Word: oilmen
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Dates: during 1970-1979
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...accusing oilmen of trying to subvert Congress against the will of the people. In fact, Congress was never as opposed to the windfall tax as people had at first thought, and some form of tax seems almost certain to pass...
...embarrassment of riches comes when oilmen are battling to keep as much as possible of the increased profit that will begin flowing to the industry at the end of the month, when Jimmy Carter starts phasing out domestic crude oil price controls. As a result of controls, the average price of crude in the U.S. is $9.45 per bbl., vs. the world level of $14.55; removing the ceiling will increase oil company revenues by perhaps as much as $ 13 billion over the next 28 months...
These harsh realities are every bit as troubling to oilmen as to anybody else. They chafe at charges that they belong to some sort of seamless monolith, and they are bewildered by the public's suspicions. The dismay is understandable. Hardly the conspiratorial business that it is widely thought to be, the 1.8 million-employee industry operates in an intensely competitive arena...
People accept and admire the technical expertise of oilmen; it is the business side of the industry that they suspect. They fail to understand why prices keep going up, especially when the announcement of an OPEC production cutback or an increase in the cost of oil that is a month or more away by sea from the U.S. seems almost immediately to send the price of gasoline leaping at the pump...
Only two years ago, oilmen were confident that the Saudis would steadily boost production, to as much as 20 million bbl. a day by the early 1980s. A Senate report three weeks ago concluded that the West will be lucky if the Saudis achieve much more than half that level over the next eight years. They have been shaken by the experience of Iran, where the social strains of rapid industrial development brought on revolution. The royal family is split between moderates eager to expand