Word: embargo
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Pressure on Simon and his new Federal Energy Office has moderated slightly in recent weeks. Because of fuel savings from voluntary conservation programs and recently discovered leaks in the Arab oil embargo, Government estimates of the shortfall have been reduced to 2.7 million bbl. per day. Even so, such businesses as motels, recreational vehicles and tourism are going to be hurt. Though the energy crisis is boosting sales of small cars, it is crippling sales of big ones (TIME cover, Dec. 31), and last week U.S. automakers announced a 27% cut in production for January. General Motors last week laid...
...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...
Presumably the last ships out of Libya before that country joined the embargo Oct. 19 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...
...Board of Economists, estimates that the region's fuel supplies for the first quarter of 1974 will be short only about 3%. He adds that the whole U.S. seems to be getting "half a million bbl. a day more than we should be getting if the [Arab] embargo were effective...
...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...