Word: petroleum
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Some experts are also worried about the $17 billion or so in bank loans to companies that pledged oil tankers as collateral. Petroleum shipments are still being held down by the lingering effects of recession, the spot market price for tanker charters has plummeted, and construction of new tankers has all but ceased. If the loans go bad, the banks will be left to dispose of vessels that probably will not bring nearly a high enough price to repay the loans. Finally, bank holdings of municipal notes and securities, especially those of New York City, have fallen sharply in market...
...prime goal of U.S. oil diplomacy over the past two years has been to break up the Organization of Petroleum Exporting Countries. The U.S. tried to weld consuming countries into a bloc that would reduce oil imports and accelerate development of alternative sources of energy, with the aim of shrinking OPEC revenues enough to prod some of its 13 member nations to cut prices, thus dissolving the cartel. The strategy seemed justified: OPEC's quintupling of prices since late 1973 has aggravated both inflation and recession in industrialized countries. But the attempt simply did not work...
...supreme, the price of a gallon of gas rose less than 70% during the same period. Though it increased its prices almost six times more than the oil giants did theirs, the U.S. Postal Service kept losing money at a continually accelerating rate, while the executive boardrooms of the petroleum industry filled up with "obscene" profits...
Joint Ventures. Aside from the replacement of foreign directors by Venezuelans, the most conspicuous immediate changes in the way the oil industry operates in the country will be changes in the names of the companies now under Petrovén. Creole Petroleum will become Lagoven; the former Shell subsidiary will be known as Maraven. One cautious provision in the nationalization law even permits Petrovén to undertake joint ventures with private foreign companies in any petroleum-related field, such as shipping or exploration...
...reason for the shortfall is Venezuela's refusal to lower crude oil prices below the minimums set by the Organization of Petroleum Exporting Countries. Another reason is a worldwide glut of petroleum...