Oral History Interview with Stephen E. Van Nostrand, April 20, 1987 Page: 93
This book is part of the collection entitled: UNT Oral Histories and was provided to The Portal to Texas History by the UNT Oral History Program.
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93
the same crude coming into Japan. Well, we were experiencing
difficulties. People were selling Minas cheaper in Japan.
Now it's unbelievable today to remember these things, but I
do. I can remember that I would get on an airplane and go
to New York and sit down in the boardroom and argue all
morning for a concession of five cents a barrel off that
$1.77 a barrel, because we had to be competitive. We had
proof that that was what competitors were introducing it
into the Japanese market for. I'd have to go back and
argue about things like that.
Well, then we come to the problems of OPEC and the
soaring price overnight of crude oil. I had to explain
to the Japanese what was occurring, what the proportion of
their new costs were going to be. It was going from $1.77
to $15 and $20 dollars.
I remember the session when I sat down and explained
all this after I had come back from discussion with the
board as to how we were going to establish these increases
without breaking the back of the Japan economy. We worked
out a plan, and when I presented the plan, they shook their
heads in Japanese fashion. I went upstairs after the
meeting. You talk about pressure! I wasn't under pressure;
I was just working hard to get understanding, But I was
soaked with perspiration.
I was getting ready to go home that night--it was about
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Marcello, Ronald E. & Van Nostrand, Stephen E. Oral History Interview with Stephen E. Van Nostrand, April 20, 1987, book, April 20, 1987; Denton, Texas. (https://texashistory.unt.edu/ark:/67531/metadc306889/m1/95/?q=%22~1%22~1: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Oral History Program.