Word: doings
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Dates: during 1970-1979
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The Saudi gambit is risky. By increasing a full $6 per bbl., the Saudi government is, like it or not, obviously tempting other cartel members to do much the same. Warns Walter Levy, an international oil economist: "This is the beginning of a further round of price increases. As long...
It is the energy-deficient advanced developing countries, such as Brazil, South Korea, Taiwan and Kenya, that are in the worst shape. They set out to emulate the industrial nations and eagerly replaced their oxen with tractors and generators. Now they are paying the price of a 1600% rise in...
Instead, some nations are returning to preindustrial methods. Over the past few months, the price of tractors in rural Thailand has fallen 20% as fuel has become scarce and expensive. Prices of water buffaloes, which do not consume diesel fuel but do produce free fertilizer, have soared. Some Thai officials...
In the U.S., Aramco is under attack because of a highly complex tax break. The company pays Saudi Arabia the fixed price for the oil that it extracts and then collects a production fee of 25? per bbl. But 85% of its payments are considered Saudi income taxes, which Aramco...
In their middleman role, Aramco's American chiefs plainly have divided loyalties. From Chairman John J. Kelberer, a career-long Aramco engineering manager, on down, executives remain determined to do nothing that would anger their Saudi hosts or jeopardize the company's concession. During the 1973-74 Arab...