Word: oilmen
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Dates: during 1960-1969
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Whatever happened, Biafrans resent the foreigners for working in Nigeria for ENl's marketing arm, AGIP. Ojukwu is convinced that without the oil royalties Nigeria receives from continuing drilling operations, his cash-short enemy would soon be brought to the negotiating table. "Oilmen are more dangerous than mercenaries," Biafran Information Minister Ifegwu Eke said last week. "These are the people responsible for our suffering...
...longtime friends in high places have departed. Lyndon Johnson has retired; former House Speaker Sam Rayburn and Senator Robert Kerr are dead. Louisiana's Rus sell Long is left to defend the industry against such Senate reformers as Edward Kennedy, Edmund Muskie, Philip Hart and William Proxmire. Oilmen have mobilized their own forces in a desperate battle to protect their interests...
...Oilmen argue that the special allowance is necessary to compensate them for the tremendous costs and risks involved in prospecting for oil, and to give them extra incentive to search for more of it. The search has been slowing lately. Since 1957, the number of new wells drilled in the U.S. has dropped 40%; domestic reserves have remained nearly constant but demand for oil has increased by as much as 29%. Two weeks ago, Michael A. Wright, chairman of Humble Oil, told Senator Hart's antitrust subcommittee that 87% of the nation's oil needs by 1985 will...
...because of its tax privileges, the oil industry has fairly high profits. Oil companies earn an average of 11.2% on their invested capital, which is slightly above the norm for all U.S. industry; they also earn 10% on sales, which is about double the figure for other U.S. industry. Oilmen seem reconciled to seeing the allowance cut to 22½% or perhaps less, and the depreciation limited to fixed periods instead of the lifetime of the well...
Like the depletion allowance, the quota system is also justified as a means of encouraging exploration for more domestic reserves. The quotas, according to the oilmen's argument, save the U.S. from becoming too dependent on the oil sheiks of the unstable Middle East. They would probably raise their royalties -and thus the price-if the U.S. needed substantially more...