Word: oilmen
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...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...
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...
...complex "netback price" arrangement, under which sellers effectively charge the market rate for oil rather than the officially posted price. As a rough rule of thumb, the system could net the Saudis $2 to $2.50 less than the established OPEC price of $28 per bbl. While Middle East oilmen could not confirm last week that the Saudis had signed any such agreements, trade sources elsewhere said that the U.S. oil giants Exxon, Mobil and Texaco would buy some crude under the discount system...
...weeks ahead, Mexico may ask whether international bankers and Saudi oilmen are conspiring as well. A little more than a month ago, Mexico's Finance Ministry admitted that inflation was running at 59% instead of the 35% prescribed by the International Monetary Fund, and the budget deficit was about 8% of total economic output for 1985, instead of 5.3%. Since Mexico has not met the fund's terms, it would normally not be allowed to draw on a $900 million line of credit that remains from a three-year $3.4 billion IMF loan. "We could never have complied with that...