Word: oilmen
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...voracious demand for oil increasingly outstripped new sources of supply in recent years, an energy crisis crept up on the world with fateful inevitability. Yet, despite spreading signs of scarcity, most government leaders in the U.S., Europe and Japan paid little heed to calls from oilmen for urgent measures to expand energy resources and curb waste. Instead, they chose to believe that there was time to formulate some painless strategy to avert a genuine global emergency...
Nonetheless, the organizers, a group of Texas business leaders, have already raised $200,000 for Hall of Fame programs. The nine inaugural Hall of Fame members include: two oilmen, W.D. Noel, founder of El Paso Products, and L.F. McCollum, former chairman of Continental Oil Co.; Robert J. Kleberg Jr. of the King Ranch; Jesse Jones, publisher, real estate developer and head of the Reconstruction Finance Corp. during the New Deal; J. Erik Jonsson, former head of Texas Instruments; George and Herman Brown, who developed the giant Brown & Root construction firm; Retailer Charles Tandy of Tandy Corp.; and Arthur Temple...
...point owned 13 million acres around the world, though, as Nelson Bunker Hunt observed, "a billion dollars isn't what it used to be." Among other renowned Texas aristocrats: Fort Worth's Perry Richardson Bass and Son Sid, and Houston's Roy Cullen III, oilmen; and Dallas' William Walter Caruth and Fort Worth's Anne Windfohr Phillips, landowners...
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...