Word: crude
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Dates: during 1970-1979
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...deliveries are rapidly being pared back to stretch dwindling inventories. Exxon's supplies are becoming so tight that last week the company had to impose an $8 limit on gas purchases at its stations along the heavily traveled New Jersey Turnpike. Exxon also said it would not renew crude-oil supply contracts with other companies, a step that is going to make it harder for the firms that have been cut off to meet their own commitments...
...fired as ineffectual. One of Schlesinger's biggest embarrassments: DOE'S strategic petroleum reserve, which is supposed to be available in times of severe shortage but is years behind schedule and contains less than a week's worth of oil. Pumps to get the crude back out of the huge underground Louisiana and Texas salt domes, where it is stored, will not be installed until September, if then...
...rapid run-up in prices. Oil industry profits for this quarter are expected to rise anywhere from 20% to 40% above last year's. Among the reasons: inventories acquired at last year's prices are becoming more valuable as OPEC pushes up the worldwide cost of crude. The largest gains will come from operations in Western Europe, where retail prices are largely uncontrolled...
...will see first-quarter profits leap by 517% over last year's earnings; one reason is the deals that the firm has been rushing to slap together during the crisis. Last week Ashland eagerly paid an exorbitant price, about $19.50 per bbl. for 300,000 tons of Iranian crude, even though the company's inventories are all but overflowing. Ashland executives had no firm idea of what to do with the shipment, though they hinted that they might try to resell it in the coming weeks at an even higher price than they paid for it. Says Chairman...
...indictments, and the continuing investigations, center on violations of the Government's six-year-old, two-tier price structure for domestic crude. This sets a low rate (now an average $5.65 per bbl.) for "old" oil already in production and, as an incentive for more exploration, a higher price (now $12.53) for "new" finds. The fraud involves false certification and sale of the cheaper "old" oil as expensive "new," an easy matter of fixing papers to hide origins, since all the crude looks the same...