Word: oilmen
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Writer Chris Byron makes the oil companies sound like a charity group. He justifies their greed by informing us that "surely nobody knows how to find the crude better than oilmen do." Does this justify future windfall profits at the expense of the American public? Business practices, like oil, should be refined, not crude...
...answers will not be simple. Oilmen disclaim any wrongdoing and insist that the problem is mainly the result of OPEC members' decision to prop up high oil prices by reducing exports. Because oil shipments from Iran take about two months to reach the U.S. market, the loss caused by the shutdown during the revolution-about 700,000 bbl. per day-did not affect American consumers until March. The American Petroleum Institute estimates that the U.S. now is short as much as 1 million bbl. of imported oil per day. Iran resumed exports in March, but this oil will...
These harsh realities are every bit as troubling to oilmen as to anybody else. They chafe at charges that they belong to some sort of seamless monolith, and they are bewildered by the public's suspicions. The dismay is understandable. Hardly the conspiratorial business that it is widely thought to be, the 1.8 million-employee industry operates in an intensely competitive arena...
People accept and admire the technical expertise of oilmen; it is the business side of the industry that they suspect. They fail to understand why prices keep going up, especially when the announcement of an OPEC production cutback or an increase in the cost of oil that is a month or more away by sea from the U.S. seems almost immediately to send the price of gasoline leaping at the pump...
Only two years ago, oilmen were confident that the Saudis would steadily boost production, to as much as 20 million bbl. a day by the early 1980s. A Senate report three weeks ago concluded that the West will be lucky if the Saudis achieve much more than half that level over the next eight years. They have been shaken by the experience of Iran, where the social strains of rapid industrial development brought on revolution. The royal family is split between moderates eager to expand