Word: oilmen
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Dates: during 1970-1979
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...company executives to his office and bluntly told them that Venezuela intended to lift prices an average 14% on all its oil exports. Later, the government announced that it would increase only the cost of heavy fuel oil, which accounts for much of the country's exports. Oilmen now expect that the broader crude oil increases will be formally posted later this month when existing three-month contracts are about to expire. For the U.S., which relies heavily on Venezuelan imports, the increases already announced could add from 3? to 6? to the cost of residual fuel oil used...
...Though Saudi Arabia and some other OPEC nations have been pumping an extra 3 million bbl. per day at higher prices to offset some of Iran's export shortfall of 5.5 million bbl. per day, the net world loss of 2.5 million bbl. has still started what some oilmen describe as a wild scramble for crude in the free market. Since mid-December the spot price has nearly doubled, to at least $22 a barrel, vs. the OPEC cartel's price of $13.34. This windfall profit for European oil companies and oil traders acting as middlemen has riled...
...drawing upon their inventories, but that cannot continue for long. Even if all of Iran's striking oilworkers were to go back to their jobs this week, it could take as long as six months to bring the country's production back to an acceptable level. Oilmen actually say that if shortages of gasoline and other refined products are to be prevented from developing later this spring, the Iranian fields must start coming back on stream in the next six to eight weeks-a highly questionable prospect, given the country's political situation...
...billion, helping mightily to offset the cost of imports. The U.S. exports more wheat, corn and other coarse grains (barley, oats, sorghum) than all the rest of the world combined. Pat Benedict and farmers like him are America's best hope to counter the trade challenge presented by the oilmen of Araby and the energetic manufacturers of Japan. U.S. food exports would be higher still were it not for a variety of barriers: outrageous quotas that keep Japanese consumers from buying as much U.S. beef and fruit as they would like, variable tariffs that hold the prices of American foodstuffs...
Discoveries in the southeast region of Mexico particularly excite U.S. oilmen. The country has recently revised its estimates of proven reserves* from 14 billion bbl. to 20 billion bbl., which would put it in a league with Venezuela, and officials are happily suggesting that the total may be as high as 200 billion bbl. If so, that would put Mexico in a class with the present leading oil country, Saudi Arabia, which has proven reserves in the area of 180 billion...