Word: petroleum
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...partly as a way to funnel his millions (one published estimate, disputed by the Buckleys as too high, is $170 million) to his ten children. Each inherited 9.8% of the firm's stock. The only non-family shareholder is Reasoner, who holds 2%. Catawba owned no mineral or petroleum lands of its own. But it controlled six other publicly owned corporations...
...appearances, it was like any other meeting of the 13 nations that make up the Organization of Petroleum Exporting Countries. The usual parade of Mercedes-Benz limousines rolled up outside the swank Inter-continental Hotel in Geneva, where they were met by a cordon of gray leather-jacketed Swiss police and platoons of reporters and photographers. Inside, the oil ministers lived like the modern-day kings they have become. They dined on sumptuous meals that included filet de truite fumée, poussin de Bresse aux morilles and coeur de Charolais róti aux herbes...
OPEC members arrived in Geneva resigned to lowering their official price toward the Saudi level, if the Saudis would reduce their production to eliminate the petroleum glut. Even though the meeting started eleven hours after the Senate agreed on the sale of AWACS planes to Saudi Arabia, the action in Washington had no effect at all on oil politics at the session...
...last week's meeting wound down, Indonesian Energy Minister Subroto said: "The average price of OPEC oil will change very little." In fact, for Italy, West Germany and The Netherlands, which obtain relatively more of their crude from producers other than Saudi Arabia, the decision will mean lower petroleum prices. The U.S. gets only 17.5% of its imported oil from the desert kingdom, but prices may rise because its other suppliers like Mexico-and even those in the U.S.-are likely to move up to the new unified OPEC price. The cost of gasoline in the U.S. is expected...
Energy, too, will remain a problem, particularly with recently announced price hikes by the Organization of Petroleum Exporting Countries. The Faculty's conservation programs have helped keep the rate of increase of energy costs to a manageable 20 to 25 per cent annually over the last several years, but officials say the potential for new conservation may not be great enough to keep rates of increase at those levels over the long term. Nevertheless, the Faculty's 1981-82 budget assumes no increases in energy expenses over...