Word: squeezees
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For the second time in a decade, energy scare stories have become the stuff of headlines: motorists who confront the prospect of a summer of gasoline shortages at $1 per gal.; homeowners who have visions of dollar bills fluttering up the chimney every time the oil burner in the basement...
Are the companies creating a phony shortage? No. The crisis is real. World supplies are limited, and the present squeeze has been caused by cutbacks that began in Iran last autumn and have spread to other producing countries.
The senior Sister of the sorority, Exxon, has the highest visibility, not only in OPEC, but in the U.S. as well. As the energy squeeze has worsened, the company has grown so preoccupied with its public image that these days it spends 78% of its $18 million network-TV and...
OPEC'S production cutbacks are aggravating the operational headaches. To begin with, not every refinery can process every grade of crude. From high-quality Nigerian oil that contains almost no sulfur at all to the heavy goo that glubs from the ground in Kuwait, petroleum covers a wide range of...
What is needed, of course, is an energy policy to lead the U.S. from its dependence on petroleum, especially imports. Energy Secretary James Schlesinger is probably too pessimistic when he warns that a severe global supply squeeze could come as early as the mid-1980s, but the nation will be...