|
1970–1979 World Oil Market Chronology
For further details see the "Energy crisis" series by Facts on File. 1970 *January 1: U.S. Federal oil depletion allowance reduced from 27.5 to 22.0 percent. *May 3: TAP line from Saudi Arabia to the Mediterranean interrupted in Syria, creating all-time tanker rate highs from June to December. *September 4: - October 9 Libya raises posted prices and increases tax rate from 50 percent to 55 percent. Iran and Kuwait follow in November. *December 9: OPEC meeting in Caracas establishes 55 percent as minimum tax rate and demands that posted prices be changed to reflect changes in foreign exchange rates. 1971 *January 12: Negotiations begin in Tehran between 6 Gulf producing countries and 22 oil companies. *February 3: OPEC mandates " a complete and total embargo " against any company that rejects the 55 percent tax rate. *February 14: Tehran agreement signed. Companies accept 55 percent tax rate, immediate increase in posted prices, and further successive increases. *February 24: Alge ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oil Depletion Allowance
The oil depletion allowance in American (US) tax law is an allowance claimable by anyone with an economic interest in a mineral deposit or standing timber. Chapter 9 The principle is that the asset is a capital investment that is a Asset#Wasting asset, wasting asset, and therefore depreciation can reasonably be offset (effectively as a capital loss) against income. The oil depletion allowance has been subject of interest, because of the relationship of big oil with the US government, and because one method (percentage depletion) of claiming the allowance makes it possible to write off more than the whole capital cost of the asset. Depletion calculation Two methods of depletion (accounting), depletion calculations are available, detailed regulations determine which can be used, but in some circumstances the ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lebanese Civil War
The Lebanese Civil War ( ar, الحرب الأهلية اللبنانية, translit=Al-Ḥarb al-Ahliyyah al-Libnāniyyah) was a multifaceted armed conflict that took place from 1975 to 1990. It resulted in an estimated 120,000 fatalities and an exodus of almost one million people from Lebanon. The diversity of the Lebanese population played a notable role in the lead-up to and during the conflict: Sunni Muslims and Christians comprised the majority in the coastal cities; Shia Muslims were primarily based in the south and the Beqaa Valley in the east; and Druze and Christians populated the country's mountainous areas. The Lebanese government had been run under the significant influence of elites within the Maronite Christian community. The link between politics and religion had been reinforced under the French Mandate from 1920 to 1943, and the country's parliamentary structure favoured a leading position for its Christian-majority population. However, the country had a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mexican Oil Boom
The Mexican Oil Boom was an oil boom from 1977 to 1981 which eventually led to a disastrous crash that lasted for most of the 1980s, driving the economy to a payment default and a significant deficit correction as oil prices fell. Pre-Boom period Since 1954 and until 1971 the Mexican economy performed very consistently, averanging 6% GDP growth each year and 3% inflation rate, allowing the country to sustain an exchange rate of 12.50 pesos per US dollar for 22 years (1954-1976). This period, called the "Mexican Economic Miracle" and "Stabilizing Development", consisted in an ISI model. By the late 1970s the economy faced certain limitations in the economic model, at the same time the United States were troubled with a rising trade deficit, sparking an international financial period of uncertainty. Mexico opted out to put more public money and investment to sustain fast growth. This was fuelling inflation as government spending was fully financed with new printed money. A deva ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1990–1999 World Oil Market Chronology
1990 *Aug: Iraq invades Kuwait. Crude and product prices soar upward; exchange markets react wildly to any middle east news events; cash markets dominate prices after trading hours; jet fuel prices rise to record spreads over other products due to increase in defense demand. In late August, OPEC president fails to revive floundering attempts to organize a formal OPEC meeting to discuss crisis/production strategies. Informal meetings held in Vienna result in record price falls. Conflicting reports of promises to increase OPEC output to compensate for embargo of Iraq and Kuwait oil further compound market uncertainties. *2 August: Iraq invades Kuwait. Bush orders troops to Saudi Arabia. *27 August: Market prices plunge as OPEC nears informal agreement to increase output to cover shortfall due to invasion. Cash market trading experiences abrupt decline. *September 6: U.S. citizen is shot in Kuwait. API reports weekly draw in domestic crude stocks. Oil markets surge on aggressive U. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1980–1989 World Oil Market Chronology
1980 * March 1: United States federal Windfall Profits Tax enacted. * May: Saudi Light raised to $28.00 per barrel, retroactive to April 1. * April–September: : Buy-Sell Program allocations drop to average of for period April to September 1980.: * September 17: Iraq breaks 1975 treaty with Iran and proclaims sovereignty over Shatt al-Arab waterway. * September 23: Iraq invades Iran. Mutual bombing of installations. * November 10: Iraq captures southern port of Khorramshahr. * November 20–24: U.N. gulf war mediator Olof Palme makes first unsuccessful peace shuttle between Tehran and Baghdad. * December: Collapse of OPEC's pricing structure. Saudis use $32 per barrel marker, others use $36 per barrel benchmark. 1981 ''Saudis flood market with inexpensive oil in 1981, forcing unprecedented price cuts by OPEC members. In October, all 13 OPEC members align on a compromise $32 per barrel benchmark. Later, benchmark price is maintained, but differentials are adjusted.'' * January: ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1970s Energy Crisis
The 1970s energy crisis occurred when the Western world, particularly the United States, Canada, Western Europe, Australia, and New Zealand, faced substantial petroleum shortages as well as elevated prices. The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis, when, respectively, the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle Eastern oil exports. The crisis began to unfold as petroleum production in the United States and some other parts of the world peaked in the late 1960s and early 1970s. World oil production per capita began a long-term decline after 1979. The oil crises prompted the first shift towards energy-saving (particular, fossil fuel-saving) technologies. The major industrial centers of the world were forced to contend with escalating issues related to petroleum supply. Western countries relied on the resources of countries in the Middle East and other parts of the world. The crisis led to stagnant e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ruhollah Khomeini
