Word: profiteered
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
Nothing has angered consumerists more than the huge profit increases that oil companies have enjoyed during the energy crisis. Last week the critics got more fuel for their attacks. Nine oil majors reported first-quarter rises in some cases even larger than those of late 1973. And federal energy officials charged that some unnamed oil companies have been indulging in illegal price gouging. Together, the profits and accusations seemed likely to reinforce public suspicion of the industry and increase the chances that Congress might translate those doubts into anti-oil legislation...
...Shot. Aside from-accounting changes, the reasons for the first-quarter profit rises are mostly related to prices. Some of the gains look oversize partly because there was still some price cutting in oil in early 1973 and profits then were closer to normal levels. In addition, the subsequent rise in prices has generated large "inventory profits"-one-shot gains made by selling at today's high prices stockpiles of petroleum products built up months ago at the much lower rates prevailing then. Also price controls in the U.S. allow oil companies to pass on to consumers increases...
...profits should level out later this year, partly because increased supplies of some petroleum products-notably home heating oil-have taken the steam out of price rises. Yet even before last week's reports, oil profits had become substantial by almost any measure. According to First National City Bank, the industry's profit return on net worth for 1973 was 15.6%, a shade higher than the average for all manufacturing companies; oil profits in 1973 were 8% of sales, v. 5.6% for all manufacturing...
...Kennedy Corporation, a non-profit development firm, plans to erect a $27-million memorial library and museum on the northeast corner of the 12.2 acre MBTA yards across from Eliot House and will sell Harvard nearly half its land for construction of the University building...
Harvard objected to the formula for two reasons. First, any formula might jeopardize the tax-exempt status of the University's property; and, secondly, any precedent set by Harvard could be harmful or even fatal to other non-profit organizations that could not afford to make such high payments...