Word: crude
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Following last year's 125% hike in the cost of crude oil, the OPEC cartel is now moving on a new tack in its offensive to win control over the world petroleum market. It is seeking to dominate global energy by reducing production in order to keep prices artificially propped up and to diminish the power of the so-called Seven Sisters, the major oil companies like Exxon and Shell that controlled world oil for half a century. These actions could result in a tense escalation of global petropolitics...
...week reduced their production by 25% and 17%, respectively, bringing the overall drop in OPEC'S output to 2 million bbl. per day below the autumn 1979 level of 31 million bbl. daily. Some price hikes continue nonetheless. Algeria has put a $3-per-bbl. surcharge on its crude, euphemistically calling it a "down payment against future explorations...
...Foreign aid, education, housing and municipal programs of all kinds were slashed. No sector of the British economy was untouched. To raise revenues, North Sea oil taxes were hiked 10% for oil companies, adding to the $1.1 billion already gushing into the treasury's coffers as high-grade crude comes fully onstream. Alas for the ordinary Briton, new excise taxes raised the price of his beloved beer (to 95? a pint from 91?) as well as those of wine, whisky, cigarettes, automobiles and gasoline, which costs $2.42 per gal., up from...
...American, Harvard-trained Ion Gresser, at the Institut de Recherches Scientifiques sur le Cancer in Villejuif, France. He made his own interferon by injecting viruses into the brains of laboratory mice; that stimulated the production of IF. After mashing the brains and processing them, he was left with a crude but potent solution of interferon. He gave the IF to a group of mice injected with a virus that causes leukemia, a blood cancer. After a month, the interferon-treated mice were in good health; those in an untreated control group had leukemia. Gresser then went on to demonstrate that...
Arguing that prices could be lowered by eliminating the middlemen's profits, Kennedy jetted off to Algeria, but found no crude for sale. Later he approached Saudi Arabian Oil Minister Sheik Ahmed Zaki Yamani and Venezuelan President Luis Herrera Campins. Finally the Venezuelan oil company Petroven agreed to sell him nearly 1 million bbl. at the world price of $26 million. Chase Manhattan Bank provided the necessary credit line. A Puerto Rican refinery in the middle of bankruptcy proceedings agreed to refine the oil and transport it in return for a share of the refined products. The state...