Ruhollah Khomeini, Ayatollah Khomeini, Imam Khomeini ( , ; ; 17 May 1900 – 3 June 1989) was an Iranian political and religious leader who served as the first supreme leader of Iran from 1979 until his death in 1989. He was the founder of the Islamic Republic of Iran and the leader of the 1979 Iranian Revolution, which saw the overthrow of Shah Mohammad Reza Pahlavi and the end of the Persian monarchy. Following the revolution, Khomeini became the country's first supreme leader, a position created in the constitution of the Islamic Republic as the highest-ranking political and religious authority of the nation, which he held until his death. Most of his period in power was taken up by the Iran–Iraq War of 1980–1988. He was succeeded by Ali Khamenei on 4 June 1989. Khomeini was born in Khomeyn, in what is now Iran's Markazi province. His father was murdered in 1903 when Khomeini was two years old. He began studying the Quran and Arabic from a young age and was assiste ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amoco Cadiz
''Amoco Cadiz'' was a VLCC (very large crude carrier) owned by Amoco Transport Corp and transporting crude oil for Shell Oil. Operating under the Liberian flag of convenience, she ran aground on 16 March 1978 on Portsall Rocks, from the coast of Brittany, France. Ultimately she split in three and sank, resulting in the largest oil spill of its kind in history to that date. Oil spill On 16 March 1978 in a southwesterly gale, the ''Amoco Cadiz'' passed Ushant at the western tip of Brittany, headed for Lyme Bay in the United Kingdom. At 9:46 am when the supertanker was north of Ushant and west of Portsall she turned to avoid another ship and her rudder jammed, full over to port. The captain shut down the engine and attempted to make repairs, but they were not successful. Meanwhile, the wind began blowing from the northwest, driving the ship toward the coast. By the time the tugboat ''Pacific'' successfully attached a hawser, it was 2:00 pm and the ''Amoco Cadiz'' had drifted ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Argo Merchant
MV ''Argo Merchant'' was a Liberian-flagged oil tanker built by Howaldtswerke in Hamburg, Germany, in 1953, most noted for running aground and subsequent sinking southeast of Nantucket Island, Massachusetts, causing one of the largest marine oil spills in history. Throughout the vessel's troubled past, she was involved in more than a dozen major shipping incidents including two other groundings; once in Indonesia while named ''Permina Samudra III'', and again in Sicily while named ''Vari''; and a collision in Japan. Because of her checkered career and sinking, ''Argo Merchant'' was featured in the "worst ship" category in the 1979 publication, ''The Book of Heroic Failures''. 1976 shipwreck In December 1976, ''Argo Merchant'' loaded with of No. 6 fuel oil at Puerto La Cruz, Venezuela, sailing for Boston under Captain Georgios Papadopoulos. It was later established that the ship carried two unqualified crew as helmsmen, a broken gyrocompass, inadequate charts, and an inaccurate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oil Tanker
An oil tanker, also known as a petroleum tanker, is a ship designed for the bulk transport of oil or its products. There are two basic types of oil tankers: crude tankers and product tankers. Crude tankers move large quantities of unrefined crude oil from its point of extraction to refineries. Product tankers, generally much smaller, are designed to move refined products from refineries to points near consuming markets. Oil tankers are often classified by their size as well as their occupation. The size classes range from inland or coastal tankers of a few thousand metric tons of deadweight (DWT) to the mammoth ultra large crude carriers (ULCCs) of . Tankers move approximately of oil every year.UNCTAD 2006, p. 4. Second only to pipelines in terms of efficiency,Huber, 2001: 211. the average cost of transport of crude oil by tanker amounts to only US. Some specialized types of oil tankers have evolved. One of these is the naval replenishment oiler, a tanker which can fuel a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stripper Well
A stripper well or marginal well is an oil or gas well that is nearing the end of its economically useful life. In the United States a "stripper" ''gas well'' is defined by the Interstate Oil and Gas Compact Commission as one that produces or less of gas per day at its maximum flow rate; the Internal Revenue Service, for tax purposes, uses a threshold of per day. ''Oil wells'' are generally classified as stripper wells when they produce 10-15 barrels per day or less for any twelve-month period. Economic importance In the United States in 2015, 11 percent of crude oil produced comes from a marginal oil well, and over 85 percent of the total number of U.S. oil wells are now classified as such. There are over 420,000 of these wells in the United States, and together they produce nearly of oil per day, 18 percent of U.S. production. Additionally, as of 2006, there are more than 296,000 natural gas stripper wells in the lower 48 states. Together they account for over of natural gas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mediterranean
The Mediterranean Sea is a sea connected to the Atlantic Ocean, surrounded by the Mediterranean Basin and almost completely enclosed by land: on the north by Western and Southern Europe and Anatolia, on the south by North Africa, and on the east by the Levant. The Sea has played a central role in the history of Western civilization. Geological evidence indicates that around 5.9 million years ago, the Mediterranean was cut off from the Atlantic and was partly or completely desiccated over a period of some 600,000 years during the Messinian salinity crisis before being refilled by the Zanclean flood about 5.3 million years ago. The Mediterranean Sea covers an area of about , representing 0.7% of the global ocean surface, but its connection to the Atlantic via the Strait of Gibraltar—the narrow strait that connects the Atlantic Ocean to the Mediterranean Sea and separates the Iberian Peninsula in Europe from Morocco in Africa—is only wide. The Mediterranean Sea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
