Word: petroleum
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ROUND 3. Also in February, Deputy Treasury Secretary William Simon was made head of the Government's Oil Policy Committee. When spot shortages of gasoline began to appear in the late spring, he decided that some allocation of petroleum products was necessary and prepared a voluntary system to accomplish it. The morning he was scheduled to present it to Congress, DiBona appealed to Simon's boss, Treasury Secretary George Shultz, to block the testimony. Shultz refused to interfere and the program was adopted...
...medium through which the developed world views the Middle East conflict. Some of the oil producing countries have indicated previously that they have no incentive to increase their output of petroleum. Yesterday, the Organization of Petroleum Export Countries, which includes all oil producers and not only the Arabs, unilaterally raised the oil price by seventeen percent. Saudi Arabia has indicated that it will reduce its oil production in retaliation for United States support for Israel. The Arabs have been tiring of the large amounts of devalued dollars they were accumulating from oil sales, and the steps that they have...
Although the world's growing dependence on petroleum seems to guarantee it a prosperous future, Gulf Oil Corp. has been casting a covetous eye on companies in unrelated industries. Last week it announced which it would like to pick: Chicago's CNA Financial Corp. (1972 revenue: $1.6 billion), which has interests in insurance, consumer credit and real estate. Gulf proposes to pay in securities worth roughly $800 million, making the prospective acquisition one of the biggest ever...
First came the artillery barrage: a series of ads In U.S. and European newspapers warning petroleum buyers that Texaco Inc. would "pursue all legal remedies to recover crude oil illegally taken from it in Libya." Almost Immediately, the attack began. Texaco and Standard Oil of California sued in Italy to recover from a Sardinian refinery a total of 640,800 bbl. of crude. The companies contend that the oil was pumped from their concessions in Libya and sold by the government of Colonel Muammar Gaddafi in violation of their contract rights...
Legal skirmishing over Libyan oil started in late 1971, when British Petroleum filed the first of several suits against Italian and Greek purchasers of oil from a field that Gaddafi had nationalized. American companies were not then involved, but on Sept. 1 this year, the militant Gaddafi decreed that Libya would take over a 51% interest in all foreign-owned oil operations and pay the companies what they had actually invested, less depreciation. The companies were given until the end of September to agree, or risk 100% nationalization. Such big firms as Exxon and Mobil refused, and are seeking much...