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...price will be figured. The OPEC governments want to calculate their bill simply by totaling the book value of a company's equipment, real estate and other holdings. By that measure, Aramco, which is jointly owned by Standard Oil of California, Jersey Standard, Texaco and Mobil, is worth some $500 million. Yet company officials rightly believe that as the holder of a concession on Saudi Arabia's fabulous oil reserves until 1999, Aramco has a much higher commercial value. They insist on compensation for the loss of future profits...
Officers of oil companies-notably Jersey Standard and Mobil-argue that some trust-fund money should be spent on rail as well as highway transit projects. These executives are worried about a future shortage of oil, which they want to conserve. It is remarkable that some top businessmen are contemplating means to reduce demand for their basic product. Even more remarkable, this rejiggering of the oilmen's past philosophy puts them in the same camp as their most outspoken critics-the environmentalists...
...happens with social problems in the U.S., the courts have to put a price tag on values that are hard to measure. The latest decision has come from a Santa Barbara court, where Judge Morton L. Barker ruled that the oil companies responsible for the oil spill-Union Oil, Mobil, Texaco and Gulf-should each pay $500 in criminal penalties...
Great Search. For six years, a consortium of 33 companies-headed by Humble Oil, a Jersey Standard affiliate, and including such giants as Atlantic Richfield, Getty, Mobil and Texaco -have poked and probed the continental shelf in hopes of a big discovery. Recently oil and gas were discovered off Sable Island, Nova Scotia, and hopes soared. Geologists concluded that the find was probably part of a pool extending southward to North Carolina, and oilmen accelerated the Atlantic search. Most promising sites so far: Georges Bank Trough off Massachusetts, Baltimore Canyon Trough off the Middle Atlantic states and Blake Plateau...
...Underwriters, besides the U.S. Office of Education and the Corporation for Public Broadcasting, include the Ford Foundation, the Carnegie Corporation and Mobil Oil Corp...