Word: exxon
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Dates: during 1970-1979
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...This year alone, surplus revenues of OPEC members are running at $60 billion. Of this, almost a fifth has suddenly cascaded into the U.S., going mostly into Treasury bills or similar short-term holdings. By next year, the total is likely to exceed $70 billion. Writing in Foreign Affairs, Exxon Economist Gerald A. Pollack predicts that by 1980 OPEC'S total annual investable surplus could reach almost $500 billion. This is more than ten times as much profit as all U.S. manufacturers earned last year or, broadly expressed another way, enough to dig 5,000 Suez Canals...
...announced that the iron-mining operations of U.S. Steel and Bethlehem Steel will be nationalized by 1975 rather than in 2000 as originally agreed. It is presumed that the American companies will be fairly compensated with money from oil revenues. Oil leases and equipment held by foreign investors-principally Exxon, Shell and Gulf-will also be nationalized on a stepped-up schedule, probably within the next few months...
Forty percent of the Saudi crude yield belongs to the four members of Aramco-Texaco, Mobil, Exxon and Standard Oil of California. Sixty percent belongs to the Saudi government. The Aramco companies must ante up taxes and royalties on their share, calculated on the basis of a theoretical "posted price." It is this posted price that the Saudis reduced-from $11.65 to $11.25 per bbl. for its Arabian light crude. But at the same time, they sharply raised the taxes and royalties...
Lost Profit. The reason is that unless Aramco raises its prices to those customers, it could lose all the profit that Aramco companies now collect on Arabian light crude. Exxon, one of Aramco's owners, estimates its own profit at 34? per bbl. But if Aramco has to pay 94.8% of the posted price as well as the higher taxes and royalties, its costs per barrel could jump as high as 55?, to about $10.35. At a meeting of security analysts in Manhattan last week, Exxon Chairman J. Kenneth Jamieson said he was "somewhat mystified" by the impact...
...Secretary of State, traditionally a sleepy sinecure for men content to shuffle documents. But Brown, using the latent powers of the office, began acting more and more like the state's Attorney General. He sued three oil companies for making illegal campaign contributions. Today Brown runs against Exxon nearly as vigorously as he does against Richard Nixon; he has accepted no contribution from a major oil company-not that many have been offered. Says Pat Brown proudly: "He had more guts than I did, taking on major oil companies. I just let 'em alone...