Word: petroleum
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...people, it is the oil companies." The companies, which have suffered a series of blows in recent years, including nationalization of many of the foreign oilfields they developed, have pulled out all stops in a multimillion-dollar lobbying campaign to defeat the bill. In the view of American Petroleum Institute Vice President Charles DiBona, "There couldn't be a worse time to even be considering this economic tomfoolery...
...service stations and other marketing facilities, they could not buy more. Companies that decided to become either producers or refiner-marketers would have to spin off their pipelines. To handle the lawsuits that would arise from the sale of some operations and the establishment of new companies, a Temporary Petroleum Industry Divestiture Court would be established with powers equal to those of a federal district court...
Supporters of the Bayh bill, which include labor unions and consumer and environmental groups, argue that putting the giant firms on the chopping block would open the market to greater competition, end price discrimination by the majors against independent marketers and ultimately result in cheaper petroleum products. More important, they insist that splitting up the industry would stiffen its approach to oil-producing countries, which have quintupled the price of crude in recent years. A fully integrated company, the critics say, has a vested interest in playing ball with the producers, while a marketing and refining firm without producing interests...
...Exxon, Texaco. Mobil Oil, Standard Oil of California, Gulf Oil. Standard Oil (Ind.). Shell Oil, Atlantic Richfield, Continental Oil. Phillips Petroleum, Union Oil of California, Sun Oil, Ashland Oil, Cities Service, Amerada Hess, Getty Oil, Marathon Oil. Standard Oil (Ohio...
...million per year). Nonetheless, India's recent gains have been impressive. Last year, for instance, largely because of the high prices of imported food, fertilizer and oil, the country suffered a record trade deficit of $1.2 billion. Now, as a result of an intensive campaign of exploration, some petroleum experts believe India can be self-supporting in crude...