Oral History Interview with William Tucker, September 25, 1985 Page: 90
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90
and down. So they had to push the price in the end markets
up, or they would have been squeezed out of business.
So various concepts were developed, such as government
take clauses in contracts, where every increase in government
take enabled you to increase the price of your product,
crude oil or whatever you were selling. Various devices
of this kind were introduced to try to keep up with this
thing. I can remember thinking in about 1971 or 1972, when
the first precipitous increases came along, that I didn't
see just how we were going to survive it and how we could
get our prices up fast enough to keep up with what was going
on. The oil went from a dollar to two dollars to four
dollars to six dollars to ten dollars before it got up
into the thirties and forties range ten years later.
Somehow or other, we managed to find devices to stay
ahead of this as crude oil procurers, refiners, and product
sellers, and actually we found that somehow or another it
was easier to make money when the price was going up than
it had been when the price was going down. So Caltex, as a
refiner and a marketer, did quite well in these years. The
refiner finds out that in a declining market he has a veryhard time. He's got inventory that was supplied by expensive
crude oil; and the market's declining, so he sells his
inventory later at a lower price and so forth. It just
becomes much harder to exist in a declining market than it
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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/m1/92/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Oral History Program.