Word: petroleum
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...even so, OPEC officials insist that there is nothing wanton or immoral about their policies. Cartel members point out that in Western Europe most governments still collect more in taxes on petroleum imports than OPEC does when it exports the crude. Eventually, everyone stands to lose. The world's poorest countries have borrowed so much to pay for oil that their accumulated indebtedness has risen to more than $210 billion. Such major U.S. lenders as Citicorp and Chase Manhattan have huge loans out to India, Pakistan, Turkey and many other countries. Fears are rising that sooner or later some borrowers...
OPEC'S production cutbacks are aggravating the operational headaches. To begin with, not every refinery can process every grade of crude. From high-quality Nigerian oil that contains almost no sulfur at all to the heavy goo that glubs from the ground in Kuwait, petroleum covers a wide range of viscosities and weights. But not all refineries can handle every kind of oil, and as OPEC's squeeze has intensified, supplies of light oil used for gasoline have tightened...
...Multinationals excluding government-owned oil companies operating in only one country. 1978 sales** Exxon $60,334,527,000 Royal Dutch/Shell $44,054,400,000 Mobil $34,736,045,000 Texaco $28,607,521,000 British Petroleum $27,390,915,000 Standard Oil of Calif. $23,232.413,000 Gulf Oil $18,069,000,000 Standard Oil (Indiana) $14,961,489,000 ENI (Italy) $12,500,000,000 Atlantic Richfield $12,298,403,000 Française des Pétroles $10,875,1 17,000 Continental Oil $9,455,241,000 Petrobrás (Brazil) $9,131,101,000 Elf -Aquitaine (France...
Carter has asked for legislation to tighten the loopholes that permit such abuses, but there is a common belief, fanned by some of the President's own charges, that Congress is a patsy for petroleum interests. The impression is strengthened by Congress's own inaction on energy policy. Sometimes, however, the foot dragging is actually helpful. Last week, for instance, a House committee sensibly refused to give Carter stand-by authority to order gas-station closings if supplies get too tight. The closings might well provoke motorists to start topping off their tanks, resulting in long lines at the pump...
...biggest changes in Congress in recent years is that it is no longer dominated by a few pro-oil titans from petroleum states. The industry still has powerful legislative pals, notably Louisiana Democrat Russell Long, chairman of the Senate Finance Committee. But legendary figures like Lyndon Johnson and Sam Rayburn of Texas and Oklahoma's Robert Kerr are long gone. Now the industry has to deal instead with all 535 members of the House and Senate. Explains one leading oil lobbyist: "The industry realizes that it has to speak to everyone and it tries. We let the facts speak...