Word: oiling
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Dates: during 1970-1979
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Carter's latest episode of rhetorical overkill may have won him some election campaign points, coming when oil companies have been announcing unexpectedly high profits. Last week, following reports by other major oil companies of large third-quarter profit boosts, including Exxon's 118% rise to a record $1.1 billion, the Standard Oil Co. of California announced a quarterly gain of 110%. Ten of the largest U.S. oil companies showed third-quarter gains averaging...
...President's move to hit out at the oil company targets was especially ill-timed, since many of his energy measures seem at last to be moving through Congress. Said one Energy Department official: "I can't believe Carter's pulling this stuff. His rhetoric can't do any good, and it could do real harm." The House and Senate windfall profits tax bills will soon go to a conference committee; compromise legislation to form the Energy Mobilization Board is on the verge of being worked out; and the Senate now seems ready to approve...
...same time, though, legislators last week took a step that spotlights Washington's weakness on energy policy. The Senate voted to give Congress the power to restrict any future presidential move to limit oil imports. Only last July, the legislators were applauding the President's statement that he would use quotas to ensure that the U.S. would never import more oil than...
...congressional change of heart came at a particularly poor moment. Despite ample world supplies of oil now, fear of future shortages is prompting stockpiling and sending prices higher. The turmoil in Iran continues to give rise to worries of new production cuts by one of OPEC's most important oil suppliers, and the cartel itself now seems certain to announce new price increases at its December meeting in Venezuela. The Saudis, who have held their price at the cartel minimum of $18 per bbl., may raise it closer to the levels of other producers: $23.50 or more...
...OPEC nations go, so go the countries that pump the approximately 40% of the free world crude that is not under the cartel's control: last week both Britain and Canada moved toward higher prices that will keep the cost of their oil in line with, or even a little ahead of, what OPEC is currently getting...