Word: exxon
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Dates: during 1980-1989
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...tack in its offensive to win control over the world petroleum market. It is seeking to dominate global energy by reducing production in order to keep prices artificially propped up and to diminish the power of the so-called Seven Sisters, the major oil companies like Exxon and Shell that controlled world oil for half a century. These actions could result in a tense escalation of global petropolitics...
...shortly after the 1973-74 oil embargo. The Europeans and Japanese, growing uneasy about leaving their energy supplies dependent upon the Seven Sisters, began scouring the world for government-to-government oil deals. These permitted their national petroleum companies to buy directly from the producing countries rather than through Exxon or Texaco, for example. France now buys about half of its oil under long-term contracts with such countries as Iraq, Saudi Arabia and Mexico...
Direct contracts are beginning to cause problems for the big oil companies. The crude-squeezed majors have found themselves increasingly unable to renew delivery agreements with other smaller companies and refiners. Exxon has announced the cancellation of contracts with nonaffiliated customers around the world because it lacks sufficient crude to service them. Complains a Shell Oil executive in Europe: "The majors are becoming the beggars of the oil market, jilted by governments on both sides...
...panic." The Dow Jones industrial average fell 25 points within a few hours, then recouped 23 points of the loss within the half-hour before the close, as traders apparently realized that Hunt's adventures had not changed the basic worth of such blue-chip stocks as Exxon, General Motors, AT&T and the like...
Mortimer said Mobil, Exxon, General Electric and Chase Manhattan have contributed to the scholarship fund. She added that other corporations, including General Motors and the Ford Motor Corporation, have pledged their support...