Word: petro
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Typical of the aggressive, independent energy gamblers who are settling in Denver is Jerome Lewis, president of Petro-Lewis Corp., one of the country's 15 largest independent oil exploration and production companies. Lewis began as a consultant eleven years ago, and today he holds an interest in 11,000 wells in 21 states. Sitting amid the chrome and crushed velvet of Denver's Petroleum Club, Lewis gestures toward the Rocky Mountains still glazed with snow and exults: "This is today's big oil frontier. It is the most exciting thing in America's energy equation...
...that those mile-long gasoline lines are evaporating and Government officials are cautiously speculating that there may be enough heating oil to go around next winter, is the petro-squeeze of 1979 coming to an end? Not if OPEC can help it. To keep the market squeaky tight and prices high, a growing number of oil-producing states are either cutting back on exports or threatening...
...prices climb and lines form at the pump, more and more harried motorists are taking the plunge. Not off the nearest cliff-but into their own new swimming pools. One of the byproducts of the petro woes is that sales of backyard pools are expected to top 115,000 this year, up 20% from...
...supposed to be the price rise that would somehow stabilize the chaotically climbing cost of petroleum on world markets. So much for wishful thinking. Instead of a single, stable price for crude, the 13-nation Organization of Petroleum Exporting Countries last week gave the oil-thirsting world its worst petro-gouging in more than five years. Rich and poor alike, the oil-importing nations are still struggling to recover from the recession that followed OPEC's huge price rises of 1973 and 1974. The latest assault, which is expected to send an incredible $182 billion cascading into the cartel...
Last week's events should have made even clearer that the world's petro-woes are caused not by the oil companies, not even by the bureaucrats, but by the cartel. Whatever their past excesses, it is not the companies but OPEC's members that have banded together to exploit the world shortage of oil and to make that shortage more acute by holding back production. The response of the industrial nations, a forced limit on petroleum imports, will, their leaders agree, bring about a lowering of living standards. In the immediate future, the U.S. most likely...