Word: oils
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Dates: during 1970-1979
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...Most notably, like Democratic Presidential Aspirant Jerry Brown, Connally advocated a North American common market. "This economic union would be a formidable trading bloc," he said. Here too there are problems. Mexico has already denounced the idea as little more than latter-day Yankee imperialism designed to capture Mexican oil. It is also, according to one prominent businessman, ''hideously complex...
Once again, the nation's energy debate deteriorated into a cacophony of angry charges, bitter recriminations and defensive denials. As irate Americans paid their first newly inflated heating bills, Exxon and other oil giants last week reported a new Spindletop of profits. For a people unshakably convinced that somebody must be ripping them off on energy prices, here was smoking-gun proof...
...specter of Big Oil wallowing in billions raised a number of policy issues that could change the structure of the nation's energy institutions. Talk rose in Washington of increasing the taxes that oilmen must pay, of putting limits on profits and keeping controls on prices, perhaps ultimately of breaking up the companies or moving toward partial nationalization. There was not much discussion that holding down profits might also reduce exploration and production, that holding down, prices would fire up demand for even more oil imports. At the same time, the U.S. may have to move toward more dependence...
Exxon set off the latest oil brouhaha with a bland eight-page report on its business from July through September. This showed that the world's second largest firm (after General Motors) had more than doubled its profits to a walloping $1.1 billion-its first billion-dollar quarter in history. Soon after, other U.S. energy corporations reported spectacular quarterly earnings. Among the majors, Texaco walked away with the dubious first prize of a 211% increase, while Standard Oil of Ohio was second at 191% and Conoco third...
Immediately a storm of protest broke out. President Carter threatened to punish oil companies if Congress failed to pass a stiff windfall tax on profits from oil decontrol. House Speaker Thomas (''Tip'') O'Neill called the profits ''sinful,'' while James G. Archuleta, head of the Oil, Chemical and Atomic Workers called the Exxon profits ''pornographic...