Word: petroleum
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...RUDEIS OILFIELD. Israel will give up the 72 oil wells along the Gulf of Suez that now provide about half its petroleum. It will also give Egypt a narrow corridor of land along the gulf running south to Abu Rudeis. Israel is building a road around the oilfields so that it can supply its forces further south at El Tur and at Sharm el Sheikh, which controls the entrance to the Gulf of Aqaba. But in a unique and symbolically important part of the agreement, Israel will share parts of the existing road inside the Egyptian corridor until...
...seemingly endless battle over the future of energy policy in the U.S. Spurred on by Senator Henry M. Jackson and other presidential hopefuls, the Democrats sought to lower oil and gas costs by legislating a rollback of prices to levels far below those set by the Organization of Petroleum Exporting Countries. For his part, President Ford believed that only an eventual decontrol of prices-which would mean higher consumer costs-would encourage energy conservation, provide an adequate incentive for increased domestic oil production and ultimately render the U.S. less dependent on foreign oil supplies...
...would trigger only about a 3?-per-gal. rise, some other estimates keep coming in higher. Representative John D. Dingell, chairman of the Interstate and Foreign Commerce Committee's Energy and Power Subcommittee, calculates that gasoline prices could skyrocket to 90? per gal. Most experts doubt that the petroleum retailers will boost prices anywhere near that much, since the summer driving season will soon be over and demand for gasoline is softening. Petroleum Industry Research Foundation Chief John Lichtblau forecasts a 3½?-to 4?-per-gal. rise this fall, and perhaps another 1?-1½? increase next spring...
...household; the bite could rise to $2.50. Industrial users, of course, will pay much more-depending on the amount of gas they consume. The utility will periodically turn over the proceeds, which ultimately will amount to $313 million, to Atlantic Richfield Co. (Arco), the nation's ninth largest petroleum company. Arco will use the money to pay interest and other costs of borrowing funds to develop its big gas deposits on the North Slope of Alaska. In return for the advance of the money, SoCal Gas gets the exclusive right to negotiate for 60% of Arco's North...
...that oil companies have less money to spend: Congress has eliminated most of their depletion allowance, and their profits have dropped. Exxon, for example, reported a 34.3% decline in net from the second quarter, compared with 1974. But another reason is the discouragingly low rate of discovery. Says Petroleum Industry Research Foundation Executive Director John Lichtblau: "The plain truth is, we just haven't seen any results from the recent rapid pace of drilling...