Word: mobilized
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April 15: Major oil companies register record first quarter profits with industry leader Mobil weighing in with a 200 per cent jump over 1979. The seven largest oil copmpanies agree to ease the fiscal crunch faced by the U.S. Government by buying the Interior Department...
...Warns Mobil Chairman Rawleigh Warner: "The West can no longer assume that oil-exporting countries, and specifically those in the Middle East, will be willing to tailor production to demand. The safer assumption is that the consuming countries will increasingly have to tailor their demand to production. And the factors that determine the ceiling on production are more likely to be political than economic or technical...
...Duncan, could add from 4? to 8? to the retail price of a gallon of gasoline in the coming weeks, and 3? to 7? to the cost of home heating oil, a major expense for consumers in the import-dependent Northeast. Several of the largest oil companies, including Exxon, Mobil, Chevron and Texaco, last week announced wholesale gasoline price increases of 6? to 10? per gal. This signals further sharp rises at the pump in the weeks ahead for motorists, who are already paying an average nationwide price of about...
Nobody will be following OPEC'S maneuverings in Caracas this week more closely than the executives of a highly secretive oil Goliath that many people have never heard of. The Arabian American Oil Co., or Aramco, is the Delaware-based firm that is jointly owned by Exxon, Mobil, Texaco and Standard Oil Co. of California. Under a geographic concession nearly as large as the state of Oklahoma, Aramco pumps almost all the oil that flows from the Croesus-rich fields of Saudi Arabia. But in Riyadh and Washington alike, Aramco is now feeling heat...
...unregulated markets outside the U.S., Aramco's proud parents have been able to sell their gasoline, heating oil and other products for high prices even though these fuels were made from the lowest-cost cartel crude. Largely as a result, third-quarter profits of Exxon, Mobil, Texaco and Socal jumped by anywhere from 73% to 211%. The revenue surge enraged the Saudis; Oil Minister Ahmed Zaki Yamani argues that Aramco's parents have been grossly profiteering from Saudi "generosity," suggesting that last week's Saudi price rise of $6 per bbl. was in part at least...