Word: petroleum
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Some of the young people seized the Beaver II - with the permission of the Boston authorities - and threw empty oil drums into the harbor to protest the petroleum industry's failure to head off the fuel crisis. As a final ingredient in the Watergate-laden atmosphere, many Bostonians noted only half in jest that the site of the original tea party has now been filled in. It is occupied by the head quarters of the Sheraton hotel chain, a division of ITT, a company that has been deeply implicated in the Administration scandals...
...drivers had concluded that the cost?in initial price, depreciation, repair bills?could no longer be borne. Over the past few years, unprecedented numbers of Americans have been buying smaller, cheaper autos. Now the energy crisis has focused on the U.S. car, which consumes 28% of the nation's petroleum; gasoline shortages are forcing multitudes more to take a second look at their prized possession, not as status symbol or love object but purely as a means of transportation...
Venezuela is taking a second look at an oil belt along the north bank of the Orinoco River that has huge estimated recoverable reserves of 70 billion bbl. Until the recent jump in prices, getting at this petroleum was considered too expensive to be profitable; the oil is so thick that dilutants often have to be poured into the wells to increase its fluidity so that pumps can suck it out. Now, because of the oil-price bonanza, the Venezuelan government has the cash to buy the sophisticated technology needed to exploit the find. At the same time, the government...
...Arab oil squeeze has hurt Japan far more than any other major industrial country. After the U.S., it is the largest petroleum consumer in the world. Unlike the U.S., however, Japan must import all of its oil. About 84% of it comes from the Middle East: 43% from Arab nations and the rest from Iran. Thus, Japan was an obvious target when Saudi Arabia and the sheikdoms decided to turn off the pipeline spigots. Being forced to change its traditionally neutral policy in the Middle East toward a pro-Arab stance was particularly humiliating for a nation in which saving...
...celluloid as in petroleum, value is determined by scarcity. From the '30s to the '50s, Hollywood produced hundreds of popular entertainments that audiences and critics considered standard fare. Now that the major studios have shrunk slowly in the West, the antique movies have been revalued upward. According to many film scholars and au-teurists, old Hollywood seems to have been an amalgam of quattrocento Florence and Periclean Greece...