Word: oils
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Dates: during 1970-1979
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Coming on top of OPEC's cutbacks, the cartel's price increases have a snowball effect. With supplies tight, retail prices in the U.S. begin edging up to the maximum. Then, when OPEC raises its crude oil charges, the U.S. Government allows the price controlled ceiling itself to creep higher. As the demand for gasoline mounts, the retail price
Since January, demand for gasoline has jumped more than 5% over a year ago. Consumption of unleaded gasoline has soared 25%, far surpassing the capacity of refineries to make enough. To keep abreast of demand, refineries have had to wring every last drop of gasoline out of crude oil shipments, and this has held down production of heating oil. Now, just as the summer driving season is approaching, refineries may have to cut back on gasoline production in order to increase output of heating oil to replenish stockpiles...
Though the companies are only doing what is necessary to keep the oil flowing, their public-image difficulties are compounded by one economic fact that no oilman can explain away: for better or for worse, the Seven Sisters, and many of their smaller competitors as well, have interests that are often parallel to those of the price-gouging OPEC cartel...
...Multinationals excluding government-owned oil companies operating in only one country. 1978 sales** Exxon $60,334,527,000 Royal Dutch/Shell $44,054,400,000 Mobil $34,736,045,000 Texaco $28,607,521,000 British Petroleum $27,390,915,000 Standard Oil of Calif. $23,232.413,000 Gulf Oil $18,069,000,000 Standard Oil (Indiana) $14,961,489,000 ENI (Italy) $12,500,000,000 Atlantic Richfield $12,298,403,000 Française des Pétroles $10,875,1 17,000 Continental Oil $9,455,241,000 Petrobrás (Brazil) $9,131,101,000 Elf -Aquitaine (France...
American companies that operate abroad, including the oil firms, also enjoy the U.S. tax code's foreign credits. Unlike most nations, the U.S. not only taxes domestic income, but all earnings worldwide of American taxpayers. The credits are quite legitimately designed to make sure that a company is not taxed twice on foreign income...