Word: petroleum
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Dates: during 1970-1979
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...industry is barreling head on into the energy crisis that is changing American auto-buying habits. Cars and trucks use up 40%, or 7.4 million bbl. a day, of all the petroleum burned in the U.S. The oil price explosion has sent the average cost of gasoline from 350 per gal. four years ago to 700 today, and that figure is sure to rise as a result of the latest increases by Iran, Kuwait, Libya, Algeria and other OPEC members. Spot shortages of low-polluting unleaded gasoline are already occurring, and its price is expected to climb...
...coming-out party for Iran's reborn oil industry. Unfortunately, when Hassan Nazih, the new director of the National Iranian Oil Co. (NIOC), pressed a button that was supposed to start crude oil flowing into the hold of a waiting supertanker, nothing happened. After 68 days of no petroleum exports at all, Iran had to wait another five minutes while technicians hurried to locate and repair an electrical malfunction in the pumping equipment. For the assembled crowd of government officials and oil workers, the delay was an embarrassment. For the oil-thirsty nations of the world, it merely emphasized...
...regime tirelessly proclaims that it will never again sell the 5.5 million bbl. per day that made prerevolutionary Iran the second largest oil producer in the 13-member OPEC cartel. On the other hand, the country's strife-battered economy desperately needs the hard foreign money that petroleum brings in. Since the Khomeini government has not yet figured out what its revenue needs will be, NIOC has been unable to gauge how much oil it will have to pump. In the uncertainty, Iranian authorities have been grabbing projected export figures out o the air, with semiofficial guesstimate ranging from...
...cartel members are jabbing up prices because the panicky rush for supplies by oil companies on the small but highly volatile "spot market" shows that they can get away with it. Normally most petroleum is bought by oil companies under long-term contracts with OPEC suppliers, but 3% to 5% changes hands for whatever price a seller can get. In times of scarcity, demand surges-and so do prices...
...Indonesia's total production, which local politicians are said to have got their hands on. Oil cargoes have been sold four and five times while the tanker was still on the high seas, and each subsequent owner has pocketed vast profits. At a dinner of the Institute of Petroleum in London two weeks ago, while guests sipped cocktails and swapped tales about their spot profits, one trader offered to sell a 50,000-ton cargo of heating oil at $260 a ton. Then he disappeared and discovered that in New York City the spot price had risen...