Word: shell
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...scandals. The first goes back to 1971, when an independent oil distributor charged that the multinationals were trying to squeeze him out of business by not selling him supplies. Last week the government handed down indictments against 15 oil-company executives, including top figures at Mobil, Shell, Esso and Total. The decision fuels the other scandal, in which the same companies have been accused by Finance Minister Valery Giscard D'Estaing of playing favorites during the Arab oil crunch. They are charged with supplying longtime independent clients while cutting off some newer firms...
Early last month, an eight-page letter from the Ministry to the European Commission of the Common Market was leaked to the press. It alleges that Shell, BP, Chevron, Mobil and Esso conspired to drive out independent oil marketers, juggled their books to avoid paying West Germany's high taxes and engaged in price fixing. The oil firms deny all the charges, and the government refuses to comment on the letter. Relations between both sides have never been worse...
Small Pockets. This barge, one of four scattered across the angry seascape of the Canadian continental shelf, belongs to SEDCO, Inc. and is leased to Shell Oil for a five-hole exploration at an estimated cost of $11.5 million. So far, only one wildcatter on this portion of the shelf has found any oil, and that was only in small pockets. But Gil Baucheis, "tool pusher" or chief honcho aboard SEDCO's barge, points out that wildcatters drilled in the North Sea for ten years before striking huge reserves...
These are so rare that they count among nature's most valuable freaks. Indeed, prices for drilling rights around P. G. & E.'s plant have soared from 20? an acre a decade ago to the almost $1,360 an acre that Shell Oil recently committed itself...
Even so, TIME'S Saigon Bureau Chief Gavin Scott last week found that many of the city's inhabitants remain afraid of terrorist raids and further shellings. Public schools were still closed to avoid the tragedy of an artillery shell's hitting a crowded classroom. Last week workmen were installing bulletproof glass in the foyer of the U.S. embassy (even as American Charge d'Affaires Thomas Enders assured the capital's populace that "the enemy is failing"). The Australian and British embassies have sandbagged their front entrances, and half of the city...