committee will have an adverse impact on all capital-intensive
industries, particularly the petroleum industry, according to Charles
J. DiBona, president of the American Petroleum Institute.
"The petroleum industry is suffering unprecedented economic
problems that are impacting heavily on future domestic energy
supply," he said. "If enacted into law, the conference report would
cost the petroleum industry a minimum of some $10 billion - part
coming from energy-specific tax cahnges and part from the bill's
impact on business generally.
"Specifically," he continued, "we are concerned over the treatment
of intangible drilling costs and changes in depreciation schedules
embodied in the legislation.
"These would adversely impact on domestic exploration and
production activities at a time when recent declines in world oil
prices have already slowed domestic drilling activity to an all-time
"The domestic drilling rig count, a key measure of exploration
activity, has fallen from almost 2,000 at the beginning of the year
to below 700 in July.
"Domestic production has begun to decline. Crude oil imports,
particularly from OPEC nations, are beginning to rise dramatically.
U.S. dependence on imported oil has currently reached nearly 40
percent, the highest level in five years," he said.
"Inasmuch as the tax reform legislation does not address the
federal budget deficit probelm, we are very concerned also about
additional risks to domestic energy supply that might develop when
Congress turns to that improtant issue." . .
- International representatives from petroleum and related
financial sectors will gather in Dallas Sept. 3-5 to discuss concerns
relating to plummeting oil prices.
The Conference on The Impact of Price Declines on Oil Exploration,
Development and Financing will examine new strategies in exploration,
production and marketing aimed at developing effective responses to
current energy trends.
The conference is co-sponsored by the Institute for the Study of
Earth and Man and the Foundation of the Southwestern Graduate School
of Banking, both at Southern Methodist Univeristy.
It will be held at the Fairmon Hotel. . .
- Harold Culp has been appointed group executive of W.R. Grace
& Co.'s Memphis-based Agricultural Chemicals Group. He succeeds
Lloyd L. Jaquier.
Culp joined Grace in 1956 and has held various managerial
positions since, including manager of domestic fertilizer marketing
for the Agricultural Chemicals Group and vice president and general
manager of the group's fertilizer operations. . .
- Shell Oil Co. has launched a new advertising campaign for its
SU 2000 super unleaded gasoline.
Called "Unstoppable" the national campaign projects a new look for
SU 2000 created by computer animation. The campaign features
30-second spot television, 30-second national cable televison,
60-second spot radio and full-page newpaper ads.
"With its new look the campaign underscores the fact that the
SU2000 brand stands for high performance," said Kirk Walden, senior
vice president with Ogilvy & Mather Advertising in the Southwest.
"This advertising is as high-powered as the product.
"SU 2000 super unleaded gasoline provices the power that makes
cars perform. Although the branded gasoline was first introduced in
1984, this campaign takes the high performance strategy further for a
high tech, high power feeling," Walden explained.
The Unstoppable campaign emphasizes the ability of the gasoline to
unclog fuel injectors and keep them clean. Computer-generated
animation in the campaign was created by Robert Abel & Asociates of
Los Angeles and is similar to that he created for the lead-in credits
for television's "Amazing Stories."
"The Unstoppable campaign has a surreal look," said Walden. "It is
undeniably impactful and very ddifferent from other advertising in
the gasoline category. …