Word: crude
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...likely. If the shortage has been "contrived" by anybody, it has been by the 13 members of the OPEC cartel, who have reduced crude-oil pumping 7% to 10% in support of the 14.5% price boosts they have imposed so far this year. The cutbacks have turned last year's world oil glut into a global shortage, which the resumption of exports from Iran has not relieved. U.S. imports, which now account for half the nation's oil consumption, are running 8% below two years ago, when demand was much lower...
...other factors aggravate the gasoline situation. One is that antipollution regulations require all cars built in the 1975 model year or later to use unleaded gas. A refinery needs 5% to 10% more crude to turn out a gallon of leadfree as opposed to regular gas. More important, stocks of heating oil have dropped dangerously (4.6% below the "minimum acceptable level" for May). Refineries would ordinarily be starting all-out production of gasoline now, to supply the summer driving surge, but the Carter Administration is urging them instead to switch as much output as possible to heating oil, in order...
...fate of the Donner Party is a macabre legend in the winning of the West. A group of families set out from Illinois for California in 1846. Trapped in the Sierra Nevada Mountains by an early snowfall, they built crude shelters of logs and hides. They ate their animals and their shoes. But the darkest art of the 47 survivors out of a party of 82 was to eat their own dead...
KUWAIT--Kuwait increased its surcharge on the basic price for a barrel of crude oil by 60 cents yesterday, a move that was expected after several oil-producing nations raised their surcharges last week...
...leaking a report criticizing the Department of Energy for foot dragging in its petro-probes of smaller middlemen, DOE was accusing seven of the largest oil companies of overcharging refineries by $1.7 billion since 1973. The alleged method: selling petroleum at far higher prices than permitted under domestic crude-oil controls...