Word: aramco
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...suave Oil Minister, Ahmed Zaki Yamani, told TIME Correspondent Wilton Wynn, "In the past year we discovered more oil than we produced. In the future, we will double our reserves." At present the country is producing about 9 million bbl. a day, but Frank Jungers, chairman of Aramco, the once American-owned consortium, says: "We're headed for 16 million bbl. daily production capacity by 1982." Aramco will be 100% bought out by the Saudi government by year's end, but its American management has been retained...
...warm weather reduces heating-oil demand, the world oil market has softened somewhat, making price more important than ever. As a result, Saudi and Emirate sales have been soaring; Saudi output, averaging 10 million bbl. per day, has increased more than 15% since last year. A fire at an Aramco facility has temporarily crimped Saudi performance. Still, the big losers in the price competition have so far been Iran, whose production last month fell 16%. to 5.41 billion bbl., and Iraq, whose output is nearly one-third below its 1976 level...
...producing countries are making plans to cash in on the rich American market. For example, Saudi Arabia recently decided to pipe its gas instead of simply flaring it off. To get the job done, the Saudis signed a $7.5 billion contract with the Arabian American Oil Co. (Aramco), which eventually intends to export gas to the U.S. Iran is sinking $6 billion into liquefaction plants and a fleet of 35 LNG carriers to ship gas to its American and European markets beginning...
...University has never interfered with the outside consulting work of individual faculty members. But Aramco contacted Crum because he is a Harvard faculty member, and Crum uses that position when he deals with the company. There is no room here for people who use their connection to the University to give implicit support to racist policies. Lawrence E. Fouraker, dean of the Business School, made no effort to stop the Aramco program, although his permission was required before the program could take place. He dealt with the request, he said, as he would deal with similar requests from any company...
...able to go work there. His decision should be applauded as an appropriate one. But the Harvard community is also made up of private individuals. As long as they refuse to take the kind of position the administration took last spring in their dealings with companies like Aramco, the University will be tainted by their amorality. Value-free social science does not exist in the real world, and those like Crum who profess to practice it are in fact supporting the status quo. In places like Saudi Arabia, this is not only reprehensible but racist. No Harvard affiliate should accept...