Oral History Interview with William Tucker, September 25, 1985 Page: 87
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87
Marcello:
Tucker :rate than money made through manufacturing or marketing, etc.
I' started to say that Jim and I sat around bemoaning
the fact that crude oil had gone down to a dollar a barrel,
but we never got quite that low in our market. We werewas a service to both, of us.
As I look. upon your career with Caltex, your promotions
into the overall executive end occurred at a time when,
like you point out, the industry was undergoing all kinds
of rather dramatic and drastic changes,.
Exactly. It was undergoing a very, very fundamental change.
We realized that we had capital tied up in various kinds
of equipment--the refining system, the markets, etc.,
and that if we were going to survive, we had to find a
way to make each unit of the business earn a return on
capital, independently of the other units. The refining
system should earn enough profits to justify the capital
investment that was there, or basically the replacement
value of that investment. Ultimately the investment has
to be replaced gradually, so you have to get the earnings
up to the point where the replacement value of the asset
can be supported by its revenue. This was a very fundamental
change because for various. reasons the industry had grown
up to make the money at the oil well. The reason for that
was, that the tax structures had developed in a way that made
money earned at the oil well taxed at a substantially lower
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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/m1/89/?q=%22~1%22~1&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.