Word: mobiles
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Dates: during 1970-1979
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...years ago, such Ethel Mermanesque exuberance would have sounded strange coming from the chief of one of world oil's fabled Seven Sisters-Exxon, Shell, Mobil, Texaco, British Petroleum, Standard Oil of California and Gulf.* Though the sorocracy had ruled the international oil trade since it began, the upheaval in the business that started with the Arab embargo of 1973 threatened to end this reign. Flushed with their success in quintupling the price of petroleum, the OPEC countries were about to nationalize their oilfields, which would strip the Sisters of ownership of much of their crude reserves. Some governments...
Though all the Sisters' sales are more than double those in the embargo year of 1973, when the cheap-oil era ended, only three of the companies earned more profit last year than they did then: Shell, Mobil and California Standard (SoCal), which markets under its Chevron Trademark. And none but SoCal has regained the peaks of 1974, when soaring prices gave them a one-shot windfall by raising the value of petroleum they held in inventory. The later profits from price boosts have gone primarily to the OPEC nationalizes of the oil. But the companies have done...
...they have wangled concessions. But they still get to sell the oil from those former concessions, and without having to put any money into new wells and pipelines. Case in point: Saudi Arabia, which has bought 60% of Aramco from the firms that created it 45 years ago, Exxon, Mobil, Texaco and SoCal. But the main result, as SoCal Chairman Harold J. Haynes describes it, is that "capital investment will be supplied by the Saudis. We are relieved of that responsibility...
...MOBIL seems to be doing just about everything right. Its profits rose 7.5% last year, to just over $1 billion, and another 16% in the first half of 1978. Traditionally strong in marketing, it has been leading the swing to self-service gas stations in both the U.S. and Europe; indeed, it was the only Sister to earn a profit last year in the fiercely competitive West German market...
...most visible symbol of the business world's new willingness to get into the trenches is the Business Roundtable, composed of nearly 200 top officers of the nation's most powerful corporations (among them: AT&T, Boeing, DuPont, General Motors, Mobil Oil, General Electric). The group's policy committee convenes monthly in New York to stake out positions on pending legislation and plot strategies to influence the outcome. Often invited to the White House, the executives get their views across to the President. While in Washington, some stay on to buttonhole legislators. Says one lobbyist: "A Congressman is impressed...