Word: petroleum
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Last week two more oil majors, following the lead of Exxon and Texaco, announced that they were gloomy enough over the continuing world oil shortfall to begin rationing fuel to big customers. Phillips Petroleum and Shell, the nation's largest gasoline seller, have either cut refinery output or reduced dealers' delivery allocations; the cuts range from Shell's maximum of 8% to Phillips' much more drastic 30%. And the reductions could get worse. "After the second quarter, it's anybody's guess what will happen," says an Exxon spokesman...
Stevenson urges the establishment of a Government-controlled corporation to explore for oil around the world and negotiate prices with petroleum-producing nations. "We leave ourselves at the mercy of a few multinational corporations that have no incentive to bargain for low prices," he says...
Another unpopular measure to spare energy would be to moderate some antipollution regulations. The American Petroleum Institute estimates that the extra crude required to make unleaded gas for new cars with catalytic converters amounts to 140,000 bbl. per day, and the Department of Energy figures that yet another 500,000 bbl. will be added to daily demand if the next legally mandated reduction in gasoline additives goes through as scheduled in October...
Schlesinger's running war with the Mexicans started in December, 1977 when Foreign Minister Santiago Roel and Petroleum Chief Diaz Serrano came to Washington to seek approval of an already negotiated deal between their government and U.S. pipeline companies for Mexican natural gas. The tentative agreement would have delivered 2 billion cu. ft. of gas per day to the U.S. at $2.60 per thousand cu. ft. More important, the deal would have helped speed up the development of the Mexican oil industry. But Schlesinger dumbfounded his visitors by stating that the proposal was unacceptable; the Mexican price...
...overplayed the perils posed by the Iranian oil shutoff, quickly sought to explain that the Secretary was trying to promote "prudence, not panic." Indeed, the Iranian situation is already having a significant adverse effect on oil supplies. Since late December, lost Iranian production has been causing a worldwide petroleum shortfall of approximately 2.5 million bbl. a day. That is almost exactly the same amount that was lost during the 1973 Arab embargo, and oil companies are being forced to dip ever deeper into their inventories to make up for it. Last week Texaco, Shell and British Petroleum announced delivery cutbacks...