Word: petroleum
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...heading into a troublesome energy shortage before Arab nations clamped an embargo on oil exports last October-and it could still have one now that tankers are again unloading Arab petroleum at American refineries. Indeed, unless Americans continue the conservation habits they learned during the embargo crisis and push hard to develop alternate sources of energy, nagging scarcities could persist far into the future...
...importance of continued conservation is underscored by two sets of estimates from the Federal Energy Office. If demand is unconstrained, FEO figures, petroleum supply this quarter will fall 6% short of potential use. The shortfall would be 3% in the third quarter and 4% in the fourth. Gasoline shortages would range between 2% and 5% for the rest of this year, and residual oil used to power electric generators would fall a dangerous 13% below demand in the months immediately ahead. On the other hand, FEO analysts reckon, with effective conservation the gap between supply and demand for all petroleum...
Ever since the Organization of Petroleum Exporting Countries began raising oil prices unilaterally last fall, the industrialized world has had a nagging fear that producers of some other major commodity would follow their example. Last month it happened: seven nations that produce 80% of the world supply of a widely used commodity banded together to increase export taxes a staggering 4,900%. The product: bananas...
...banana republics claim that they need extra revenue partly to pay the higher oil prices posted by the petroleum cartel. The export price of bananas has remained flat for two decades at about 80 per Ib., while retail prices have climbed steadily, mostly to the benefit of three U.S.-owned companies that grow, ship and market the fruit: United Brands, Del Monte and Standard Fruit & Steamship. Acting singly, the growing countries could not get a bigger slice of the banana pie. Unlike petroleum, bananas cannot be stockpiled; in fact, they must be eaten within twelve days of being picked...
Still a director of Mobil, Nickerson's resume reads like a textbook example of an industrial titan. He has been on the board of directors of six corporations and banks, the executive committee of the conservative National Alliance of Businessmen and the American Petroleum Institute. He has been chairman of the advisory committees of the U.S. Department of Commerce and of the Federal Reserve Board of New York. He is a trustee of Rockefeller University and the American Museum of Natural History, and a member of the prestigious Council on Foreign Relations. And since 1965, he has been a Fellow...