Word: oilman
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Dates: during 2000-2009
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Despite the environmental badmouthing, Exxon is pushing in-house energy efficiency and co-generation, which last year resulted in 10 million fewer tons of carbon dioxide released into the air--equal to taking a million cars off the road. But in the end Raymond is an oilman; he believes fossil fuels are the only way to fill the 50% increase in global energy demand projected by 2030. Raymond has called the Kyoto Protocol "flawed" and predicts that Europe won't be able to meet its emission-cutting goals. Exxon's line is that there is "no scientific certainty" behind studies...
...began to sniff around. Another attraction for raiders is a USX pension fund with an estimated $2.5 billion in excess assets. Last month the company's stock began moving into some well-known hands. Among the buyers: Robert Holmes à Court, an Australian investor; T. Boone Pickens, the Texas oilman-raider; Irwin Jacobs, the Minneapolis entrepreneur and speculator. Pickens reportedly cashed in his chips two weeks ago for a big profit. Icahn, on the other hand, continued to buy. Last week he announced that his holdings had reached 11.4% of USX and were still climbing. Said Icahn: "We have made...
Whatever the future of the electric car and bioethanol, the notion that America must end its oil habit is gaining currency in Washington. George W. Bush, the former Texan oilman, has begun talking up corn ethanol and clean diesel and has endorsed a $4,000 tax credit for purchases of hybrid cars. That has not gone unnoticed by energy's new coalition of convenience, even if the President hasn't yet mentioned plug-in hybrids or bioethanol. "We drive to high-tech jobs today in cars built with 100-year-old technology, using 100 million-year-old fuel," says Podesta...
...quite. Oilman T. Boone Pickens has long made a similar case, and President Bush addressed those concerns by suggesting last week that refineries could be built on decommissioned military bases. But refinery capacity is not the major driver of higher gas prices. "The greater shortage is in the oil itself," says Rogers. Gas prices have been rising along with the price of crude. If gas prices were climbing while crude oil's remained flat, that would tell you there was a bottleneck pushing up prices. That hasn't been the case...
DIED. MARVIN DAVIS, 79, former oilman who once owned 20th Century Fox; in Beverly Hills, Calif. After completing college in 1947, Davis with his father launched a wildcat drilling operation that became the source of his wealth. In the '80s he branched into real estate and entertainment, buying Fox studios and then selling the company to media magnate Rupert Murdoch, using the proceeds to build the 20th Century Fox Plaza. Forbes this year pegged his fortune at $4.9 billion...