Word: exxon
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...brilliant innovators such as William Norris (Control Data) and Frederick Smith (Federal Express) can still build large new businesses from scratch, corporate control has passed increasingly from entrepreneurial proprietors to hired managers. Leading companies are no longer owned by the founders' families. The Rockefellers control less than 5% of Exxon, the parent of the empire John D. Rockefeller built; ownership has spread to 687,000 individuals, mutual funds and pension plans. Such broad ownership gives still more control to managers...
...American ideal they claim to uphold. Harrington understands that most Americans, even those hurt by corporate strategies (such as attacking inflation with high unemployment), subscribe to a national credo of individual opportunity and economic mobility. These national ideals can't be realized when all the opportunities belong to Exxon. Harrington's closely argued book debunks these myths and proposes programs to make his version of the American dream--democratized ownership and widely diffused wealth and political power--come true...
...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...