Inside the big oil game
Journal Article
·
· Time; (United States)
OSTI ID:6264061
Economics appears to be the only constraint on petroleum consumption in what the public perceives as the Big Oil Game. The public sees large oil companies reaping enormous profits and exercising great control over Congress, both of which this article disputes. The debate over deregulation has intensified the President's quest for a windfall profits tax, which Congress will probably pass in some form. The President's accusations are seen as a way to divert blame for the energy problem onto the oil companies, who are charged with creating a phony shortage in order to raise prices; the industry actually earned lower profits last year than those earned by US industry as a whole. The public-image difficulties of the oil industry are examined, and the advantages the companies have in expertise and readily available data are noted. US dependence on the oil companies as well as on the independents is apparent and it should be acknowledged that the companies function at least as well, and possibly better, than a government purchasing monopoly in dealing with the petroleum suppliers.
- OSTI ID:
- 6264061
- Journal Information:
- Time; (United States), Journal Name: Time; (United States) Vol. 113:19; ISSN TYMEA
- Country of Publication:
- United States
- Language:
- English
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