Word: arco
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...Pacific took six weeks, and no wonder. The ocean-going tug Arctic Shiko had quite a cargo to haul: a complete seawater treatment plant, longer than two football fields, 110 ft. high and weighing in at 26,000 tons. Built in South Korea and designed by Bechtel for Arco Alaska at a cost of $350 million, the STP has been floated into position in Alaska's Prudhoe Bay. Toward the end of the 4,000-mile journey, summer ice and high winds in the Bering Sea became a problem, but the huge plant managed to beat the feared September...
...MUST HAVE felt good to be one of the folks who hackled Jerry Falwell when the fundamentalist preacher spoke at the Kennedy School's ARCO Forum last Monday. For many liberal college students. Falwell embodies the worst of the New Right's arrogant dogmatism and political backwardness, and his appearance provided a golden opportunity to shout "the Moral Majority is neither" right in the face of the man who founded that New Right lobbying group and gave it its presumptuous name. Snickering and hissing at Falwell released pent-up anger at the Reagan Administration's attacks on gays, women, Blacks...
Critics charge Arco with imaginative bookkeeping. North Slope oil carries a federal windfall tax averaging about 68%. State charges add another 23%, for a total of 91%. If a company can juggle its books to transfer profits from its drilling operations to other areas, it can reduce the amount that is exposed to the high tax rate and pay the corporate rate, no more than 46%, instead. Critics contend that Arco does this by inflating its transportation costs. The company charges itself a high freight rate of about $4 per bbl. on oil it ships in its own tankers...
...Arco energetically denies that it is sheltering windfall profits in its transportation operation. Says George Babikian, senior vice president for marketing: "That is patently false." He asserts that it is "common practice" to classify tanker shipments from Alaska as foreign activity. As for the risk premium, he says, "Sure, we own the boat. We invested money to buy the boat, and we are entitled to a return on our investment...
There have been a few signs of a temporary truce in the gas war. Last month Arco raised the price it charges its dealers by 30 per gal. Some analysts predict that prices everywhere will rise about 40 to 60 per gal. at the beginning of the summer, with the onset of the heavy driving season. Even so, with refiners scrapping for a share of a declining market, there are likely to be more salvos in the price-cutting...