Word: petroleum
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Dates: during 1970-1979
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...increase in profits from oil that it bought, refined and sold in Europe and elsewhere in the Eastern Hemisphere v. only a 16% increase from its business in the U.S. Domestic operations have been relatively less lucrative, in part because the Federal Energy Office controls most prices for petroleum products. But rising worldwide prices of crude also have pushed up domestic prices. Imported oil is free from F.E.O. regulation, and the companies charge as much for it as the market will bear...
Despite their rich profits last year, the oilmen contend that their earnings have been modest over a longer period. "In seven of the last ten years," says Texaco Senior Vice President Annon Card, "the rate of return on investment in the petroleum industry was below that of all manufacturing companies." In 1972, Card notes, the oil companies' rate of return on investment was only 10.8%, compared with a 12.1% average for all manufacturing concerns. But if the profits are computed as a proportion of sales, the oil industry ranks far above the average for all U.S. manufacturing industries...
...provide a full accounting" of their inventories, reserves, production and costs. "I will not allow the American people to be victims of a snow job," he said. Exxon became the fifth major firm to make the disclosures. The companies' figures generally show that stocks of crude and most petroleum products are about the same as or slightly higher than a year ago, when the population was lower and there were far fewer cars on the road. Heating-oil inventories are markedly higher; oilmen credit that to the relatively mild winter and voluntary conservation...
...North Vietnamese offensive ever takes place, that cost will quickly multiply. The Communists demonstrated their ability to knock out South Viet Nam's reserves when sappers last month blew up the Nha Be petroleum depot near Saigon, destroying about 50% of the civilian stores. Attacks on the military's reserves of 2 million bbl. might well be part of a major Communist drive. Even if the military reserves remained intact, the drain would be great. If the war steps up again, the South Vietnamese will open the throttle, the Singapore refineries will be urged to open the taps...
Consolidation Coal Continental Oil 64.9 Appalachia, Midwest Island Creek Coal Occidental Petroleum 22.6 Appalachia Clinchfield Coal Pittston 20.6 Appalachia Amax Coal American Metal Climax...