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...will be stored in tanks within the pyramids and periodically emptied by ships. The project is expected to yield 50 bbl. of oil and 600,000 cu. ft. of gas a day, which will not be enough to offset the $8 million investment made by ARCO and its partners, Mobil and Aminoil USA, Inc. The capping operation, however, will produce other benefits...
...Mobil chief wins libel award...
...press-wittingly or not-is coming ever closer to achieving the unrestricted right to defame any member of society with virtually complete immunity." So wrote Mobil Corp. President William P. Tavoulareas in April 1979 in an angry article for Saturday Review magazine. Seven months later, the Washington Post published a story implying that Tavoulareas had improperly "set up his son" in a shipping company and then helped his son's firm to get millions of dollars in Mobil business. To the Mobil boss, the article was an enragingly personal example of exactly what he had been complaining about...
Indeed, the Tavoulareases' attorneys did not contest the Post's claim that it had handled the story with special care. Many lawyers thought that such care was a sufficient defense, at least in the case brought by the Mobil president. Federal Judge Oliver Gasch ruled that the elder Tavoulareas was a "public figure." Thus, under the prevailing Supreme Court standard, he had to prove that the Post had printed its story "with knowledge that it was false, or with reckless disregard of whether it was false or not." But the jury apparently concluded that however non-reckless...
...some degree, Exxon's profit problems are shared by the entire oil industry. The recession has dampened demand for crude and brought an end, at least temporarily, to sharp increases in petroleum prices. As a result, other major oil companies, including Mobil and Phillips, are streamlining their operations to cut costs...