Word: petroleum
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Carrington that Saudi Arabia would soon reduce oil production. Although Yamani did not specify the amount of the cutback, he has previously indicated it might be from the current 9.5 million bbl. per day to 8.5 million bbl. per day. For about a year, the Saudis have kept their petroleum output high in an attempt to hold down world energy prices. So far, their efforts have been successful; world crude inventories are at record levels. Any Saudi cutback would likely mean some tightening of world oil supplies and somewhat higher prices for gasoline and heating...
...high-level crackdown last week just before the congress convened, Petroleum Industry Minister Song Zhenming was ousted after being blamed for an offshore oil-rig accident last November in which 72 people were killed. The incident occurred when a drilling rig that was being towed to a new location in stormy seas, apparently against technical advice, collapsed. In an "obvious deception," the People's Daily charged, Song had blamed the disaster on the weather instead of bad judgment. Some foreign analysts suspect that the rig disaster could serve as a handy pretext to purge the Petroleum Ministry...
...Government helped keep behemoths popular by refusing to take serious action against the growing realities of a petroleum-short world. Washington produced no energy policy, kept the price of gasoline artificially low and spent $77.8 billion for the construction of the Interstate Highway System, on which Americans could cruise coast to coast at 70 m.p.h. Admits Transportation Secretary Neil Goldschmidt: "The U.S. Government allowed us to go from a nation importing a third of its oil to one importing almost 50% because there wasn't the political courage to deregulate the price...
Like other oil-poor developing countries, Brazil is a victim of rising petroleum prices. Despite last year's impressive 35% rise in exports, to $9.2 billion, Brazil suffered an overall trade deficit of $2.7 billion. This year's higher petro prices are pushing its trade deficit more deeply into the red. The deficit is worse because the previous military regime flagrantly neglected the agricultural sector. The unhappy result: despite rich agricultural resources, Brazil last year had to spend $1.8 billion on food imports alone...
Delfim is fostering a revival of Brazilian agriculture through an incentive system that will grant credits and guarantee floor prices to farmers. On the petroleum front, President Figueiredo and Delfim are wooing Venezuela, Mexico and Iraq in hopes of securing assured supplies...