Word: exxon
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...target ready: the oil companies. Because it is a symbol of big oil, and its stations dot the country, one company stood to take more than its share of criticism. It is the company that once told drivers that it would put a tiger in their tanks: Exxon Corp., by far the world's biggest, richest oil giant...
Petroleum U.N. Exxon may draw fire because it is in the lead, but it draws strength from its position as the industry's tough and durable old tiger. If the ultimate test of any organization is ability to grow and prosper amid wrenching changes, no organization has been more successful than Exxon. For 111 years, the business that has been variously known as the Standard Oil Trust, Standard Oil Co. (New Jersey), Esso and now Exxon has survived wars, expropriations, brutalizing competition, muckraking attacks and even dismemberment by the U.S. Supreme Court (in 1911). It has not only survived...
...Exxon's adaptability is being put to its stiffest test by the swiftest and most drastic changes in the business and political climate that oilmen have ever experienced. The world's voracious energy demands have combined with Arab embargoes and production cutbacks to create a shortage the end of which no one can foresee. Politically, governments in the Middle East, Africa, Asia and Latin America are asserting ownership rights to more and more of the petroleum pumped out by the "seven sisters" of world oil: Exxon, Royal Dutch/Shell, Texaco, Mobil, Gulf, Standard of California and British Petroleum. By the 1980s...
...come in for heavy criticism from Congress, which resounds with cries to roll back surging oil and gasoline prices, repeal special tax benefits that the oil companies get and slap on an excess-profits tax. A few Senators and Representatives are even talking seriously about wholly or partly nationalizing Exxon and other U.S. oil companies...
Overseas, the threat to Exxon is even greater. Incoming Venezuelan President Carlos Andres Perez has pledged to take over all foreign oil concessions, including plants and equipment, long before present agreements expire in 1983. The Saudi Arabian government has already bought 25% of Aramco, has negotiated an agreement to take over 51% by 1982, and will probably exert control much sooner...