Word: crude
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Slope oil. Under the complicated system of fees charged by the DOE, Sohio pays only $17.88 per bbl. for Alaskan oil, compared with $24.81 that various companies pay for crude from other areas. Federal regulations, however, limit Sohio's profits. Result: the company had no choice but to lower its prices. Drivers bludgeoned by high fuel costs naturally raced to buy the cheaper Sohio gas. In some cities early this month, customers were queuing up at 6 in the morning to purchase regular for $1.01, unleaded for $1.05 and premium for $1.08. Sohio's competitors, who under...
...have on Ohio voters in that state's June 3 presidential primary, expressed their displeasure to DOE. The department then quickly overruled the Office of Hearings and Appeals decision and reversed the reversal. It is now considering two proposals that would raise the fees of North Slope Alaskan crude. Both would hike gasoline prices for refiners like Sohio but would lower prices for others. Meanwhile, Sohio has already raised gasoline prices a nickel a gallon...
...root of the Sohio confusion is the DOE'S Kafkaesque "entitlements" system, which dates back to the first 1973-74 OPEC oil price increases, and attempts to equalize the cost of crude to all oil refiners. Firms buying cheap domestic oil are taxed a certain amount for being "entitled" to acquire inexpensive crude. That money is then given back to refiners who import expensive OPEC oil and to refiners who use expensive uncontrolled domestic oil. The program, in effect, subsidizes imported oil at a time when official Government policy is to discourage imports. Though North Slope oil is domestic...
...analysis for the sake of which a grateful, irresponsible, and dazzled posterity might forgive him his crimes. As people and as citizens we do not allow the ends to justify the means. We rightly try not to participate in posterity's characteristic moral indifference and in its crazed and crude worship of creative power. But as members of a university our task is to find enemies as well as friends, to push back the moral vetos on intellectual coexistence, and to subtract from the obstacles that society offers to a life of thought rather than to add obstacles...
...only customer unwilling to pay the exorbitantly high prices. In recent weeks British Petroleum and Shell have been stalling on new Iranian contracts while letting markets show that the asking price was too high. Said one IEA official: "This summer people would probably have done without Iranian crude anyway. The Iranians themselves have created their problems by trying to charge too much...