Word: oilmen
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Dates: during 1980-1989
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After reading your editorial about George Bush's attempts to negotiate oil price stabilization, I was dismayed by your willingness to dismiss the oil crisis as a problem only of the "fatcat oilmen who have soaked it in for 10 years of high oil prices." Apparently, your editorial writers have watched one too many episodes of "Dallas...
...prices for just about every other consumer product. That means more real income, more consumer demand and more jobs--even considering increased unemployment in the capital-intensive oilfields. So let's have no illusions that Bush's "price stability" is motivated by concern for anyone but the fat-cat oilmen who contribute to his campaign fund...
What's so ironic is how quick the Vice President and other live-free-market-or-die types are quick to scuttle survival of the fittest when people they know best end up losers. But let us shed no tears for the oilmen, they've soaked it in for too long. Listen, fellas, we're not going to change the rules 'cause the going got tough...
Mexico's woes have distracted U.S. attention from its own patch of despair in Oklahoma and Texas, said Thurow. Falling crude prices have not only devastated many oilmen there but also their suppliers and much of the real estate industry. Says Thurow: "When the oil industry goes down, the whole infrastructure starts to fall in value." The evidence is abundant. The accounting firm of Price Waterhouse reported last week that the number of Houston businesses declaring bankruptcy rose 33% last year...
Experts in neighboring states issued similar warnings. In Oklahoma, officials said sliding prices could cut 10% from the state's already depressed oil production and could whack $50 million more out of a government budget that is now running a $197 million deficit. Oilmen fear that the declines could shut most of Oklahoma's 50,000 stripper wells, small units that individually produce no more than 10 bbl. per day but together account for the bulk of the state's petroleum output...