Word: oilmen
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
Supply problems will be real enough for the oil companies that must abide by the Iranian embargo or risk losing their deliveries altogether. Because not every refinery can process all grades of crude, oilmen face logistical headaches in trying to switch about their Iranian and non-Iranian supplies. That is especially true for the four American companies providing nearly all of the 700,000 or so barrels of Iranian oil that until last week had entered the U.S. each day. Amerada Hess, the largest single supplier, delivered about 200,000 bbl. of the total. Much of it was processed...
...Oilmen are fearful that Iran will soon go a step further and simply cut back its production by a flat 700,000 bbl. With the world market tight, any such reduction would push up prices sharply, especially for single shipment cargoes that are sold on the so-called spot market, where more and more of the world oil trade now takes place...
...Government stands ready to help because shale oil is an important part of Jimmy Carter's energy program. The Administration is more optimistic than oilmen: it envisages the production of 400,000 bbl. a day by 1990. Carter wants Congress to grant shale developers a tax credit of $3 a bbl. to make shale oil prices competitive with those of conventional petroleum. In addition to the Senate's $20 billion program, the Administration is providing $2.2 billion in fiscal 1980, largely for shale...
...price, NIOC would refuse to renew its supply contracts when they expire in December. Exxon, Shell and British Petroleum got telex notification from NIOC that their anticipated deliveries for the last three months of 1979 were being cut by approximately 5%. NIOC blamed "operational difficulties," but many oilmen suspected that the missing petroleum would soon enough turn up for sale on the spot market. Meanwhile, Saudi Arabia was hinting strongly that early next year it will cut as much as 1 million bbl. a day from its production of 9.5 million bbl., and Kuwait and Nigeria were also considering reductions...
...specter of Big Oil wallowing in billions raised a number of policy issues that could change the structure of the nation's energy institutions. Talk rose in Washington of increasing the taxes that oilmen must pay, of putting limits on profits and keeping controls on prices, perhaps ultimately of breaking up the companies or moving toward partial nationalization. There was not much discussion that holding down profits might also reduce exploration and production, that holding down, prices would fire up demand for even more oil imports. At the same time, the U.S. may have to move toward more dependence...