Word: petroleum
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...since they began wrangling over energy policy six months ago, President Ford and the Democratic leaders of Congress have known that at most they had only until Aug. 31 to reach agreement: if no new legislation is signed by then, price controls on domestically produced oil will expire and petroleum prices will shoot up faster than either side wants. Actually, the effective deadline was Aug. 1, since Congress regularly adjourns then for one month or more. Yet it was not until the end of last week, with a scant five days left for legislative action, that the outlines...
Reksten also signed a contract in 1973 for construction of four new 420,000-ton supertankers to add to his fleet of a dozen. But the world recession and quintupled prices for oil depressed demand for petroleum and thus for tankers. As a result, Reksten canceled the contract, and now must pay Norway's Aker shipyards damages of $67 million. The Norwegian government this month came to his rescue: it agreed to buy shares in several Reksten companies for $35 million. The government will become sole owner of an oil-rig contracting firm, but Reksten will keep control...
...million. On paper Reksten can pay: his ships are still worth about $250 million. But that figure can comfort only his bankers, primarily Britain's Hambros group, who can claim some of his ships as security for loans. Most experts think that high oil prices will hold down petroleum demand and keep tanker rates unprofitable even after the world recession ends. Meanwhile, Norway's magnificent fjords, the Persian Gulf and many of the world's ports are clogged with idle tankers, including eleven of Reksten's twelve...
...House bill is a massive attempt by Democrats to throw the full weight of the U.S. Government against the price-setting power of OPEC and thus roll back the price of petroleum. It would reduce the price of "new" domestic crude (oil in excess of what was produced in 1972) from its present $13 per bbl. to $7.50. Producers in especially high-cost drilling areas, like offshore, would be allowed to charge $8.50 per bbl. The price of "old" domestic crude, which is now frozen at $5.25 per bbl., would be allowed to rise to $7.50 also-but only over...
Under Scrutiny. Consisting of New England Petroleum Corp. and some 40 affiliates, Carey's company supplies oil to New York State utilities and others along the Eastern seaboard. It also explores in the North Sea, pumps crude in Abu Dhabi, refines in the Bahamas, ships round the world by tanker, truck and pipeline, and owns storage terminals with a capacity of 25 million bbl. Most of the Carey Corp.'s business is with industrial customers. But a subsidiary, Burns Bros., supplies heating oil to New York metropolitan-area homes. In Canada, the group's Caloil affiliate sells...