-Year Plan). And once a year, they may send representatives to Arden House...
Meanwhile, the soaring cost of OPEC oil, which has climbed by 160% in the past two years, to an average $35 per bbl., has spurred conservation. In the U.S., petroleum consumption is down more than 8% from 1979 levels, and imports have dropped by 20%, to 6.3 million bbl. daily...
...same time, according to the authoritative Petroleum Intelligence Weekly newsletter, stepped-up oil exploration efforts are boosting output in many non-OPEC areas. During 1980, production jumped by 32% in Mexico, by 10% in the North Sea and by 1.3% in the U.S., which is experiencing its biggest drilling boom since the mid-1950s...
...result of these developments, a worldwide mini-glut of oil is appearing, and some petroleum prices have at long last begun to ease. On the bellwether international "spot" market, where small amounts of crude are traded at free market rates, prices have slipped from a high of more than $41 per bbl. late last year to a current level...