Word: oilmen
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Dates: during 1970-1979
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...industry. He hastily assembled 15 executives in the Cabinet room for a session that a White House aide said would plot "how we can best manage the projected gasoline shortfall this summer." The President also wanted to know why prices were rising so fast. For two hours, the oilmen gave him their version of the crisis. The gasoline retailers blamed the oil producers for zooming prices at the pumps. Sniped Victor Rasheed, president of the Virginia Retail Dealers Association: "There has been some price gouging, perhaps, by the oil companies." The oil producers, in turn, blamed the problem...
...same time that imports were reduced, oilmen say several other factors worsened the situation. Among them...
Writer Chris Byron makes the oil companies sound like a charity group. He justifies their greed by informing us that "surely nobody knows how to find the crude better than oilmen do." Does this justify future windfall profits at the expense of the American public? Business practices, like oil, should be refined, not crude...
...answers will not be simple. Oilmen disclaim any wrongdoing and insist that the problem is mainly the result of OPEC members' decision to prop up high oil prices by reducing exports. Because oil shipments from Iran take about two months to reach the U.S. market, the loss caused by the shutdown during the revolution-about 700,000 bbl. per day-did not affect American consumers until March. The American Petroleum Institute estimates that the U.S. now is short as much as 1 million bbl. of imported oil per day. Iran resumed exports in March, but this oil will...
...hold down domestic prices, the Department of Energy urged oil companies not to buy crude on the spot market, where prices are up to $12 higher than the world average of $18 per bbl. There is some debate among oilmen over the degree to which this policy affected supplies. In any event, because of a change in DOE policy last week, the companies are now free to buy on the spot market, though several of them are reluctant to do so until the Government assures them that they can pass the extra costs on to consumers...