Word: fueled
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Dates: during 1960-1969
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...mile-long, five-mile-wide deep-water harbor 190 miles north of Saigon. Seven months ago it was a pristine, sun-blanched wasteland; today it is a frenetic modern port that rivals Charleston's in size. There, last week, building supplies, ammunition and barrels of fuel were stacked endlessly on the beaches near rows of new ware houses and barracks. On a flattened hilltop, antiaircraft Hawk missiles stood at the ready. Nearby, giant C-130 cargo planes and F-4 Phantom jet fighters returning from combat taxied down on a new 10,000-ft. runway. "When we landed last...
...years 1958 through 1960 on the questionable ground that they had then sold oil too cheaply-and thus had somehow done Venezuela out of its fair return. More important, the government declared that, even though all the foreign companies get scarcely $1.55 per bbl. for their heavy residual fuel oil, they henceforth will be taxed on the basis of a $1.80 price...
...Stewart Udall and Under Secretary of State Thomas Mann. The Venezuelans want more than a simple increase in royalties to bankroll their grand industrial-development plans. Among other things, they seek a stronger voice in the companies' policies and the power to fix the world price of residual fuel oil, of which Venezuela is the prime supplier. By pressuring the subsidiaries of such U.S. giants as Jersey Standard, Gulf, Socony Mobil, Texaco and Atlantic Refining, they also hope to persuade the U.S. Government to increase the import quotas for Venezuelan crude oil, which brings a higher price than fuel...
More for Less. The oil companies are trapped between Venezuela's desire to raise prices and the U.S. Government's determination to keep them down. Oilmen argue that if prices go up, the major customers for Venezuelan fuel oil-mainly power utilities and other industries of the U.S. East Coast-will shift to coal or atomic energy. But, says Manuel Perez Guerrero, Venezuela's skeptical Minister of Mines: "That's something that the companies will have to prove." Anyway, the Venezuelans seem willing to sell less oil for more money. In the Organization of Petroleum Exporting...
While the foreign oilmen in Venezuela can retaliate by reducing their capital investments at Maracaibo, the Venezuelans appear to have the stronger hand. They know that the companies cannot quickly drum up great supplies of fuel oil from other countries. And they hold in reserve the threat of hitting the companies with further back-tax bills, which could amount to as much as $500 million for 1961-65. Chances are that the oil companies will fight the case through the Venezuelan courts, and then come to a compromise calling for somewhat lower profits and higher prices...