"Lel Bruce Peto" recommends the following reading/oil interest...

"Lel Bruce Peto" recommends the following reading on interest related to 
the oil sector:
Oil & Gas Chronology :  The 1970’s
 
1970
Jan 1 

U.S. Federal oil depletion allowance reduced from 27.5 to 22.0 percent.

May 3 

TAP line from Saudi Arabia to the Mediterranean interrupted in Syria, 
creating all-time tanker rate highs from June to December. 

Sep 4 - Oct 9 

Libya raises posted prices and increases tax rate from 50 percent to 55 
percent. Iran and Kuwait follow in November.

Dec 9-12 

OPEC meeting in Caracas establishes 55 percent as minimum tax rate and 
demands that posted prices be changed to reflect changes in foreign 
exchange rates. 

1971
Jan 12 

Negotiations begin in Tehran between 6 Gulf producing countries and 22 oil 
companies.

Feb 3-4 

OPEC mandates "total embargo" against any company that rejects the 55 
percent tax rate.

Feb 14 

Tehran agreement signed. Companies accept 55 percent tax rate, immediate 
increase in posted prices, and further successive increases. 

Feb 24 

Algeria nationalizes 51 percent of French oil concessions. 

Apr 2 

Libya concludes five weeks of negotiations with Western oil companies in 
Tripoli on behalf of itself, Saudi Arabia, Algeria and Iraq. Agreement 
raises posted prices of oil delivered to Mediterranean from $2.55 to $3.45 
per barrel; provides for a 2.5 percent annual price increase plus inflation 
allowance; raises tax rate from a range of 50-58 percent to 60 percent of 
posted price.

Jul 31 

Venezuela's Hydrocarbons Reversion Law mandates gradual transfer to 
government ownership of all "unexploited concession areas" by 1974 and "all 
their residual assets" by 1983.

Aug 15 

U.S. Government institutes Phase I price controls. Invoking the powers 
granted to the president by the Economic Stabilization Act of 1970, 
President Nixon orders 90-day nationwide freeze on all wages, prices, 
salaries and rents.

Sep 22 

OPEC directs members to negotiate price increases to offset the devaluation 
of the U.S. dollar.

Nov 

U.S. Phase II price controls begin. Plan is to allow for gradual 2-3 
percent annual price increases, however, domestic petroleum prices remain 
at Phase I levels.

Dec 5 

Libya nationalizes British Petroleum concession.

Received on Friday, 14 February 2003 18:11:00 UTC