Word: petroleum
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Dates: during 1970-1979
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...OILFIELDS. Besides withdrawing from the passes, Israel will turn back to Egypt the Abu Rudeis oilfields; since being captured in the Six-Day War, they have furnished 50% of Israel's domestic petroleum requirements. Egypt will resume operation of the fields, acquiring access to them over an Egyptian-controlled highway along the Gulf of Suez coast. Israel will service its troops remaining in the area by means of a parallel road. In places where the two roads come close to each other, Israel will build detours in order to avoid incidents. The U.S., meanwhile, will guarantee Israel alternative...
Arab oil; it now draws 26% of its petroleum imports from Arab supplies (v. 16% in late 1974) and is more vulnerable to a new shutoff. More alarming is a looming shortage of natural gas, the nation's No. 2 energy source (it provides the fuel for an estimated 60% of U.S. industry and heats 55% of all American homes). That scarcity could become so severe next winter that natural gas would replace oil as the country's No. 1 energy worry. President Ford warned last week that the low gas supplies "will mean substantially less jobs...
...House bill is a massive attempt by Democrats to throw the full weight of the U.S. Government against the price-setting power of OPEC and thus roll back the price of petroleum. It would reduce the price of "new" domestic crude (oil in excess of what was produced in 1972) from its present $13 per bbl. to $7.50. Producers in especially high-cost drilling areas, like offshore, would be allowed to charge $8.50 per bbl. The price of "old" domestic crude, which is now frozen at $5.25 per bbl., would be allowed to rise to $7.50 also-but only over...
...control of some basic raw materials to capture a greater share of global wealth. One illustration of the size of the threat is the disruption of Western economies caused by the huge price increases of the Organization of Petroleum Exporting Countries, most of whose members have centrally run economies. The oil-price crisis has slowed the economic growth that is one of capitalism's main justifications for existence...
Garvin's corporate background is in transport, refining and marketing as well as chemicals-areas of the business that are increasingly important to Exxon now that governments in the Middle East and Latin America are squeezing the profits out of petroleum production. Garvin was marked as a comer at Exxon in the early 1960s. In 1965 he took over the company's chemical operations and helped turn them into the fastest-growing part of Exxon's business...