Word: exxon
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Dates: during 1980-1989
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Late last summer, when MR&A met with representatives from Exxon's counterpart group, all the forecasters swapped stories about the energy future. Not surprisingly, the Exxon team perceived abundant demand and supply of petroleum generated through its synthetic fuels program, and less future need for electricity. Exxon's crude oil price forecasts for 1990, already made obsolete by the December 1979 price increases, strained the group's credibility. But the representatives brushed off charges of overly optimistic oil consumption forecasts and continued showing their charts and graphs. No hard feelings, of course: lunch time controversy focused on the dubious...
...goes "The Energy Game". Corporations like Westinghouse and Exxon which serve the nation's energy needs must convince people their products are indispensible. Their forecasts might prove correct--many people see a boon to the nuclear energy market after 1982. But, for now, (the only certain thing anyone can say about the energy future is that it's uncertain...
...borrowed from games' theory called the zero-sum game: if someone wins, someone else will have to lose. Poker, for example, is a zero-sum game. If builders beat inflation by using low-cost foreign steel, some American steelworkers will lose their jobs. Higher oil prices will encourage Exxon to explore for new domestic energy sources, but motorists will have to pay more for gasoline. In short, America's economic problems can be solved, but not without hurting some group in society...
...principal foreign supplier of crude, is once again showing its clout in world oil. That country last week paid an estimated $2 billion to buy the remaining 40% of Aramco, which produces the bulk of Saudi oil, from a consortium of four American oil producers, Exxon, Mobil, Texaco and Standard Oil of California. Americans will continue working for Aramco, but only in technical and managerial roles. The kingdom's Oil Minister, Sheik Ahmed Zaki Yamani, is also reported to have told British Foreign Secretary Lord Carrington that Saudi Arabia would soon reduce oil production. Although Yamani did not specify...
...areas of wildcat exploration, rigs are in many cases going deeper and becoming more expensive. Probing for gas deposits, which are usually found beneath oil strata, is particularly costly. Exxon this year spent about $42 million drilling a gas well in Mississippi that was 23,154 ft. deep. The results from wildcat wells, though, no longer match those enjoyed in the halcyon days of great American oil discoveries. The output of oil, or an equivalent amount of gas, discovered in new wildcats has declined from more than 350 bbl. per ft. of drilling in the late 1940s to less than...