Word: oilmen
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...just another Texas-style party. At a lavish ranch outside Austin last spring, some 300 ranchers, bankers, oilmen and politicians drank, ate barbecue, smoked pot and paired off for lovemaking. The only unusual aspect of the weekend-long party was that the guests were homosexuals. In an East Coast version of the Texas party, the cruise ship Renaissance sailed out of Fort Lauderdale, Fla., for the Caribbean last December carrying some 300 homosexuals, including doctors, lawyers, architects and businessmen...
...Florida, have proved every bit as disappointing as wells drilled in the continental U.S. In 1973 the Destin fields looked so lucrative that oil companies bid a record $1.49 billion for leases. After drilling 14 dry holes, Exxon, Shell and three other producers pulled out their rigs, and oilmen now refer to that ill-fated venture as "the Destin Anticlimax." They remain confident that other offshore sites-mainly along the Eastern seaboard and the California coastline-will produce better results, perhaps yielding as much as 2 billion bbl. during the balance of the century. Whether their optimism is well founded...
...allowed to charge $8.50 per bbl. The price of "old" domestic crude, which is now frozen at $5.25 per bbl., would be allowed to rise to $7.50 also-but only over a five-year period. The House bill would please consumers, since it would hold down energy prices, but oilmen argue that the measure would stifle the incentive to develop new wells...
...kept the price low, and cheap energy helped to create fabulous economic growth. But the U.S. in particular squandered enormous quantities of energy on oversize cars, sealed buildings and flimsily insulated homes. Some oilmen warned that a supply squeeze was coming and that massive efforts should be made to conserve oil and invest in new sources. The warnings were not taken seriously. When the energy crisis struck, the free market was thrown into near panic. Of course, nobody could have predicted that the crisis would hit so soon, simply because it was hard indeed to foresee the explosive political events...
...week's announcement that Jamieson, now 64, will retire on Aug. 1 signals a subtle change in style at the colossus of the major oil companies. More than any of their predecessors, Exxon's incoming management team are men who won their spurs not so much as oilmen as organization...