Word: oilmen
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Some Western diplomats and oilmen thought that the production cuts were about the most modest that the Arabs could have agreed on. In fact, before settling on the 5%-a-month formula, the Kuwait conference rejected proposals for a three-month total shut-off of oil exports and for an immediate 50% reduction in production...
...allocation program is needed, but it would not eliminate the basic cause of oil and gasoline shortages: a lack of refining capacity. An increase in refinery construction began last year, but it will not have very much impact until 1975. Until then, oilmen can accomplish little by juggling refinery runs...
...grand jury will also explore reports that a high-ranking federal official tipped the oilmen off to the 1971 price freeze in time for the companies to get their prices frozen at a high rather than a low level. The word was supposedly passed to an oil executive, who quickly spread it throughout the industry. Some executives of independent oil companies have told investigators that they got phone calls from competitors and other industry sources advising them that the freeze was coming and urging them to get their prices...
Prices Rise. Whether as a result of a conspiracy or through the natural workings of the marketplace, as oilmen contend, prices did in fact go up rapidly. In July 1971, the nation's largest oil firms, followed by big independent refiners, began to withdraw temporary competitive allowances (TCAs) from service stations they supply. TCAs are discounts on wholesale gas that enable a dealer to hold prices down at the pump, usually during a price war; removing them causes prices to shoot up. As TCAs came off, the national average price of regular gas rose from less than...
...Thus the oilmen are under constant pressure to publicly champion the Arab cause-but they are also well aware that any such action would enrage multitudes of their Western customers, stockholders and employees who vigorously support Israel and view any expression of pro-Arab sympathy as a threat to the Jewish state's existence. Faced with that dilemma, most oilmen have taken a supercautious stance, either saying nothing at all about Middle East politics or confining their statements to general appeals for "peace" to which neither Arabs nor Jews could object. If any proof of the wisdom of that...