Hess Profits Without Mideast Oil
By George Anderson
Amerada Hess reported yesterday that its first quarter profits rose 25 percent from the previous year on net income of $176 million.
According to the Hess web site, its oil and gas reserves are located “in the United States, the United Kingdom, Norwegian and Danish sectors of the North Sea, North and West Africa and Southeast Asia.” The latest Department of Energy (DOE) report of crude oil imports confirms the company does not import oil from the Persian Gulf.
Moderator’s Comment: Should oil companies that do not
import from the Middle East use that as a marketing point of difference with
other competitors?
An email has been making the rounds after September 11th
calling on American consumers to boycott gas companies that import oil from
Saudi Arabia. The unidentified author of the email writes, “Nothing is more
frustrating than the feeling that every time I fill-up the tank, I am sending
money to people who are trying to kill me, my family and friends”. The email
directs recipients to check out the DOE’s web site for a listing of companies
that do and do not import oil from the Middle East. [George
Anderson – Moderator]