Word: mobiles
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...underlying problem is that leading oil firms such as Texaco, Mobil and Gulf are funneling most of their gas to their company-run stations and drastically slashing sales to independents. The "majors" claim that they simply do not have enough gas to go round; the independents are certain that they do. They say the big companies are sitting on supplies in hopes of driving out the competition and pushing up the cost of their cheaper brands. Station operators also complain that while prices were held down at the pump, the COLC has permitted producers and wholesalers to raise the prices...
...words were not warning enough, Libya took another in a long series of actions designed to gain control of its oil. The regime decreed that Libya would nationalize 51 %-enough for full control-of five major oil companies operating in the country, including properties owned by Exxon, Mobil, Texaco, Socal and Shell. The Libyan government also declared that the companies must raise the price of oil from $4.90 to $6 a barrel. If the oil companies give in to Libya, they may be forced to make similar deals with oil nations in the Persian Gulf...
...industry is in. In Los Angeles, the antitrust division of the Justice Department is gearing up for a broad-gauge grand jury investigation of gasoline pricing. It has subpoenaed confidential records of more than 30 oil companies, including not only ARCO but also such giants as Exxon, Mobil, Texaco, Gulf, Standard of California, Standard of Indiana, Shell, Phillips and Union. Attorneys for the companies say that summonses will also be issued soon to a number of executives. They will be called to testify about whether there was a massive conspiracy to fix wholesale and retail gasoline prices...
...eight companies rank in the top 25 of the FORTUNE 500. In order of size of assets, they are: Exxon, Texaco, Gulf, Mobil, Standard of California, Standard of Indiana, Shell and Atlantic Richfield. Among them, they have assets of $76 billion; their profits last year totaled nearly $4.6 billion. All are vertically integrated, that is, involved in every phase of the industry-exploring for oil, pumping it from wells, shipping it by pipelines, refining it, and selling it at service stations. Together, they control 51% of domestic crude-oil production, 64% of proven domestic reserves, 58% of refinery capacity. Their...
...enough. Instead of carving the empire into its functional parts-production, refining and marketing-Roberts says, "the Government split it along geographical lines, thus making every successor company vertically integrated." In fact, five of the charged firms -Exxon, Standard of Indiana, Mobil, Atlantic Richfield and Standard of California-were created by the breakup of Rockefeller's trust...