Word: petroleum
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Dates: during 1970-1979
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...reduce its dependence on imported petroleum, more than conservation or even development of alternate sources of energy will be needed. The nation must also find new pools of oil at home and drain every possible drop from already known domestic reserves. That has not been happening, and some critics, including former Federal Power Commission Head Lee White and Ralph Nader, charge that the oil industry has had an incentive to drag its feet in order to reduce the supply and force prices still higher. The evidence scarcely supports that accusation: petroleum producers lately have been sinking more holes into American...
...that oil companies have less money to spend: Congress has eliminated most of their depletion allowance, and their profits have dropped. Exxon, for example, reported a 34.3% decline in net from the second quarter, compared with 1974. But another reason is the discouragingly low rate of discovery. Says Petroleum Industry Research Foundation Executive Director John Lichtblau: "The plain truth is, we just haven't seen any results from the recent rapid pace of drilling...
...American World Airways seemed, until a few days ago, to have found a most ironic way out of a financial nosedive caused largely by doubled fuel bills. The government of Iran, one of the nations most instrumental in forcing up petroleum prices, had been negotiating to provide the airline with $300 million so that it could pay off restless American creditors and rebuild working capital. Last week irony was followed by intense disappointment; the deal appeared to have fallen through, leaving Pan Am facing another money squeeze...
...encouraging. Pan Am Chairman William Seawell went to Tehran last month with high hopes for progress, but returned without ever seeing the Shah. He was told by other Iranian officials that all proposed foreign loans are "under review." Despite high oil prices, slackened world demand cut Iran's petroleum revenue by $4 billion last year, to $16 billion, and Iranian Ministries are jostling to grab all available funds for domestic development projects. Privately, Iranians also express worry about Pan Am's first-quarter loss of $59 million. "There was never any commitment on the part of Iran," says...
...State Hermitage Museum, and it has one of the world's best and most encyclopedic collections, though it is also cluttered with much second-rate stuff. The Soviets have been reluctant to lend their treasures. Two years ago, Art Collector Armand Hammer, who is also chairman of Occidental Petroleum Corp. and a tireless promoter of business deals with the U.S.S.R. (TIME, Jan. 29, 1973), arranged for the first showing in the U.S. of a group of Hermitage paintings, all French impressionist and post-impressionist works. This spring Hammer persuaded the Soviets to send over 30 paintings more widely representative...