Word: exxon
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Even the once seemingly impregnable oil companies, which last year at this time were posting profit increases of about 100%, had more modest earnings growth between July and September. Profits for the industry as a whole were up just 7.6%. Exxon's earnings grew by 18%, but Gulf Oil's fell...
...hint that there might be enough to make mining worthwhile came only four years ago, when a retired contractor named Joseph Riggio received a letter from Pennzoil saying it had reason to believe there were "good amounts" of uranium on his property. Riggio reacted by getting in touch with Exxon, a Pennzoil rival. Exxon reacted by drilling some test holes on Riggio's land and two other tracts in the area. "The results," said J. Wiley Bragg, a spokesman for Exxon Co. U.S.A., "were not discouraging...
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...