Word: petroleum
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...taken away from every federal official except President Nixon and Vice President Ford, and all federal vehicles will be driven 20% fewer miles. Parking space in Government lots will be assigned not by rank but by the number of passengers arriving in each car. Surveillance will be placed on petroleum exports, which are minuscule in proportion to U.S. consumption but a prime source of suspicion to skeptics who still see the energy shortage as a plot...
VENEZUELA, which already boasts the highest per capita income in South America, is becoming even wealthier because of soaring oil prices. Petroleum production has been held to about 3,500,000 bbl. a day for several years. But because of increases in government taxes and royalties levied against foreign firms drilling in the country, Venezuela's oil revenues have leaped from $1.9 billion in 1972 to nearly $3 billion this year. Since January alone, the price of the country's oil has doubled...
...course Nixon's basic piece of empirical data is accurate. There is not enough usable energy around to satisfy everybody's current desires. Although no real long-term shortage of energy exists, the energy sources that the world can speedily tap--principally petroleum and its byproducts--are suddenly in short supply...
...ungentlemanly American tricks. Even Nixon's handpicked energy czar, William Simon, says that the Arab embargo is only a convenient focal point, a catalyst that has speeded things up a bit but not changed the basic picture. Or as Frank Ikard, president of the conservative American Petroleum Institute, put it: "We are going to be short of energy for our homes, our industries and our transportation this winter, next winter and the winter after that, no matter what the Arab nations do or do not do about their oil embargo...
...fuel shortage can be traced to anyone, it is the oil companies. Motivated by a desire for higher prices, they have conscientiously failed to keep petroleum refinery capacity on a level with demand. Even without the Arab embargo, insufficient refining capacity will leave the nation short of gasoline and home heating oil. And not one new refinery is currently under construction in the United States...