Word: petroleum
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...nagging long-run economic headache. Last week President Ford moved to increase U.S. production of nuclear fuel, Britain celebrated the start of oil production under the North Sea, and a new study indicated that the money piling up in the treasuries of the 13 members of the Organization of Petroleum Exporting Countries will remain a severe and highly unsettling problem for the rest of the world throughout the 1970s. Details...
...more than a dozen U.S. companies (including Northrop) to Richard Nixon's 1972 re-election campaign and found clues that some of the same companies had also made suspiciously large, undisclosed payments overseas, a probe of multinationals' operations has been widening. The SEC has already accused Phillips Petroleum, Ashland Oil and General Refractories of making overseas payments not properly accounted for on their books. Senator Church indicated that his subcommittee will call chiefs of other companies besides Northrop to testify. One likely target: Lockheed Aircraft. Last week Lockheed officials admitted making a $22,000 political contribution...
...drop in energy demand caused partly by the world recession, as well as the nine-month price freeze declared by the Organization of Petroleum Exporting Countries, has given the U.S. a brief respite from the energy crisis-a few months of abundant supplies and stable, though high prices. The nation should have used this period to plan strategy for freeing itself of its dangerous dependence on foreign oil. Last week it became painfully clear that the nation has instead fallen asleep in the eye of a storm. On Oct. 1, oil prices will almost certainly take another jolting jump...
...engineer named Jean-Claude Protta, 32. An avid ocean sailor, Protta took a 15-month, 12,000-mile cruise and came home in 1971 with a headful of ideas about new electronic equipment for navigation. He brought his plans to Oxy Metal Industries International (O.M.I.I.), a division of Occidental Petroleum, which was looking for new applications for metal oxide semiconductors (MOS)-the tiny components that engineers use to cram extremely complex circuits onto silicon chips less than a quarter of an inch square. MOS had already proved their value in the U.S. space program for which they were developed. They...
...develop additional sources of energy that would make the industrial world independent of the oil cartel. Yet, as Kissinger conceded, there is nothing that the consuming nations can do in the next several years to prevent oil producers from raising prices whenever they want to. Indeed, the Organization of Petroleum Exporting Countries may hike world prices by as much as $2 per bbl. in September-a move that would give the American economy a vicious double jolt if Congress and the President let all U.S. price controls die a month earlier...