Word: petroleum
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Safe Drinking Water Act of 1974 set standards for cleaning up the nation's water resources. As a result, the Potomac River is safe for swimming again, Lake Erie is coming back to life, and even Ohio's Cuyahoga River, which once caught fire when petroleum wastes in it ignited, shows signs of improvement...
After Iranian oil exports were first bottled up for about two months nearly a year and a half ago, petroleum prices soared on world markets, oil-industry profits exploded, and long lines stretched out at gasoline service stations round the country. But would a second shutoff of Iranian exports prove equally disruptive? Not necessarily...
...supply shortfall can ask the other member nations to share their own supplies so that the shortfall is held to no more than 7%. But even though some IEA nations, such as West Germany and Denmark, continue to rely on Iranian exports for as much as 10% of their petroleum supplies, sky-high prices and slumping demand for crude have already created a worldwide mini-glut of oil that would offset any loss. Because of surplus supplies, the price of oil in the so-called spot market has declined from $42 per bbl. early this year to around $33. Indeed...
...reason Iranian exports no longer count for so much is that the Khomeini regime has pushed up petroleum prices so high that customers have ceased their pay-any-price scramble for Iranian supplies. The leader of the rush last autumn was Japan, which was willing to pay as much as $40 per bbl. But by last week Japan had bulging oil stockpiles, and the country refused Iran's latest asking price of $35 per bbl. for long-term supply contracts. Iran immediately cut off all energy shipments to Japan, which now joins the U.S. and Portugal on Tehran...
...heavy crudes have a much higher sulfur content and less potential energy value than the lighter grades normally used for making gasoline or heating oil. Until recently, energy companies left the heavy oil in the ground because it was too costly to produce and refine into useful petroleum products. But skyrocketing petroleum prices now mean that even heavy oil has become economical; engineering breakthroughs are also making it more profitable...