Word: oilmen
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
Such woes are the bust side of the boom that fueled the energy industry at the end of the 1970s. Oilmen, expecting the Organization of Petroleum Exporting Countries to push prices to $50 or even $75 per bbl., spent billions to find and develop wells and then were startled when consumption dropped and prices fell. OPEC, which had been trying to resist the slide, acknowledged the new era last month by cutting its official price 15%, from $34 to $29 per bbl. Observes T. Boone Pickens Jr., chairman of Mesa Petroleum and a 32-year veteran of the industry...
Nonetheless, British Energy Minister Nigel Lawson met separately with the ministers from Venezuela and the United Arab Emirates. All three were mum about the talks. Some oilmen in Britain, however, believe the U.K. might reach a tacit understanding with OPEC to avoid a price war. Further price cuts could, after all, drain revenues from the sagging British economy. But any agreement to limit production would go against Thatcher's staunch free-market philosophy, and would also violate contracts that give private companies, including British Petroleum and Royal Dutch/Shell, the right to pump North Sea crude...
...price rise seems out of the question, barring some blowup in the Middle East. But oilmen cannot afford to rule that out. The big fear is that the stalemated 27-month war between Iran and Iraq might suddenly spill over into a generalized Persian Gulf conflict, enveloping Saudi Arabia and other producers...
...seems twice the size of Fast Eddie. He is a brawler with the looks of a fallen angel, and he sneers at emotion: "My mother loved me but she died." Hud is rotten. He is trying to have his father declared incompetent so he can sell his ranch to oilmen. But Newman gave him a crooked, loser-winner smile that caught at the heart, and although the script didn't really justify it, he was a scapegrace hero...
...says that "one state, Alaska, is not subject to the same tax at the same rate as all the other states. This is a clear violation of the constitutional requirement of uniformity." The ruling, which came in a suit brought by the Independent Petroleum Association of America and other oilmen, could force the U.S. Treasury to return some $23 billion collected from oil companies since the tax took effect in 1980. Worse yet, from the Government's standpoint, the judge's Nov. 4 decision could shut off permanently an important source of revenue. Says one Treasury official...