Word: petroleum
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...report estimates that since 1967 the world's economy has lost $10 billion to higher shipping costs and a decline in trade because of the canal's closure. When it is reopened, one-third of the world's tanker tonnage can cut the journey from the petroleum fields of the Persian Gulf to the ports of the Mediterranean by 16 days of sailing time. For U.S. military strategists, however, there is one drawback to clearing the canal. It will reduce from 11,000 miles (via the Cape of Good Hope) to only 2,200 miles the Soviet...
...look oversize partly because there was still some price cutting in oil in early 1973 and profits then were closer to normal levels. In addition, the subsequent rise in prices has generated large "inventory profits"-one-shot gains made by selling at today's high prices stockpiles of petroleum products built up months ago at the much lower rates prevailing then. Also price controls in the U.S. allow oil companies to pass on to consumers increases in the cost of foreign crude...
...profits should level out later this year, partly because increased supplies of some petroleum products-notably home heating oil-have taken the steam out of price rises. Yet even before last week's reports, oil profits had become substantial by almost any measure. According to First National City Bank, the industry's profit return on net worth for 1973 was 15.6%, a shade higher than the average for all manufacturing companies; oil profits in 1973 were 8% of sales, v. 5.6% for all manufacturing...
Most likely to help themselves are seniors with engineering degrees; they are receiving 59% of all job offers. Average starting salaries now range from about $11,500 for a civil engineer to $12,900 for a petroleum engineer-the best since the heyday of the space age. The demand is a legacy of the energy crisis, says Mike Donohue, placement director at the Georgia Institute of Technology. "So many manufacturers have been affected by a shortage of oil or oil derivatives that they have to make more efficient use of materials. The problems are technical problems, and it will take...
...might indicate, Japan's future in Siberia is still so uncertain that many diplomats wonder if last week's deal will come off at all. As recently as this month an agreement looked more unlikely than ever. The Japanese have stipulated that two interested U.S. firms, Occidental Petroleum and El Paso Natural Gas, be brought into the gas exploration venture because of their expertise in that activity, and that the U.S. put up an equal amount of money for the venture. The Soviets are amenable, but Congress lately has been opposed to granting the Export-Import Bank credits...