Word: socal
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Dates: during 1970-1979
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Though all the Sisters' sales are more than double those in the embargo year of 1973, when the cheap-oil era ended, only three of the companies earned more profit last year than they did then: Shell, Mobil and California Standard (SoCal), which markets under its Chevron Trademark. And none but SoCal has regained the peaks of 1974, when soaring prices gave them a one-shot windfall by raising the value of petroleum they held in inventory. The later profits from price boosts have gone primarily to the OPEC nationalizes of the oil. But the companies have done...
...concessions. But they still get to sell the oil from those former concessions, and without having to put any money into new wells and pipelines. Case in point: Saudi Arabia, which has bought 60% of Aramco from the firms that created it 45 years ago, Exxon, Mobil, Texaco and SoCal. But the main result, as SoCal Chairman Harold J. Haynes describes it, is that "capital investment will be supplied by the Saudis. We are relieved of that responsibility...
...compromise reached two weeks ago, Sohio agreed to pay $78 million for construction, operation and maintenance of the SoCal scrubber for 15 years, after which it becomes the utility's problem. If the deal survives other hurdles, including a November referendum in Long Beach on the city's proposal to lease space to Sohio for its terminal, work on the project could begin early next year. Even if it does, the pipeline will still not be ready to start pumping oil to those Texas refineries before...
...contrast, SoCal Gas will pay tax at the full 48% corporate rate on the money it receives by levying the surcharge. Thus, in order to get $313 million to pay to Arco, SoCal Gas will have to collect some $600 million from customers. In the unlikely event that the deal falls through, Arco would refund the SoCal Gas advances plus 7% interest. Then SoCal Gas would return the Arco refund to the consumers. The IRS would rebate the income taxes paid on the money raised for the Arco advance, so the consumers would get back the full $600 million...
...bill in the California legislature that would set special low rates for both individual and industrial customers who use minimal amounts of gas. An effort is also under way in the legislature to enact an involved scheme under which taxes would be eliminated on the surcharge levied by SoCal Gas on consumers, so that SoCal Gas would not have to collect almost $2 for every $1 to be advanced to Arco. Nonetheless, the SoCal Gas-Arco deal reflects some hard realities: 1) the nation currently faces a severe shortage of natural gas-supplies this winter, in fact, are expected...