Word: oilmen
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...reported extensively for a TIME cover story on Exxon in 1974, interviewed Exxon executives and other oil gamesters for this week's story, and found the situation markedly changed. "I didn't realize five years ago that I was seeing the end of an era," he says. "Oilmen then were still somewhat fat and happy, confident that they'd surmount the energy crisis." This time, Tompkins saw the oil chiefs as "sadder, thinner and less optimistic...
...uneconomical to keep on stream. The battle between Carter and the oil industry over his windfall profits tax concerns whether decontrol will also lead to increased exploration and drilling of new wells that will raise production. The President has repeatedly hit the industry with the charge that oilmen will just pocket the profits from decontrol. Even under existing price controls, however, the industry has spent far more than ever before in its history in the stepped-up search for oil, not only overseas in countries outside OPEC, but also...
...Oilmen insist that all the profits of decontrol, not just some of them, are urgently needed to finance the search for crude. Asks Hugh Liedtke, chairman of Pennzoil Co.: "Are we to raise more tax money or raise more oil?" But some of the biggest firms are swinging around to an emotional accommodation with the idea of a tax, so long as it is phased out in a couple of years. What they want is a temporary levy with a so-called plow-back provision. Under it, companies would be able to reduce their windfall profits taxes each year...
...massive rip-off of the American people by American oil companies. They are going to be all over Capitol Hill like a chicken on a June bug. They say they have more influence on Congress than the American people have. I say, let's prove them wrong." Ultimately, oilmen may find it easier to live with a tax that they do not want than a fire-breathing President and a furious public...
...Iraq raising its official price for long-term petroleum contracts, but it is also selling shipments on an individual basis at the even higher spot market prices. Nigeria has also reportedly made deliveries to Israel for as high as $23 per bbl., vs. the official OPEC price of $13.34. Oilmen say that Libya's purpose in reducing sales under long-term contracts is both to prop up the price and to have some additional tonnage of its own to gamble with...