Word: games
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Dates: during 1970-1979
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Snapping and snarling at the industry benefit nobody?except the OPEC producers, who exploit the divisions within importing nations. Only when those countries conserve more, produce more and reduce their umbilical dependence on the cartel, can they beat the Oil Game...
...billion has cascaded into OPEC coffers. The cartel's leaders, many of whom head backward and unstable regimes, have been propelled to the forefront of world economic, financial and strategic affairs. Variously smooth and snappish, OPEC'S chiefs contend that they are merely embellishing the rules of the game as taught by the oil majors. From the moment that John D. Rockefeller organized the infant U.S. petroleum industry into a producers' cartel to maintain stable and profitable prices, companies have employed one device after another to prevent price-disrupting swings between glut and shortage...
...producing states have discovered that the secret to the Oil Game is collusion, not competition. So far, the cartel's principal difficulty has been getting all members to agree to price-propping production quotas. But Libya has been cutting back on its normal deliveries by 17% since April 1, while Iran, whose production is now at 4 million bbl. a day, is actually pumping only two-thirds of its prerevolutionary volume. Others may soon follow with cutbacks of their...
...engineers and chemists like Garvin, who have risen through the company's legendary "Texas pipeline"?from Exxon's sprawling refinery complexes of the Gulf Coast to senior management positions?the Oil Game is no longer very much fun. Hounded by the White House, harassed by consumer and environmental groups, harangued even by OPEC for profiteering, the company has become a target of opportunity for practically every cranky, disaffected group...
...profits from, say, refineries in Caribbean tax havens where there are low or even no taxes at all. Complains Washington Attorney Jack Blum, for eleven years a staff member of the Senate Antitrust and Monopoly Subcommittee and the Foreign Relations Committee, and now a frequent critic of the Oil Game's international accounting and tax methods: "We have reached the point with the oil companies where the foreign tax credit is being abused on a scale that no one had imagined. The whole scheme is now simply subsidizing foreign imports...