Oral History Interview with William Tucker, September 25, 1985 Page: 86
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86
that we had to consolidate. I guess the real telling
factor was that the whole nature of the business changed.
The nature of the concessions, which were no longer concessions,
changed. "Participation" came in, and the governments were
successful in negotiating and acquiring a larger and larger
share of the profit that was made when the oil was extracted
from the ground. I can remember--it must have been 1969
or 1970, sort of at the end of this tremendous growth period
--that the price of crude oil had gone to a dollar a barrel.
I think at the time Jim Voss was president, and I was
executive vice-president. I can remember sitting in his-office
and discussing what in the hell could possibly be done to
prevent this continuing erosion of the crude oil price.
There was no profit left in the crude oil business, and that
suddenly threw into question our whole basic strategy in
operating a refining system where, you know, we just plowed
all the cash back into expanding the refining system and
finding ways to hold markets. You've now got to
reverse the philosophy and tell the partners we didn't
mean what we told you before. Now we mean that the refining
system, which has got all this capital tied up, had gotto earn profits on its own because we're not earning it on
the crude oiI. anymore. Theoretically, the partner had the
profits on selling the oil in the retail market, and we
had the profits on the crude oil, and the refining system
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Marcello, Ronald E. & Tucker, William. Oral History Interview with William Tucker, September 25, 1985, book, September 25, 1985; Denton, TX. (https://texashistory.unt.edu/ark:/67531/metadc2137858/m1/88/?rotate=270: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Oral History Program.