Word: crude
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Dates: during 1970-1979
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...President got another boost when the House refused to approve a Republican-sponsored measure to take away Carter's authority to impose import fees on foreign crude oil. For a wobbly moment, the Administration's winning streak in the House was endangered by the threatened gutting of a bill that would require court approval of any wiretapping done for national security reasons. Carter and Attorney General Griffin Bell argued that the measure was necessary to clear up ambiguities in the present law and protect civil rights. The House began rewriting the bill to give the President a free...
...cozy arrangement for both sides. The companies to a limited extent can shop around for crude, rather than being tied to the countries where they have wangled concessions. But they still get to sell the oil from those former concessions, and without having to put any money into new wells and pipelines. Case in point: Saudi Arabia, which has bought 60% of Aramco from the firms that created it 45 years ago, Exxon, Mobil, Texaco and SoCal. But the main result, as SoCal Chairman Harold J. Haynes describes it, is that "capital investment will be supplied by the Saudis...
...greater sales. Of all the Sisters, Shell seems best suited to benefit from the trend toward getting a larger share of profit from refining and marketing. The firm has long concentrated on those areas, to the point that outside the U.S. it buys around 60% of its crude from other companies. Says Shell's European coordinator Jan Choufoer: "Adding value to bought crude is the name of our game...
...that end, Shell has gone farther than any of the Sisters toward "whitening" its production-that is, squeezing more high-profit gasoline, kerosene and other light fuels out of each barrel of crude. It is also profiting handsomely from its 30% interest in the large natural-gas fields in The Netherlands...
BRITISH PETROLEUM, 51% owned by its government, raised operating profits 6% in 1977, but capital-gains taxes cut total net about 10%, to $531 million. In this year's first quarter, its earnings fell 44%, the probably temporary result of lower prices for North Sea crude and of marketing losses in Continental Europe. BP, which has total operating freedom from the politicians in Whitehall, has long emphasized crude production over marketing. The company produces the "blackest" barrel of oil in Europe-that with the largest proportion of low-profit heavy fuel-and early this year closed its biggest refinery...