Word: crude
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...gasoline prices jumped at least a penny a gallon at the pump round the country, and as much as 70 in some areas. And these boosts reflect only increases in the price of crude through December, not the current round of increases; consumers will start feeling January's jumps on Feb. 1, when the next batch of boosts will be permitted under price controls. Federal Energy Chief William Simon predicted that gas will go up a total of 80 to 110 per gal. in coming weeks, jacking up nationwide average pump prices to somewhere between...
...Hess on St. Croix and Bahamas Oil Refining Co. (Borco) on Grand Bahama Island. Together they have a refining capacity of more than 1,000,000 bbl. a day, most of which is shipped to the U.S. Before the cutoff they depended on the Arabs for almost half their crude; if the embargo were fully effective, they should be cutting production drastically by now. Yet the Texaco refinery has reduced by only 60,000 bbl. a day-to 140,000 bbl.-the amount of petroleum products it ships to the U.S. Amerada Hess has cut residual oil production a mere...
...More Crude. Borco has actually doubled its normal output of 250,000 bbl. a day, more than making up for the declines at the Trinidad and St. Croix refineries. Borco officials say that they are using more crude from Nigeria, Iran and the U.S. They adamantly deny that they are still getting ample supplies from Libya, officially a full participant in the boycott. Yet a check with brokers who manage Borco's tanker operations indicates otherwise...
...would have completed the two-to three-week journey to the Borco refinery at Freeport by early November. Yet records at Marbrok Marine Brokers in Freeport show that between Nov. 1 and Nov. 29, no fewer than 13 tankers out of the Libyan port of Ras Lanuf discharged crude at Borco. As recently as Dec. 8, the tanker Heythrop out of Ras Lanuf unloaded 513,135 bbl. of crude at the Borco refinery, according to Robert Bunford, executive vice president of E.H. Mundy & Co. Ltd., another Freeport marine broker, which arranged the transaction. No one will talk about whether additional...
...Robert Bunford: "You can leave Libya, switch papers and arrive anywhere. The Libyans don't care. You left Ras Lanuf headed for an unboycotted destination, and that's all the Libyans want to know." One independent Houston oil producer relates stories of tankers meeting and transferring crude from one ship to another on the high seas to get around the embargo against the U.S. Even Federal Energy Czar William Simon conceded last week that there is "leakage" in the embargo, and added: "I just hope it continues...