Word: texaco
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...from last year throughout the Northeast, the region that uses the most fuel. Even more important has been the drop in gasoline use. Last year prices rose 35%, to a current nationwide average of approximately $1.09 per gal. for unleaded regular, and last week several oil companies, including Texaco, Shell and Chevron announced new increases of from 2? to 5? per gal. As prices have climbed, consumption has slumped to about 95% of 1978's level...
...from 4? to 8? to the retail price of a gallon of gasoline in the coming weeks, and 3? to 7? to the cost of home heating oil, a major expense for consumers in the import-dependent Northeast. Several of the largest oil companies, including Exxon, Mobil, Chevron and Texaco, last week announced wholesale gasoline price increases of 6? to 10? per gal. This signals further sharp rises at the pump in the weeks ahead for motorists, who are already paying an average nationwide price of about...
Nobody will be following OPEC'S maneuverings in Caracas this week more closely than the executives of a highly secretive oil Goliath that many people have never heard of. The Arabian American Oil Co., or Aramco, is the Delaware-based firm that is jointly owned by Exxon, Mobil, Texaco and Standard Oil Co. of California. Under a geographic concession nearly as large as the state of Oklahoma, Aramco pumps almost all the oil that flows from the Croesus-rich fields of Saudi Arabia. But in Riyadh and Washington alike, Aramco is now feeling heat...
...unregulated markets outside the U.S., Aramco's proud parents have been able to sell their gasoline, heating oil and other products for high prices even though these fuels were made from the lowest-cost cartel crude. Largely as a result, third-quarter profits of Exxon, Mobil, Texaco and Socal jumped by anywhere from 73% to 211%. The revenue surge enraged the Saudis; Oil Minister Ahmed Zaki Yamani argues that Aramco's parents have been grossly profiteering from Saudi "generosity," suggesting that last week's Saudi price rise of $6 per bbl. was in part at least...
...Meanwhile, the Environmental Protection Agency gave permission to New England's largest power plant, the Brayton Point utility in Somerset, Mass., to conserve more oil by converting two of its four generators to burn low-sulfur coal. The energy supply picture also looked a bit brighter because Texaco announced a new find of natural gas in the Baltimore Canyon off the New Jersey coast...