Word: crude
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Dates: during 1970-1979
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...only well-staged sequence is the fight, which is sufficiently suspenseful and lifelike to save the movie from box office disaster. With the addition of Dolby Stereo this time around, every left hook sounds like a rocket taking off in Star Wars. Otherwise, the direction is crude...
Forty dollars a barrel for oil? With the official world price at $14.55 per bbl, the notion sounds incredible. But not to oilmen. Items: when the Persian Gulf sheikdom of Abu Dhabi two weeks ago offered a shipment of high-grade, low-sulfur crude for sale at $40 per bbl., it found an immediate and eager buyer in Japan; Ecuador had no trouble getting $36 per bbl. in a sale of its own; Standard Oil Co. of Indiana admits difficulty in scraping up supplies for less than $35 per bbl. anywhere...
...third, time in six months, the price-fixing cartel will lift the cost of its crude, and the question is how much more of such treatment the world economy can endure. Since last December, official, cartel-wide increases have pushed up the basic cost of mankind's most important energy resource by 14.5%, gravely inflaming global inflation. Worse, surging demand has enabled the OPEC nations to tack on one premium and surcharge after another, raising the actual price for most grades by as much as 30%, to $17 or more per bbl. Next week such cartel militants as Iran...
...remarkable press conference last week, Energy Secretary James Schlesinger expressed optimism about gasoline supplies for the remainder of the summer on the basis of a one-week increase in foreign oil imports. Yet almost in the next sentence, he was attacking the oil industry for not refining the crude as rapidly as in previous weeks. While he was speaking, lines of motorists at Washington, D.C., service stations were reaching their longest lengths since the 1973 Arab oil embargo...
...would permit the Government to become the buyer of last resort for up to 500,000 bbl. daily of oil from coal, shale and other alternative sources. That would amount to about 8% of current U.S. imports. For now, the synthetic fuel is too expensive to compete with OPEC crude, but the Government's guaranteed market for the product would encourage companies to invest and get the new industry off the ground...