Word: oils
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Dates: during 1970-1979
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...certain amount of diplomatic recrimination. Carter will encounter criticism for the conspicuous failure of his Administration to curb the American appetite for energy. Most of the lecturing will come from the European Community countries, who can boast that they are successfully shaving their own reliance on OPEC oil by nearly one-tenth. Another irritant is the Administration's recent decision to subsidize the import of such middle-distillate petroleum products as diesel fuel and heating oil,* which the Europeans see as a hasty overreaction that sets a dangerous precedent. Said one U.S. official: "I haven't seen...
...part, the Administration will charge the others with forcing higher prices by their rush to buy Rotterdam spot oil at staggering premiums. The U.S.has joined in the competition for supplies. But West Germany and Japan are believed to be especially guilty of this practice, which they are better able to afford with their ample trade surpluses and dollar reserves. Complains one U.S. official: "They think they can buy their way out." Warns another: "The way out of this situation is not for the Western nations to bid against each other. That just helps OPEC...
DIED. John D. Murchison, 57, who teamed with younger brother Clint, owner of the Dallas Cowboys, to parlay their father's multimillion-dollar oil fortune into a vast empire (publishing, real estate, insurance, others); of a heart attack; in Dallas. So complex were the Murchisons' holdings that John joked, "If we're not careful, we may find out we're suing ourselves...
Forty dollars a barrel for oil? With the official world price at $14.55 per bbl, the notion sounds incredible. But not to oilmen. Items: when the Persian Gulf sheikdom of Abu Dhabi two weeks ago offered a shipment of high-grade, low-sulfur crude for sale at $40 per bbl., it found an immediate and eager buyer in Japan; Ecuador had no trouble getting $36 per bbl. in a sale of its own; Standard Oil Co. of Indiana admits difficulty in scraping up supplies for less than $35 per bbl. anywhere...
...against this backdrop of Oil at Any Price that Jimmy Carter and the leaders of Western Europe, Canada and Japan will sit down next week in Tokyo for two days of talks on energy and the imperiled world economy. Exactly 48 hours earlier in Geneva, the 13-nation Organization of Petroleum Exporting Countries will also gather-and take a step that will surely make the energy squeeze worse: another increase in price. Meanwhile, demands are rising both in the Congress and from the U.S. public that Washington launch a war-effort type of national program of cooperation by Government...