Word: petroleum
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Dates: during 1970-1979
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...ever experienced. The world's voracious energy demands have combined with Arab embargoes and production cutbacks to create a shortage the end of which no one can foresee. Politically, governments in the Middle East, Africa, Asia and Latin America are asserting ownership rights to more and more of the petroleum pumped out by the "seven sisters" of world oil: Exxon, Royal Dutch/Shell, Texaco, Mobil, Gulf, Standard of California and British Petroleum. By the 1980s, the international oil companies could become mere contractors in much of the world, pumping oil that host-country governments will own and selling exactly as much...
...Standard Oil Trust in 1882. Standard Oil bribed many politicians and cut prices to the marrow in order to drive out competitors. One of John D.'s favorite techniques was to negotiate secret rebates from railroads, which were eager to carry Standard's petroleum; he handed them so much business that they frequently gave him kickbacks on the shipments of rival firms as well. He then slashed prices still further, and bought up ruined rivals. By 1884, Standard Oil was selling more than 80% of the oil that flowed out of U.S. wells. Though no body today defends his tactics...
...Jamieson signed on as a laborer in a small refinery near Calgary. Because of his engineering background, he was made manager of a refinery in Moose Jaw, Sask., the first of a remarkable series of jobs that during the next 30 years put him into every facet of the petroleum business. During World War II, big (6 ft. 2 in., 200 Ibs.), craggy-faced Ken Jamieson was appointed an Ottawa-based oil liaison officer between the Canadian and U.S. Governments. When peace came, Imperial Oil Ltd., the Canadian subsidiary of Standard Oil (New Jersey), made him a lucrative offer...
...Imperial, he became assistant to Michael Haider, who was fast rising to the top of Jersey's hierarchy. Clearly impressed with Jamieson, Haider took him along as he moved up. Jamieson succeeded Haider as president of Jersey's International Petroleum Co., which handled some of the firm's Latin American refining and marketing. After that Jamieson became president of Humble Oil, the Houston-based subsidiary that ran all U.S. operations. -Humble had long been dominated by independent-minded Texans, and Jamieson's job was to bring it under more direct control of Jersey's central...
...Areas that were greatly dependent on imported oil, notably the Northeast, have been hit especially hard by the Arab embargo. The U.S. normally needs 7 million to 8 million bbl. of imported oil and petroleum products daily, but imports are down to some 5 million...