Word: oilmen
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...Government stands ready to help because shale oil is an important part of Jimmy Carter's energy program. The Administration is more optimistic than oilmen: it envisages the production of 400,000 bbl. a day by 1990. Carter wants Congress to grant shale developers a tax credit of $3 a bbl. to make shale oil prices competitive with those of conventional petroleum. In addition to the Senate's $20 billion program, the Administration is providing $2.2 billion in fiscal 1980, largely for shale...
...specter of Big Oil wallowing in billions raised a number of policy issues that could change the structure of the nation's energy institutions. Talk rose in Washington of increasing the taxes that oilmen must pay, of putting limits on profits and keeping controls on prices, perhaps ultimately of breaking up the companies or moving toward partial nationalization. There was not much discussion that holding down profits might also reduce exploration and production, that holding down, prices would fire up demand for even more oil imports. At the same time, the U.S. may have to move toward more dependence...
Shedding the xenophobia that raged during the Cultural Revolution, Peking is looking to the non-Communist world for the scientific know-how once provided by the U.S.S.R. American oilmen are aiding in a search for petroleum off the South China coast. The Chinese are talking of enlisting U.S. experts for tapping the energy resources of great rivers like the Yangtze (at present China uses only 2% of its hydroelectric potential). Peking also wants to make direct purchases, especially of computer hardware...
...Nigerian and Algerian governments argue that the cuts are for purely technical reasons, to prevent the damage to their oilfields that would result if they continued indefinitely pumping out crude at recent rapid rates. Nigeria's claim may be partly justified, but Western oilmen charge that Algeria's alleged cutback is nothing more than a sleight of hand. Algeria is secretly selling the oil for top dollar to spot-market buyers. Reports a high oil company executive: "What appears to be a cutback is really just a diversion to the spot market. This is more than a suspicion...
...Oilmen also accuse Nigeria of unabashed price gouging. Though cartel members agreed in June not to tack surcharges on top of the maximum $23.50 per bbl. for their crude, Nigeria for weeks has been demanding a $5 per bbl. premium on as much as half of its exports...