Word: petroleum
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...consumer who wanted to know where the power lay in the world oil business once had only to memorize the names of the "seven sister" international companies: Exxon, Royal Dutch/Shell, Gulf, Texaco, Mobil, California Standard and British Petroleum. Now he must also learn such less familiar names as National Iranian, Petromin and Pertamina. They are among a host of government-owned companies that are muscling in on the majors' market by taking over many of the seven sisters' operations outside...
...similar nationalization or by negotiating "participation" agreements, nearly every producing nation has entered the oil business. From Abu Dhabi to Zaire, government-owned firms are asserting more and more control over drilling, pumping, refining, shipping and pricing local petroleum. They already have played a key role in pushing prices to undreamed-of heights: several have auctioned off oil for $14.69, $17.34 or even $20 per barrel...
...NATIONAL IRANIAN OIL CO. is the biggest and most sophisticated government firm. Iran nationalized petroleum in 1951, and N.I.O.C. controls all oil production, pricing and exploration in the country, which has reserves of 60 billion bbl. Pumping the oil is left to a foreign consortium-including British Petroleum, Gulf and Exxon-that is allowed to buy most of the oil that is lifted. Of the 5.7 million bbl. pumped daily, about 600,000 bbl. go directly to N.I.O.C., which refines and markets this amount for use within the country...
...Some cities that are particularly close to refineries and oilfields, like Houston, or have better than average distribution faculties, like Atlanta, tend to get petroleum supplies quicker than less well-located metropolitan areas. The Midwest is well supplied by pipelines from Canada...
...Areas that were greatly dependent on imported oil, notably the Northeast, have been hit especially hard by the Arab embargo. The U.S. normally needs 7 million to 8 million bbl. of imported oil and petroleum products daily, but imports are down to some 5 million...