Word: nationalizes
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Dates: during 1970-1979
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Carter's plan to decontrol domestic crude-oil prices is a good first step to help the nation shake free of foreign oil dependence and the uncertainties that come with it. But there are misconceptions as to why the move is the right...
...that can be extracted from coal, and the petroleum that lies trapped in shale rock. Fifteen percent or so would be spent on aid to low-income families that would suffer from rising fuel prices. The remaining 5% would go for further development of the nation's mass-transit system...
Last week the industry's critics got some powerful new ammunition. Fifteen of the nation's largest oil companies released first-quarter profit figures, and they showed an acceleration of the winter-long earnings surge. Included in the group were six of the so-called Seven Sisters,* the richest and most powerful oil companies in the world, which, more so than their smaller competitors, have huge investments in all four aspects of the business: drilling, transporting, refining and marketing...
Profits are shooting up because tight supplies worldwide have allowed oil companies to raise their prices just as the 13-nation Organization of Petroleum Exporting Countries has raised its own. Companies with big business overseas had certain advantages. Earnings in markets like West Germany, which has no price controls on petroleum products, climbed especially sharply. Also, the recent strengthening dollar against foreign currencies improved the overseas balance sheets of the companies...
Both Shell Oil, the Houston-based affiliate of Europe's Royal Dutch/Shell Group, and Standard Oil of Indiana, one of the nation's largest retailers, are heavily dependent on business in the U.S., where prices are federally controlled. They had large increases that only seemed puny when compared with the others, which enjoyed gains that ranged from impressive to downright startling: SoCal's ARRIS earnings rose 43% over the past year, Gulfs profits increased 61%, and Texaco's were up 81%. Marathon Oil had a rise of 108%, while Amerada Hess jumped 279%. Standard Oil of Ohio, holder...