Word: petroleum
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...paroled from a federal prison after serving six years for amassing a $ 150 million business empire through fraudulent land deals and nonexistent fertilizer tanks. He went to work in fundamentalist Abilene, Texas, as an overseer on his brother's cattle ranch and as a truck dispatcher for a petroleum company. Estes regularly assured his parole officer that, as required by the terms of his release, he was abstaining from business deals. He was happily working as a manual laborer, he said, and had "even washed trucks and fixed flats...
Unfortunately for the President-elect, the bloom has vanished from the Brazilian boom. Largely because of heavy petroleum imports, the national debt has reached $40 billion and inflation is running at 40% annually. A "cost of living" movement has collected more than 1 million signatures in Sao Paulo alone on a petition demanding price freezes and wage hikes. At the same time, there is a potentially dangerous split among the generals: many of them oppose any further liberalization and object to the fact that Geisel himself selected a successor instead of seeking a consensus...
...Rand Corp.'s vision of ample reserves for some decades ahead but big trouble after that is echoed by many other researchers. Trying a novel approach to assessing the world's reserves, Pierre Desprairies, head of the French Petroleum Institute, recently polled 28 leading oil companies and individual experts on how much oil they thought was economically recoverable at a cost of $20 per bbl., which is about $6 above the going price. The consensus, he reported, was that "the reservoir of oil is large and full"-about 2,000 billion bbl. But there was also general concern...
Hadi Abdul Taher, Saudi Arabian Minister of State and governor of the Petroleum and Minerals Agency (PETROMIN), told an audience of about 75 in Science Center C that unless both oil producers and consumers take a "moderate approach to the price question," the result may be "really important imbalances...interruptions of continuity of supply on a high level" sometime in the next 10 to 15 years...
...countries represented at the meeting were members of the Organization of Arab Petroleum Exporting Countries, a subgroup of OPEC that accounts for more than 60% of its production. Given the Arabs' weight in OPEC councils, it is almost certain that some price increase, possibly along the lines of the Saudi Arabians' suggestion of 5% on Jan. 1 followed by subsequent hikes of 2% or 3% at "relatively frequent intervals," will be adopted when all the cartel's members meet in Abu Dhabi in December...