Word: oilmen
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...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...
Exxon's stumbling in nonoil fields may stem in part from the inbred nature of its management. Many of the top executives, including Chairman Clifton Garvin Jr., 60, are engineers who have spent their entire careers at Exxon. Wall Street analysts have begun to wonder if these lifetime oilmen have the versatility to venture out of the petroleum industry...
...crude is dwindling oil company inventories. From January to April, energy firms drew down their stocks at a rate of anywhere from 3 million to 5 million bbl. per day. But now that the price of oil has begun to stabilize, at least temporarily, some industry analysts expect oilmen to begin replenishing their storage tanks. Energy Expert Lawrence Goldstein of the Petroleum Industry Research Foundation estimates that by autumn the non-Communist world's oil needs from OPEC will reach about 20 million bbl. per day. At present, however, the cartel's producers are pumping less than...