Word: oilmen
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...great advantage is that he is as much at ease in a trimly tailored Western business suit as in Arabia's traditional flowing thobe. He straddles cultures, enjoying Arabian poetry and folk dancing, but also loving classical music and oilmen's lusty jokes. Western businessmen like Yamani and respect him because he knows the oil business inside out. "If that man ever went into private consultancy, he'd be swamped," says a U.S. State Department official. "All the American oil companies would want him on retainer...
...situation of the oil industry may become more common as multinational corporations proliferate. The oilmen profit from the special treatment accorded them by home governments--at one time including the gunboat diplomacy that helped American companies negotiate favorable contracts with Venezuala, and eased British Petroleum's entry into the Middle East oilfields, and now incorporated in tax breaks like the U.S. oil depletion allowance. But because of their size, their international connections, and the economic clout of their cartels, the oilmen form a class by themselves, independent of the separate nations they supply and deal with. Negotiating with the Arabs...
...COMPANIES have been posting enormous profit increases-up to 90% in the third quarter for Gulf. Rising prices will surely keep profits up, but the oilmen nevertheless have problems: they may have to close some refineries because of an inability to get crude. Mobil last week announced that after Dec. 31 it will "mothball" an East Chicago refinery that has been processing 47,000 bbl. per day of crude for small independent oil companies. Small oil distributors will be really pinched. John Fiore has been supplying diesel fuel to barges, tugs and fishing boats in Boston harbor for 40 years...
...Carver Jr., a member of the Federal Power Commission, was saying: "A crisis exists right now. For the next three decades we will be in a race for our lives to meet our energy needs." Nor was the Nixon Administration unaware-or totally unaware. In a speech to oilmen in Dallas in the fall of 1970, Paul McCracken, then chairman of the Council of Economic Advisers, clearly sketched the genesis of the problem and recommended a reserve capacity in the U.S., just in case anything went wrong with foreign suppliers. It seems that nearly every body knew. "We could...
...forecast the fact that they were going to be short of gasoline by this year?" Roberts asks. "The answer is absolutely yes. Those companies have good economists, and they had to have known that some time in 1973 they would bump up against the restraints of their refining capacity." Oilmen retort that until recently they could not get high enough prices for their products to make new refineries yield an adequate return on investment...