Word: petroleum
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Dates: during 1970-1979
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Justice Phyllis Kravitch of the Fifth Circuit Court of Appeals and Justice Louis M. Pollak of the U.S. District Court for the Eastern District of Pennsylvania joined Stewart in judging Fenton Oil Company, Inc. v. Amar Petroleum...
...horizon'--no matter how rapidly you move toward the horizon, it is still the same distance away." Certainly the world oil supply cannot last forever. But our current problems stem from a lack of surplus capacity that makes us vulnerable to the slightest production cutback by the Organization of Petroleum Exporting Countries (OPEC). The oil companies have no incentive to develop enough oil outside OPEC to ease the threat of shortage. As long as demand doesn't change, they profit the most by cooperating with OPEC and keeping supply tight...
Little else was low. Despite decreases in sales of petroleum products and natural gas and a drop in refinery production, Exxon's revenues increased 30%, to $20.6 billion, compared with $15.9 billion in last year's third quarter. Net income soared 118% to $1.1 billion. Earnings per share jumped from $1.18 to $2.60, but Garvin failed even to mention that bullish news in his statement...
...their sagging balance of payments by forbidding companies to export pounds or dollars to build plants abroad, businesses evaded the controls by borrowing in the Eurodollar market. The amount of Eurodollars available for borrowing sharply increased after the 1973-74 jump in oil prices. Members of the Organization of Petroleum Exporting Countries, unable to spend their petroprofits fast enough, began parking many surplus dollars in banks outside the U.S. Cartel members now have $74 billion in these Eurodollar deposits. Bankers also started lending large amounts of Euromarks and Euro-francs, which are West German marks and Swiss francs deposited outside...
...protest, which was sponsored by a number of diverse labor and political groups came at an odd time. As it happened the most visible oil price gougers last week were not the oil companies but some of the more militant price hawks in the Organization of Petroleum Exporting Countries. Iraq, Libya and Iran all announced boosts of 10% or more in the overall cost of their crude, and other producers seem likely to follow suit. What really alarmed oil consumers was that the Libyan and Iranian rise, like that announced by Mexico a week before but unlike those announced...