Word: tankers
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Charles Peyton, vice president for international supply, currently spends part of almost every day before the management committee, telling which countries he is routing tanker shipments to and why, since that has become politically sensitive. Is the decision his or the committee's? It is impossible...
Sometimes committee members merely listen and go on to another topic with out explicitly approving Peyton's plans; sometimes they start a discussion, after which the destination of a tanker may or may not be changed...
...than on other materials. Israel operates a pipeline from the Mediterranean to the Gulf of Aqaba, and Egypt is about to build a pipeline from the Mediterranean to the Gulf of Suez, skimming off some of the Persian Gulf oil that used to be shipped through the Suez on tankers. Moreover, some oil company officials claim that the cheapest way of all to transport oil is in supertankers too big to run the canal. Even so, a third of the world's tanker tonnage can still fit through the Big Ditch, and for those vessels the sailing time between...
...until recently was able to import more oil than could have been expected because the Arab embargo was not fully effective. The Arabs apparently never did cut production by as much as the 25% that they claimed; total tanker loadings at six Middle East ports for the last three months of 1973 rose 31% above those of a year earlier. The international oil companies have been rerouting much crude from Iran, Indonesia and Nigeria to the U.S., replacing Arab oil that America, as a friend of Israel, is not supposed...
When whispers abounded that tankers were anchored off the East Coast, waiting for prices to go up before unloading their oil, Simon asked the Coast Guard, Maritime Administration and even the CIA to check. Characteristically, he then brought the matter up voluntarily at his weekly press conference, before anyone had a chance to ask. His report: only normal tanker traffic had been discovered. Anyway, he added, the rumored tactic would make no sense, because the oil could legally be sold only for its original cost plus freight charges and normal profit markup...