Word: bigs
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
Oilmen now hope that a big new play will develop in some fairly promising areas of Oklahoma, Texas and, most important, the so-called Overthrust Belt in the foothills of the Rockies. Says Joseph Reid, president of The Superior Oil Co.: "The price for new gas and oil is such that people can afford to take more risks and drill deeper than when prices were cheaper. We are drilling in places where we previously would not have drilled. What was uneconomical is now economical...
People may not like it, but the U.S. badly needs the Sisters, the big independents and the wildcatters. The world requires more oil, and surely nobody knows how to find the crude better than oilmen do. Energy Secretary Schlesinger, who came into office both suspicious and wary of the industry, has since grown to appreciate the difficulties of the business. Says he: "The companies do a reasonably good job, far better than people are willing to recognize." In dealing with the OPEC countries, he continues, "the only alternative would be a Government purchasing monopoly, and the overall performance of federal...
Profits are shooting up because tight supplies worldwide have allowed oil companies to raise their prices just as the 13-nation Organization of Petroleum Exporting Countries has raised its own. Companies with big business overseas had certain advantages. Earnings in markets like West Germany, which has no price controls on petroleum products, climbed especially sharply. Also, the recent strengthening dollar against foreign currencies improved the overseas balance sheets of the companies...
...fact, Big Oil is hardly the voracious, devouring money muncher that the White House contends. That distinction belongs to OPEC, which provides the world with half its daily petro-ration and, by controlling the supply, fixes the price. Having hiked the base price 14.5% since January, the cartel has lately tacked on expensive premiums and surcharges and now threatens price increases in June. The rises are a major reason why inflation hit 13% in this year's first quarter...
...Seven Sisters dominate the industry, their influence and power are actually being cut down by the energy upheavals of the 1970s. This winter the worldwide shortage of crude has encouraged one nation after another, and numerous independent oil firms, to deal directly with OPEC, in effect short-circuiting the big multinationals. Says Thornton Bradshaw...