Word: petroleum
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...addition to the $14.55 base price set by the 12-nation Organization of Petroleum Exporting Countries (OPEC), members are allowed to add any surcharges they think the market will bear...
...biggest charges yet. Even as the General Accounting Office was leaking a report criticizing the Department of Energy for foot dragging in its petro-probes of smaller middlemen, DOE was accusing seven of the largest oil companies of overcharging refineries by $1.7 billion since 1973. The alleged method: selling petroleum at far higher prices than permitted under domestic crude-oil controls...
...companies vigorously denied the charges and responded that they had simply been trying to abide by immensely confusing DOE regulations. At issue is the seemingly simple distinction between "old" oil and "new" oil. Under the price controls that Jimmy Carter will begin to phase out next month, petroleum discovered before 1973 can be sold only at a price that now averages $5.86 per bbl. More recently discovered oil fetches $13.06 per bbl. The companies are accused of selling the old oil to refineries for the new-oil prices...
...investigators say that the companies just played fast and loose in interpreting the rules. One mind-boggling example of the old-new complexity: a now revised regulation stating that all petroleum pumped from a field that had even one well drilled before 1973 must be classified as being old oil. The idea was to stop companies from getting new-oil prices by drilling new wells into old reservoirs after 1973. The companies are accused of, among other things, ignoring this provision whenever they actually struck new oil in an old-oil field. Instead of selling it as old oil, they...
Until now Henry Irwin, 62, a West Pointer and former lieutenant colonel who resigned from the Army in 1947 after marrying Phillips Petroleum Heiress Elizabeth Phillips, was best known as a maverick Oklahoma presidential elector. In 1960 he ignored his pledge to Richard Nixon and voted for Virginia Senator Harry Byrd. Last week a court approved a settlement in which Irwin will be paid $1,600 a month by his exwife, as long as he remains unmarried. She herself had proposed a payment because of his lack of income. "It was just something I wanted to do," she told newsmen...