Word: exxon
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...Exxon announced last week that it would increase supplies to gas stations from 83% of their 1972 usage to 95%. Still, some FEO officials are proceeding on the assumption that the energy crisis is far from over. They are now trying to decide what conservation measures will be needed if the Arabs do unsheathe their oil weapon again in June...
Officials of Exxon Corp. last week stuffed 142,000 hundred-dollar bills into briefcases and stowed them in a car that was then driven to a rendezvous with Argentine guerrillas of the Marxist People's Revolutionary Army. The $14.2 million payoff earned Exxon the unenviable distinction of having forked over what is probably the highest ransom ever collected by kidnapers. (How much, if any, is covered by insurance [TIME, March 18] is unknown.) The company sought the release of Victor E. Samuelson, 36, a refinery manager who was abducted on Dec. 6. At week's end Samuelson still...
...most of its long history, Exxon Corp. has insisted that only company officers could serve on its board; not until 1966 did it begin choosing "outside" directors. Now it is going far outside indeed. Its latest nominee for director is Martha Peterson, 57, president of New York's Barnard College, a mathematician with a Ph.D. in educational psychology and an amateur ornithologist, who admits: "I am not a person who is terribly knowledgeable about business and Exxon." The world's largest oil company has never had a female director be fore, and Peterson suspects that she was chosen...
Peterson believes that her academic background (she was formerly the only woman dean at the universities of Kansas and Wisconsin) will be useful to Exxon, which like other oil companies has come under bitter public criticism during the gasoline shortage. "People in the academic world have been very critical of big business," she observes. "I can represent a sympathy with that viewpoint to the board, present certain questions, and as I learn, I can interpret the answers to the skeptics." Stockholders will vote on her nomination in May, and meanwhile she will be studying the energy crisis, which, she says...
More than one American entrepreneur has befriended the Greek military regime, and industrialists reap large profits at the expense of Greek laborers. Multi-national corporations, including Exxon, Coca-Cola (both represented by Pappas), Dow Chemical and Alcoa, are exempt from a variety of taxes and duties. This is specified in the Greek constitution. Trade unions have been scrapped or stripped of power by the government, in order to maintain the low wages that attract foreign monopolists. Such economic tactics have driven about 250,000 workers to seek jobs in West Germany...