Word: oilmen
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...Senate stepped up its oil hearings last week, almost everyone had the industry pegged as the villain in the case. Oilmen had not only hiked prices as much as 12%; they had also, said the reports, failed to supply enough oil to ease Europe's Suez shortage. But the hearings were hardly under way before the character of the villain underwent an amazing transformation: he began to look almost like a hero. Wyoming's Democratic Joe O'Mahoney. Senate subcommittee chairman, concluded that the price boost was justified for small independents, because oil costs have risen sharply...
...successful, all reports to the contrary notwithstanding." Texas was sorry that the world was angry at its actions. "We are accustomed to that," said Thompson. The facts were that the U.S. Government had not once officially demanded an increase in the allowable production set for the state's oilmen. The requests had come from Humble Refining Co., a Jersey Standard subsidiary, and from Magnolia Oil Co., a Socony subsidiary, both of them major Texas refiners with an economic stake in higher tidewater production...
...requests were refused, said Thompson, because there was no way for the inland wells to share equally in the profits-and the commission's job is to look out for small as well as big oilmen. Some 8,500 inland wells are still not connected to any crude-gathering pipeline; the oil must be trucked to refineries at high cost. Beyond that, the existing pipeline system is operating at capacity, could not carry more oil from wells to refining centers. The way matters stood, said Thompson, Texas had already boosted allowables three times since Suez, was pumping a record...
...Among oilmen, everyone blamed everyone else. Still fighting its brisk intramural war, the Texas Railroad Commission, which controls 45% of all U.S. production and grimly guards the interests of small independent producers, blamed the major companies for the industry's troubles. Texas independents called angrily for major refiners to 1) cut back their imports of Venezuelan crude oil, thus making that oil available for direct shipment abroad, and 2) reduce refinery runs, to make even more crude available for shipment abroad. Furthermore, said the independents, refiners should change their entire historic pattern of refining oil: they should crack less...
...defense, independent oilmen argue that the essential economy of the industry makes it difficult for them to increase production. They declare that any production increase would only benefit major producers with big wells hooked into pipelines; small producers would still have to truck their oil to market at the high cost of 35? per bbl. Furthermore, independents fear that if they hike production to ease a short-term crisis in Europe, they will be stuck with a big surplus once the crisis is past. The problem could be solved easily, say the independents, if the big companies would divert their...