Word: crude
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...Riccardo, they have long advocated postponing federal deadlines until the automakers could come up with a modified engine that would meet clean-air requirements without the catalytic converter-or unleaded gas. Congress, however, saw fit to ignore that argument last week. The result, oilmen warn, will be increases in crude oil consumption because producing lead-free gasoline actually uses more oil than making gasoline with lead additives...
What did worry Lieberson right at the start was the shortage of vinyl now beginning to hit the industry hard. Vinyl, known in the trade as PVC (polyvinyl chloride), is the chemical byproduct of crude oil from which records are made. As a result of oil shortages, Columbia has been forced to suspend its $1.98 Harmony pop label; it also trimmed its November output by postponing several releases until 1974. In general, the industry will probably have to opt for greater selectivity in its releases-or, as Lieberson puts it, "an end to buckshotting-throwing everything against the wall...
...state to continue pumping at full capacity; in the past two months it has boosted production by about 700,000 bbl., to 6,000,000 bbl. a day. Iran also sweetened its oil earnings in October when, in concert with the Arab states, it hiked the price of its crude by a walloping 70%, to $8.20 per bbl.; it auctioned some oil last week at more than double that quote. Experts believe that another 20% increase is in the offing. As recently as 1971, the same crude sold for a mere...
...Cola," snapped Jose Vicente Rangel, the Marxist-Socialist candidate who finished a distant fourth, with roughly 4.2% of the vote. It was true that neither of the two leading candidates could show clear political differences from his opponent. Though Venezuela's output of about 3.4 million bbl. of crude daily makes it the world's third largest oil producer (after Saudi Arabia and Iran), oil never became an issue. Both major candidates agreed that foreign oil concessions, mostly to American companies that now have a $2 billion investment in Venezuelan oil, must revert to Venezuelan control...
...COLC simultaneously ordered a penny-a-gallon cut in wholesale gasoline prices, but consumers will never see that one; it will be overwhelmed by other in creases permitted due to rising prices for crude oil. The purpose of the two moves is to prod refineries to shift more of their output to home heating oil by making it more profitable to produce, compared with gasoline...