U.S. producers of basic petrochemicals are facing some of the most difficult times since the petrochemical industry first started in the early 1900's. The next few months probably will mark the low point of the current business trough. But after that, petrochemicals will take at least another year to regain their late-1970's volume. That means three years of no growth from 1980 through 1982. Since plant capacity has moved up substantially, and petrochemicals' main cost load, in raw materials, has gotten much heavier, this bedrock product group is in very poor financial shape. For example, profits in leading oil companies' petrochemical operations in the third quarter were even worse than in last year's recession. Unfortunately, some brand-new problems loom for petrochemicals over the next few years. One way or another, government-repressed prices for the olefins' most important raw material, natural gas, will be lifted. This will hand petrochemicals another huge increase in costs. If it ...