Word: willes
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Dates: during 1970-1979
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Laments Mwai Kibaki, Kenya's Vice President: "Higher oil prices mean there is less for everything else." The LDCs will also suffer a decline in demand for their exports as the industrialized countries fall into recession.
Cutting back on consumption is not enough. Tanzania uses roughly half as much petroleum as in 1972, but its oil bill has risen 900%, and now eats up half of all earnings from the country's exports. Complains Rodrigo Carazo, President of Costa Rica: "Our 1972 oil needs cost...
Nobody will be following OPEC'S maneuverings in Caracas this week more closely than the executives of a highly secretive oil Goliath that many people have never heard of. The Arabian American Oil Co., or Aramco, is the Delaware-based firm that is jointly owned by Exxon, Mobil, Texaco...
Last week briefcase-toting oilmen gathered at a Fairbanks hotel to bid for drilling rights in the first small part of the U.S.'s Beaufort Sea sector to be opened to exploration. Offers by the companies totaled $2 billion for some 500,000 acres of tracts, but when the...
The Interior Department has required the companies to take costly environmental precautions in the area. Oilmen will mount their rigs on artificial islands built of gravel. Those located in water depths of more than 42 ft., the Government insists, must be left unused for two years, to see if they...