Word: petroleum
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Dates: during 1970-1979
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...Israelis were demanding guarantees of oil from the wells that will be turned over to the Egyptians when Cairo regains sovereignty over the Sinai. Sadat refused this, saying that it was not part of the original Camp David agreement. He argued that by giving Israel a long-term petroleum agreement, he would be granting it "favored nation" treatment. This would offend other Arab states, something he could scarcely afford...
...authoritative petroleum industry weekly, the Lundberg Letter, offered a grim forecast of just how hard−and how quickly−the U.S. is likely to be hurt by the tightening oil squeeze. Using regular-sales tax data supplied by state governments, the letter warned that by the end of next week there would be a shockingly large shortfall of 8.9% in gasoline supplies. A rush by panicky motorists to gas up would virtually guarantee long, temper-fraying lines reminiscent of the 1973-74 Arab oil-embargo days. Hoarding would simply make the gas shortage worse and further drive up fuel...
...apparent. In the Senate, a group of Administration critics led by Ohio Democrat Howard Metzenbaum seemed content simply to badger and goad Energy Secretary James Schlesinger, variously recommending that he either quit or be fired as ineffectual. One of Schlesinger's biggest embarrassments: DOE'S strategic petroleum reserve, which is supposed to be available in times of severe shortage but is years behind schedule and contains less than a week's worth of oil. Pumps to get the crude back out of the huge underground Louisiana and Texas salt domes, where it is stored, will...
...only is Iraq raising its official price for long-term petroleum contracts, but it is also selling shipments on an individual basis at the even higher spot market prices. Nigeria has also reportedly made deliveries to Israel for as high as $23 per bbl., vs. the official OPEC price of $13.34. Oilmen say that Libya's purpose in reducing sales under long-term contracts is both to prop up the price and to have some additional tonnage of its own to gamble with...
Partly on Alkek's testimony, the grand jury alleged that Uni was the linchpin of a yearlong swindle. Specifically, the jury charged that M&A Petroleum, a small company founded by Alkek, and Ball Marketing had conspired in 1976 to sell Uni nearly 740,000 bbl. of certified old oil at prices from $5.17 to $5.48 per bbl. This oil was then illicitly recertified as new and sold to refineries at $9.55 to $ 14.45. The illegal profits came to as much as $6 million...