Word: oilmen
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...power in oil than in autos, steel, aluminum and other fields. A Treasury Department study released last week asserts that divestiture would hamper the industry's efficiency, lessen exploration and development of new wells, increase the nation's dependence on costly foreign oil and drive up prices. Oilmen agree that if more companies were bidding vigorously for Middle East oil, prices might drop somewhat−if there was a glutted market. But that system could work both ways. In a tight market, more companies bidding could kick up prices faster, as some smaller independents...
...suspected that Houston's Memorial Park sits on a pool of oil and gas, and now the city wants to tap it. The scheme has naturally aroused the Audubon Society and the Sierra Club, but their distress pales beside that of the city's oil establishment. The oilmen are upset not because the city plans to drill in Memorial Park but because of the way Houston's mayor, Fred Hofheinz, is going about...
Although the city has yet to file its suit, Mayor Hofheinz is scouting for a company willing to do the drilling on a "public interest basis" and turn over all royalties to the city as a charitable contribution. So far he has had no takers, and many oilmen suspect that the whole incident is a bit of political grandstanding by the mayor, and that no drilling will ever be done. As a Brownco lawyer tartly puts it: "Anyone who turns down a 35% royalty offer is going to be suspect in the oil industry of having some mental difficulty...
...billion, 800-mile Alaska pipeline began pumping through it now, the chances are that the oil would eventually leak all over the tundra and the pristine mountains along the pipeline's path. For some time this possibility has been a matter of quiet but earnest concern among oilmen and federal officials, who are faced with what may be the biggest problem yet to hit the trouble-plagued project. An urgent audit carried out by the eight-company pipeline consortium, which includes Exxon, Atlantic Richfield and British Petroleum, has revealed 3,955 "problem welds" in the pipeline, which is still...
Over the years, through mergers and acquisitions, Getty picked up other companies, and some critics say that what he built was a hodgepodge that never became fully integrated like the major oil companies. Such criticism did not bother Getty. He was unique among oilmen -and other company heads, for that matter-in keeping almost total personal control of his empire; indeed he put in long working days at Sutton Place almost up to his death...