Word: petroleum
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Dates: during 1970-1979
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...regulations to further raise prices--are appalling. When discussing deregulation of competitive industries in his State of the Union address, he shrewdly avoided mentioning his efforts to raise prices in one of the most concentrated, oligopolistic, profitable industries in the economy--big oil. Not only do the top eight petroleum refining companies possess 14.5 per cent of the the market, they also control the other stages of the production process. And as anyone who has taken Ec 10 knows, the oil industry does not fit the classical model of perfect competition. The vertically integraged oligopoly does not set its prices...
...International Center, observes: "They view their American education as an exportable commodity. They come, they buy it, and they take it away." And American students often gain valuable international contacts. Take the University of Texas, for instance, where many of the 2,000 foreign students are studying petroleum engineering. When it sponsored an alumni conference on energy a couple of years ago, one 1947 grad came a long way back: Sheik Abdullah Tariki, a former Petroleum Minister of Saudi Arabia and a founder of OPEC...
...makes about $300,000 a year by performing in public as the President's brother, crossed the line from being a plain, greedy slob into being an embarrassment to the presidency. Then last week came the Atlanta episode, in which a visiting delegation of Libyans, with Occidental Petroleum, among others, as their hosts, met with the presidential brother, whom they have apparently wooed to help them improve their image in America. According to reports, Billy urinated on the side of a building while waiting, then launched into his sales pitch about "some of the best friends I have...
...Houston. This month, after learning that the sheik's plane was in Savannah, Ga., for routine repairs, Evans obtained a court order grounding the flying palace until the bill is settled. The United Arab Emirates have substantial leverage in Washington because they supply about 5% of U.S. petroleum imports, but their American lawyers stressed that the bill would not become a matter of state. Said one: "It's a simple private dispute over whether the charges are reasonable." At week's end the sheik had sent the Houston firm $90,000, but Evans was standing firm: payment...
...longer have the economic means to make huge arms purchases. Bakhtiar also promised to review who may buy Iran's oil. This was interpreted to mean that the National Iranian Oil Corp. would cancel deliveries to Israel, which now depends on Tehran for more than 40% of its petroleum needs, and to South Africa, which imports 90% of its oil from Iran. Even if the oil market could be so neatly manipulated, neither country would immediately suffer from the threat. Both have huge oil stockpiles, and Israel has a U.S. guarantee of supply in case Iranian...