Word: mobilized
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Harder Line. Lately the companies have been taking a harder line against criticism. Last month Texaco headlined full-page newspaper ads: "We're not holding back anything." The ad said that Texaco was supplying comprehensive statistics to federal officials that proved there was a genuine shortage of fuel. Mobil warned in newspapers: "Don't read these ads if you've made up your mind about oil profits." Justifying the corporation's 47% earnings increase in 1973, the ad said: "A company cannot continue for many years to make new investments unless it earns a satisfactory rate...
...their best, the institutional ads are truthful and informative. One example: Exxon's recent explanations of how it will spend $16 billion on expansion and exploration over the next four years. Other ads are heayyhanded, self-serving and sprinkled with half truths. Asks one Mobil ad: "Are oil profits big? Right. Big enough? Wrong. So says the Chase Manhattan Bank." That is like asking American Motors whether small cars have a future. A Gulf ad correctly states that the energy crisis is partly a result of Government regulations that kept oil and gasoline prices so low that they encouraged...
...other times, the ability of Exxon, Mobil, Texaco, Gulf, Standard Oil of Indiana, Shell and Standard Oil of California to ring up nine-month 1973 profits that averaged 46% above 1972's comparable period would have brought on considerable praise. But, at a time of oil shortages and sharply rising prices, the great increases fed suspicions on Capitol Hill that the oilmen were using the scarcity as an excuse for jacking up prices and making extortionate profits. Charged Connecticut Senator Abraham Ribicoff: "While the consumer is suffering, the industry seems to be receiving a bonanza...
...items to date are some 4,000,000 tons of grain, ten Boeing 707 jetliners valued at $150 million, and eight ammonia plants to be built by M.W. Kellogg Co. for $200 million. The Chinese are also anxious to do business with giant American oil companies such as Exxon, Mobil and Caltex, and makers of petroleum exploration and drilling equipment, including U.S. Steel International, Phillips Petroleum and Baker Oil Tools. Some analysts think that China may have huge undiscovered oil reserves...
Worldwide, the shortage has sparked more of an exploration than a production upswing. Spurred on by voracious demand and fat prices, such oil giants as Exxon, Mobil and Texaco, along with a host of smaller firms, are scouring the earth from Malaysia to Newfoundland for fresh finds. Next month, activity in Peru's Amazon River jungle will reach boom tempo as Union Oil, Tenneco, Getty, Sun Oil, Transworld and other companies begin drilling for what many geologists believe is the world's largest unexplored oil deposit. The most promising recent strikes have been under the turbulent waters...