Word: oiling
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Dates: during 1980-1989
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When Exxon reckoned in July that it would spend nearly $1.3 billion to clean up its Alaskan oil spill, liability lawyers knew that was just the beginning. In Anchorage last week the state of Alaska filed a civil suit against the petroleum giant and the owners of the trans-Alaska pipeline, seeking unspecified damages that could total billions of dollars. Alaska charges the oil companies with deceiving the public about the safety of the shipping operation and with incompetence in the cleanup...
...likely to break some courtroom records. Robert LeResche, who heads the state's investigation of the spill, believes the legal wrangling will last at least a decade. "Out of the approximately 150 suits filed against Exxon, this is the big one," says Bryan Jacoboski, who follows the oil industry for Paine Webber. "It will keep Exxon's stock from going anywhere for a long time...
...necessity is the mother of invention, the threat of regulation is often its father. Faced with growing government pressure for cleaner automotive fuel, Atlantic Richfield last week became the first U.S. oil company to introduce an unleaded gasoline designed to run effectively in older vehicles that were built to use leaded fuel. The Los Angeles-based company said the new brand, Emission Control-1, will eliminate up to 15% of the pollution caused by cars built before 1975 and trucks from before 1980. While such vehicles represent only 15% of the Los Angeles area's cars and trucks, they produce...
...arrival of the new gasoline was well timed. Hours after EC-1's debut, the California Air Resources Board unanimously approved a sweeping 20-year plan to clean up Southern California's atmosphere. President Bush put additional pressure on oil companies in June, when he unveiled an antipollution proposal that included a switch to cleaner automotive fuels, including natural gas and methanol, in smog-choked parts of the country...
...dealmaker whose 6-ft. 4-in. height and 280-lb. heft amplify his forceful nature. At the same time, he is a gregarious socialite who counts among his close friends Gregory Peck, Don Rickles, Henry Kissinger and former President Gerald Ford. Like many pals, Ford has invested in Davis' oil deals over the years. Says Ford: "You look at Marvin, and he looks like a tough, mean guy -- and he is a tough businessman. But on a personal side, he's a warm person, a nice guy to be with...