Word: exxon
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Last week two more oil majors, following the lead of Exxon and Texaco, announced that they were gloomy enough over the continuing world oil shortfall to begin rationing fuel to big customers. Phillips Petroleum and Shell, the nation's largest gasoline seller, have either cut refinery output or reduced dealers' delivery allocations; the cuts range from Shell's maximum of 8% to Phillips' much more drastic 30%. And the reductions could get worse. "After the second quarter, it's anybody's guess what will happen," says an Exxon spokesman...
...pinch is already being felt. Exxon and Texaco notified customers that they are reducing deliveries of oil, gasoline and various refined products by as much as 10%. Other oil companies are expected to follow. The companies are also increasing their oil prices by up to 200 per bbl. Shortages of jet fuel have forced American, TWA and other airlines to juggle supplies to keep operating, and last week National reported that fuel shortages forced cancellation of its lightly traveled New York-Amsterdam flights. At the same time a sudden and unexpected lack of bunker fuel delayed ships sailing from some...
...updated model of the wood-burning stove or to futuristic solar heating systems. It is helping families in one of th Unites States's poorest regions to buy alternative sources of home energy with low-interest loans payable over decades. Doesn't sound like something your local Exxon or Con Ed would do, does...
Other forms of intimidation have been more direct. School buses full of American children have been stoned. One executive's Cadillac was burned, while an Exxon employee narrowly escaped injury in southerly Ahwaz when a Molotov cocktail was hurled at his car. The entire U.S. community was thrown into its deepest shock two weeks ago by the assassination of Oil Executive Paul Grimm in Ahwaz...
...least six U.S. oil firms, including Exxon, Phillips Petroleum and Union Oil, have sent top-level delegations to Peking to discuss possible joint ventures. The theme of all the talks was the same: China would own any oil that was found, but the firms, in exchange for their technological expertise, would win the right to buy some oil at below OPEC prices...