Word: petroleum
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Dates: during 1980-1989
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...lousy idea," sniped the Motor Vehicle Manufacturers Association. "Unwise and unwarranted," said the American Petroleum Institute. What caused Detroit and the oil industry to blow off steam last week were two Government proposals that could help cut down smog. The rules, put forth by the Environmental Protection Agency, would impose new controls on gasoline content and require improved pollution-control equipment on autos. Acknowledging that the proposals are "controversial," EPA Administrator Lee Thomas said oil companies and automakers "are going to have to spend additional money...
...Norman Conquest in 1066) studied law in Perth, in western Australia, and decided to settle there. But the young attorney hit his stride once he got into investing. Often underestimated by his opponents, the lanky Holmes a Court has since 1970 won control of transportation, entertainment, publishing, mining and petroleum concerns around the world. Today, with a net worth of some $250 million, he is reputedly Australia's wealthiest citizen. A reclusive investor, Holmes a Court prefers being at home with his wife Janet and four teenage children to hanging out at an executive watering hole. To relax, he plays...
...past two months, rumors have been flying that Southland Corp. was ripe for takeover. A roster of raiders were said to be eyeing the company that operates the ubiquitous 7-Eleven chain of 7,700 convenience stores and owns 50% of Citgo Petroleum. Last week the family that holds a 10% interest in Southland made a deft maneuver. John, Jere and Jodie Thompson, whose father Joe founded the firm in 1927, offered to buy the rest of the company for $3.8 billion, or $77 a share, and take it private. Just seven weeks ago, Southland stock traded...
...increasing supply of crude, however, is likely to drive the price below $20. The Organization of Petroleum Exporting Countries is now pumping 17 million bbl. a day, well above its official production ceiling of 15.8 million bbl. The consensus of energy forecasters: oil will not return to last year's $10 trough any time soon, nor will it climb to the $30-plus range that bedeviled consumers in the early 1980s...
...Marxist-oriented Sandinista government that nearly tripled gas prices and sent the cost of basic goods soaring. Managua acted after announcing three weeks ago that the Soviet Union, which provides virtually all of Nicaragua's oil directly or through Eastern Europe, could supply only 40% of the country's petroleum needs. The Soviets have been surprisingly candid about their aims. Said a high-ranking Mexican official after meeting Soviet Foreign Minister Eduard Shevardnadze last December: "He made it clear that the Soviet Union can no longer afford to support Nicaragua or any other Latin American revolution the way it supports...