Word: petroleum
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Dates: during 1970-1979
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...last three weeks the Corporation has voted in favor of shareholder resolutions calling on the Timken Company to withdraw from South Africa, urging Phillips Petroleum to implement the Sullivan Principles and requesting that Exxon not expand into uranium mining in South Africa--all on the recommendation of the ACSR...
There is a second problem with relying on the oil companies to use their windfall profits to increase oil production. The evidence now available suggests that oil companies are not reinvesting their money in oil. They have seen the future, and it is not petroleum. The oil companies are buying up as many other energy sources as they can find, such as coal fields and uranium mines. Decontrol will give them the resources to control our energy future--a happy prospect. And much of the huge 1973-74 oil profits went into unrelated industries. For example, Atlantic Richfield bought...
...asserts that decontrol will add less than .2% annually to the rise hi consumer prices, the impact could in fact be much more severe. No one really knows to what extent inflation will be aggravated by potentially limitless price rises hi a commodity so basic to the economy as petroleum, yet the nation has no real alternative to freeing up the price of crude. It seems pointless for Washington to preach to the world about the need to conserve while at the same time maintaining artificially low prices that encourage waste...
...able to reduce their windfall profits taxes each year by stepping up expenditures on increased production. Smaller oil companies and wildcatters are also joining the battle against the windfall profits tax, but plan to do their own lobbying. Explains Jack Allen, president of the 5,000-member- Independent Petroleum Association of America: "We don't want to be tarred with the same brush as the oil majors...
...caused it, where it is leading, and what should be done to cope with it. For the answers, TIME interviewed at length five leading independent oil experts. They are: Morris Adelman, 62, professor of economics at Massachusetts Institute of Technology; Walter Levy, 68, the dean of petroleum consultants and adviser to governments and oil companies; John Lichtblau, 57, head of the private Petroleum Industry Research Foundation; Arnold Safer, 42, an economist of Irving Trust Co.; John Sawhill, 42, president of New York University and former Federal Energy Administrator. Excerpts from from the interviews...