Word: petroleum
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...major international rescue operation," the move actually had little to do with benevolence. For its role in the "rescue," the U.S. got an agreement from Mexico to quadruple exports to America by next summer. Mexico has also agreed to disregard future oil price guidelines drafted by the Organization of Petroleum Exporting Countries (OPEC). The U.S. will buy Mexican oil for between $25 and $28 a barrel, which undercuts the OPEC price of $34 a barrel...
America has become inured to colossal business mergers in the last two years. Weddings like those of Occidental Petroleum and Cities Service, United States Steel and Marathon Oil, and the record-setting $7.5 billion union of Du Pont and Conoco have sometimes been shotgun affairs, sometimes harmonious ones. Throughout, the national press has doled out coverage indiscriminately in its continual search for bigness...
...watched on television, López Portillo spoke for nearly four hours in a booming voice that faltered only near the end. "We face great dangers now," he admitted. Down-playing his own responsibility, he argued that the economic troubles had been triggered by an unforeseen decline in world petroleum demand, which cut deeply into Mexico's revenues from oil exports. Then, in a vehement attack on Mexico's financial establishment, the President charged that the country's problems had been intensified by businesses and speculators who had invested their money outside the country. Said...
...decisively to aid Mexico. The U.S. Commodity Credit Corp. is guaranteeing $1 billion in private bank loans for Mexican companies to buy American agricultural products. In addition, the Reagan Administration has agreed to give Mexico an advance payment of $1 billion on future oil deliveries for the U.S. strategic petroleum reserve. The hope is that this cash transfusion will help give Mexico enough time to turn things around. Washington realizes all too well that a Mexican economic collapse would be too close to home for comfort. -By Charles Alexander. Reported by Jay Branegan/Washington and Laura López/Mexico City
...industrial manufacturing corporation, announced that it will seek to acquire the Martin Marietta Corp., which has holdings in a broad range of fields from chemicals to aerospace, for about $1.5 billion in cash and stock. Meanwhile, Cities Service Co. reluctantly agreed to accept a takeover offer from Occidental Petroleum Corp. If that approximately $4 billion transaction is completed, the Occidental-Cities Service company would form the eighth largest oil firm in the U.S., with combined sales of $23.3 billion...