Word: petroleum
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...company's profit or loss. As a hypothetical case, depending on which of two methods of figuring the value of goods held in inventory was followed, an oil company in 1974 might have claimed a profit of $6 or a loss of $1 on each barrel of petroleum sold from stockpiles. Companies and their auditors have been known to switch from one method to another, which would enable a company to report the greatest immediate profit. In an effort to provide more uniformity, the Financial Accounting Standards Board (F.A.S.B.), a body set up by the industry itself, has been...
...were lining up at fuel-short gasoline stations, many American towns were extinguishing Christmas lights to conserve electricity, and a new Washington energy bureaucracy was drafting a program to encourage conservation and the development of domestic fuel sources so as to eliminate dependence on oil from the Organization of Petroleum Exporting Countries by 1985. Today, Project Independence is largely dead; federal energy analysts concede that there is no way for the U.S. to become totally independent of foreign...
Strong Demand. Oil company profits continued to improve moderately, helped by price hikes for gasoline and other petroleum products. Texaco's earnings were up 23% and Continental's 27%. Exxon, the industry leader, reported a decline of 2.6%, largely because of a drop in its foreign earnings. Other industries benefiting from price boosts were aluminum, copper and lead producers, along with electric utilities. Strong demand for all product lines also boosted profits of electrical equipment makers such as General Electric and RCA. Others scoring substantial second-quarter gains were producers of building materials, apparel and forest products; even...
...better than most countries in the hemisphere; the gross national product last year increased 4.5%, to $80 billion. Inflation, currently 15%, hit hard, but at a time when other developing countries were clobbered by high oil prices, Mexico has been opening up new oilfields and has even begun exporting petroleum. Many voters, though, are restless about the failure of a supposedly revolutionary party to solve such nagging social problems as high unemployment (estimated at 30%) illiteracy (27%), corruption, a top-heavy bureaucracy and blatant tax evasion...
...major question is how the new buildings should define the life of the city. Traditionally, that decision is left to individual developers. In Los Angeles, for example, Occidental Petroleum decided that the financial center would move south of the old downtown, and built its headquarters in the likeliest southern line of growth. But Atlantic Richfield and three banks bet the movement would be westward and built their towers accordingly. As things turned out, the west won, which leaves Occidental in solitary splendor, at least temporarily. Not that it matters: the building boom in Los Angeles is not only around...