Word: profiteering
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Dates: during 1970-1979
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Carter's latest episode of rhetorical overkill may have won him some election campaign points, coming when oil companies have been announcing unexpectedly high profits. Last week, following reports by other major oil companies of large third-quarter profit boosts, including Exxon's 118% rise to a record $1.1 billion, the Standard Oil Co. of California announced a quarterly gain of 110%. Ten of the largest U.S. oil companies showed third-quarter gains averaging...
...delays. Planes are packed, and even first-class seats can be difficult to get because more and more passengers are paying the premium rates to avoid the crowding and hassle of cabin class. But despite this booming business and a 32% increase in basic fares, the airlines are encountering profit problems, chiefly as a result of higher fuel prices. Says Marvin Cohen, chairman of the CAB: "Fuel has been a real bitch...
...COMPANIES understandably want to maximize their profits, but it is absurd for them to call this process "free enterprise" when a cartel controls the supply. A federal oil corporation can restore free enterprise to the industry, its proponents should argue. The public company could explore domestically, seek out non-OPEC foreign sources, negotiate with OPEC, and serve as a yardstick to force other oil firms to compete. In contrast to the competitive public outfit, the existing oil companies can be labeled monopolistic, centralized private bureaucracies. A private oil company is just as large and bureaucratic as a government agency; with...
...American oil companies demonstrated they will not put their home country first--they restricted deliveries to the U.S. proportionally more than to other customers. It is simply foolish to leave all control of a commodity vital to our industry and military in the hands of men understandably motivated by profit alone. The traditional conservative concern for national security should be harnessed to support a federal oil company...
...industry profits leaped 70 per cent over the previous year, provoking a tremendous public outcry and numerous congressional investigations. Yet Congress took no serious action to prevent this from happening again once the furor faded. This year the percentage rises in profit have been up to three times as high. If the government cannot establish an "all-American" oil company now, it will lose the opportunity forever--the chance to join the rest of the Western, capitalist, industrialized world in fielding a state-owned competitor...