Word: petroleum
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Reagan began by stressing the strategic importance of the region. "Two-thirds of all our foreign trade and petroleum pass through the Panama Canal and the Caribbean," he said. "In a European crisis, at least half of our supplies for NATO would go through these areas by sea... Because of its importance, the Caribbean Basin is a magnet for adventurism...
...supporters in the struggle is T. Boone Pickens, chairman of Mesa Petroleum and a takeover artist. Mesa already owns a reported 3.2 million shares in Superior and plans to vote them for Day's proposals in May. Pickens sees the Superior fight as a sign of things to come. Says he: "We are entering an era of stockholder awareness...
...single facility in Houston. And it isn't even the largest oil facility in Mexico." In Coatzacoalcos, the group met with Mario Ramon Beteta, the new director-general of Pemex, the state oil monopoly, who was crisp and candid in discussing the problems of his nation's petroleum industry...
...stand-by tax on oil if the federal deficit grows too large, but that measure is aimed mainly at boosting Government revenues and, in any event, seems to have little chance of passage. Energy Secretary Donald Hodel has meanwhile suggested slowing the rate at which the U.S. Strategic Petroleum Reserve is being filled. That cache, which currently holds 312 million bbl. out of a planned 1 billion bbl., was created in 1975 as a safeguard against future shortages of foreign oil. With imports down, says Hodel. "maybe we don't need such a big insurance policy...
...pushing past Chevron into seventh place among the major refiners. Some of Arco's gains have come at the expense of independent dealers who depend on the majors for their gasoline. An owner of independent gas stations in Massachusetts claims that price competition from Arco and British Petroleum (brand name: BP) has forced him to sell gas below cost. Even at that, he says, his retail price of $1.07 per gal. is still 4? above the price charged by nearby Arco stations. He moans: "We're losing $100,000 a month, and the worst thing is that...