Word: oils
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Dates: during 1970-1979
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...Government has eased its controls lately so that dealers may now pass their increased costs for rent on to consumers. The DOE'S new "tilt" clause offers much the same opportunity to the oil companies. Enacted three weeks ago, the measure will allow oil companies to pass their higher gasoline refining costs on to the dealer, thus probably setting off a new round of rises for the nation's drivers...
...yearlong investigations have been clouded in mystery, covered with top-secret code words and confused by accusations of corruption and foot dragging on the part of some of the investigators. But last week the Texas oil-price scandal broke open a bit when a federal grand jury in Houston handed up criminal indictments charging two small oil companies and five of their executives with a multimillion-dollar rip-off "This is just the tip of the iceberg," said a delighted J.A. ("Tony") Canales, the U.S. Attorney in Houston. "This is not a one-shot deal. It's just...
...indictments, and the continuing investigations, center on violations of the Government's six-year-old, two-tier price structure for domestic crude. This sets a low rate (now an average $5.65 per bbl.) for "old" oil already in production and, as an incentive for more exploration, a higher price (now $12.53) for "new" finds. The fraud involves false certification and sale of the cheaper "old" oil as expensive "new," an easy matter of fixing papers to hide origins, since all the crude looks the same...
...grand jury charges of conspiracy and fraud were filed under the federal antiracketeering statutes, which provide for stiff penalties, a long statute of limitations and recovery of illegal gains Those named as defendants are Uni Oil Inc. of Texas and three of its executives: President Thomas M. Hajecate, his father Thomas H. Hajecate, who is secretary-treasurer of the company, and Vice President Charles Akin. Charges were also filed against James Fisher, a former Uni vice president and part owner of Armada Oil Co., as well as against Ball Marketing Enterprise of Lafayette, La., and one of its oil brokers...
...Government's case rests in part on information received from Albert B. Alkek, 68, an elusive Texas oil baron who was named by FORTUNE as one of America's invisible rich, worth about $200 million. Although a star suspect who was described by a federal investigator as in it up to his neck," Alkek avoided criminal charges by cooperating with the authorities and pleading a weak heart (a condition that did not prevent a dove-hunting trip in Mexico). Alkek admitted knowing about and not reporting the fraud and destroying a letter that would have documented the crime...