Word: petroleum
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Dates: during 1970-1979
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Worse, and more fundamental, was the Administration's handling of Mexico's plans to obtain $2 billion a year in foreign exchange by exporting natural gas to the U.S. from the Reforma petroleum field near Cactus. Negotiations with six U.S. companies were almost complete and a 900-mile, $1.5 billion pipeline was under construction when Schlesinger abruptly vetoed the deal because Mexico's price of $2.60 per 1,000 cu. ft. was higher than the $2.16 being charged by Canadian suppliers. López Portillo vowed to burn off the gas and leave...
Schlesinger's running war with the Mexicans started in December, 1977 when Foreign Minister Santiago Roel and Petroleum Chief Diaz Serrano came to Washington to seek approval of an already negotiated deal between their government and U.S. pipeline companies for Mexican natural gas. The tentative agreement would have delivered 2 billion cu. ft. of gas per day to the U.S. at $2.60 per thousand cu. ft. More important, the deal would have helped speed up the development of the Mexican oil industry. But Schlesinger dumbfounded his visitors by stating that the proposal was unacceptable; the Mexican price...
...news conference after Carter left, Lopez Portillo announced that Carter reached on petroleum sales to the U.S., but that the talks with Carter "will provide the foundation for future agreements, adding. "I am deeply satisfied with the result of this meeting...
...Western goods. In less than a decade, the country's per capita income has jumped from $200 to $1,500. Yet the Iraqis have managed to hold their inflation rate to 8%. They have also held foreign influence over their oil industry to a minimum. Says an Iraqi Petroleum Company official: "We are the only Arab country that can make this claim: we run our oilfields without the help of a single foreigner...
...embargo discourage investment in new refineries because the return on investment is too low when compared with that produced by other operations. As supplies diminish, more and more oil firms are limiting deliveries of both leaded and unleaded to dealers. Two weeks ago Texaco joined American Petrofina and Phillips Petroleum in allocating supplies, and last week Chevron sought Government permission to take similar steps. Says Texaco Vice President Annon Card: "If demand keeps going up, we'll have even greater problems as we get closer to the peak driving season...