Word: petroleum
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Worse, and more fundamental, was the Administration's handling of Mexico's plans to obtain $2 billion a year in foreign exchange by exporting natural gas to the U.S. from the Reforma petroleum field near Cactus. Negotiations with six U.S. companies were almost complete and a 900-mile, $1.5 billion pipeline was under construction when Schlesinger abruptly vetoed the deal because Mexico's price of $2.60 per 1,000 cu. ft. was higher than the $2.16 being charged by Canadian suppliers. López Portillo vowed to burn off the gas and leave...
...news conference after Carter left, Lopez Portillo announced that Carter reached on petroleum sales to the U.S., but that the talks with Carter "will provide the foundation for future agreements, adding. "I am deeply satisfied with the result of this meeting...
...following morning Teng was all business again. At breakfast with 50 editors and publishers, he expressed the hope that China eventually will rival in. oil exports the members of the Organization of Petroleum Exporting Countries. To develop its vast oil reserves, China will first need U.S. drilling equipment and technology. Teng got a look at both after breakfast at the Hughes Tool Co., where he finished the Houston leg of his trip by touring two dark, noisy and almost fully automated plants...
...Western goods. In less than a decade, the country's per capita income has jumped from $200 to $1,500. Yet the Iraqis have managed to hold their inflation rate to 8%. They have also held foreign influence over their oil industry to a minimum. Says an Iraqi Petroleum Company official: "We are the only Arab country that can make this claim: we run our oilfields without the help of a single foreigner...
...embargo discourage investment in new refineries because the return on investment is too low when compared with that produced by other operations. As supplies diminish, more and more oil firms are limiting deliveries of both leaded and unleaded to dealers. Two weeks ago Texaco joined American Petrofina and Phillips Petroleum in allocating supplies, and last week Chevron sought Government permission to take similar steps. Says Texaco Vice President Annon Card: "If demand keeps going up, we'll have even greater problems as we get closer to the peak driving season...