Word: exxon
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Dates: during 1970-1979
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Tapping Tuktoyaktuk. Exxon's world intelligence network and penchant for long-range planning have given it a head start in coping with the oil shortage. A decade ago, Monroe J. Rathbone, then chairman, began to get more and more reports that oil use was running increasingly ahead of new discoveries-and that Arabs would one day demand greater control over their resources. He ordered a stepped-up search for oil-even though the world then had a crude glut. In the past decade, Exxon's worldwide reserves have increased more than 9 billion bbl., or 21%. Crews are now searching...
Last September, just before the Arab embargo, when shortages were already cropping up, Ken Jamieson and other Exxon officials privately warned leaders of Britain, Germany, Italy and the European Common Market that they had better get an international allocation plan ready in case the Arabs turned off the spigot. They paid no attention, so it fell to Exxon and other oil companies to switch shipments around when the Arabs cut back and embargoed last October. Exxon, for example, has routed to Rotterdam Iranian oil that would normally go elsewhere, and switched away from Rotterdam the Arabian oil that King Faisal...
...politics and public relations, Exxon has been less adroit. Its top men, who are still largely geologists and engineers, are just learning that they are operating in a highly charged atmosphere in which all the company's moves have to be explained to a wary public. Jamieson complains that he is often approached by people asking about rumors of tankers riding at anchor offshore, waiting for prices to go up before unloading. Says Jamieson: "We took the trouble of going to the port captain of New York Harbor and asking if he could give us the facts. He said that...
Some politicians recently raised a furor because Exxon's refinery in Bay way, N.J., fueled a Polish fishing trawler while American fishermen were worrying about supplies. Nonplused Exxon men were late in explaining that they simply had been fulfilling a legal obligation under a long-term contract to sell products to a Polish state company...
...Senate hearings into oil company profits last month, Exxon Vice President Roy Baze was publicly humiliated by Democratic Senator Henry Jackson of Washington. Baze, an expert on moving and storing oil, expected to be questioned about supplies, but Jackson asked him instead what Exxon's per-share dividends were. Baze did not know, and Jackson made a grandstand show of phoning a Washington stockbroker for the information. Last week an overwrought writer of a letter to the New York Times accused Exxon of "treason" for not supplying the U.S. Sixth Fleet in the Mediterranean during the Middle East