Word: tankers
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Drop Area. One of Gronewalds first acts on taking over the Tucson storage base was to check the inventory for any planes he had piloted himself and, sure enough, he found an old tanker from 20 years ago. A similar brand of nostalgia stabs flyers and ex-pilots who are welcome to the regular monthly tours of the base. "Sometimes a guy sees his old plane and almost breaks into tears," says Air Force Lieut. William Kohler, the tour guide. "Then we have to stop the bus and the stories start...
...cause is a sharp drop in the growth of world oil consumption since the cartel countries dictated their four fold price increase last year. A 7% de cline in West European oil imports since then has sent tanker charter rates plunging. Before the oil embargo started in October 1973, the cost of a spot charter (one or two trips) of a 220,000-ton super tanker for the 11,000-mile round trip from the Persian Gulf to Rotterdam reached a record $8.8 million. By mid-November, the rate had fallen to $2.6 million. Today a 220,000-ton tanker...
...welcome casualty of the decline in tanker rates is the as much as $2 per bbl. premiums that the Algerians and Libyans had been able to tack on to their oil price because of the proximity of their wells to European markets; with the drop in rates they have had to cut their premiums to remain competitive with more distant oil countries. Still, the prime beneficiary of the bust may be the oil-producing states. Long intent on acquiring fleets of supertankers, they may soon be able to do so on the cheap...
...Loaded Tankers. Another consideration was the replacement of about 80,000 bbl. of oil per day, or 50% of its requirements, that Israel is pumping out of the Abu Rudeis oilfields in Sinai-a rate that by present estimates will exhaust the fields within five years. In Zurich, Kissinger met with ski-vacationing Shah Mohammed Reza Pahlavi of Iran, whose refineries already provide about 50% of Israel's oil needs. The Shah was willing to make up the difference from Abu Rudeis if the fields were given back to Egypt. "Once the tankers are loaded," he said grandly, "where...
...contract if he left for $1 million, payable over ten years. Under that agreement, he would still be receiving money from the company while he ran the FEA. Interstate gets all its revenue from oil companies-which the FEA regulates-and from utilities, for which its tankers carry petroleum. The company's impressive growth, the Journal suggests, is largely a result of subsidies and loan guarantees for tanker construction that it has received from the Maritime Administration that Gibson once headed; its sales now are around $30 million a year...