Word: petroleum
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...OILFIELDS. Besides withdrawing from the passes, Israel will turn back to Egypt the Abu Rudeis oilfields; since being captured in the Six-Day War, they have furnished 50% of Israel's domestic petroleum requirements. Egypt will resume operation of the fields, acquiring access to them over an Egyptian-controlled highway along the Gulf of Suez coast. Israel will service its troops remaining in the area by means of a parallel road. In places where the two roads come close to each other, Israel will build detours in order to avoid incidents. The U.S., meanwhile, will guarantee Israel alternative...
Arab oil; it now draws 26% of its petroleum imports from Arab supplies (v. 16% in late 1974) and is more vulnerable to a new shutoff. More alarming is a looming shortage of natural gas, the nation's No. 2 energy source (it provides the fuel for an estimated 60% of U.S. industry and heats 55% of all American homes). That scarcity could become so severe next winter that natural gas would replace oil as the country's No. 1 energy worry. President Ford warned last week that the low gas supplies "will mean substantially less jobs...
...control of some basic raw materials to capture a greater share of global wealth. One illustration of the size of the threat is the disruption of Western economies caused by the huge price increases of the Organization of Petroleum Exporting Countries, most of whose members have centrally run economies. The oil-price crisis has slowed the economic growth that is one of capitalism's main justifications for existence...
...Justice Department: the power to press antitrust charges. To date, Engman's legal staff has brought no fewer than 31 antitrust suits, most notably its 1973 complaint against Exxon and seven other big U.S. oil companies. The FTC's argument: the firms control so much of the petroleum business-from wellhead through refinery to gasoline pump-that they effectively manage the market...
Garvin's corporate background is in transport, refining and marketing as well as chemicals-areas of the business that are increasingly important to Exxon now that governments in the Middle East and Latin America are squeezing the profits out of petroleum production. Garvin was marked as a comer at Exxon in the early 1960s. In 1965 he took over the company's chemical operations and helped turn them into the fastest-growing part of Exxon's business...