Word: alberta
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Arrogant Closure. The issue that shook the Liberals was the government's measure to advance up to $80 million to the U.S.-controlled Trans-Canada Pipe Lines, Ltd. to build a natural-gas pipeline from Alberta to eastern Canada (TIME, May 21). Not only was the loan itself unpopular, because of growing Canadian concern about U.S. investors' control of national resources, but the heavy-handed way in which the Liberals attempted to ram the measure through Parliament stirred up the entire country. As soon as Trade & Commerce Minister C. D. Howe introduced it to Parliament, he immediately announced...
...government measure, introduced in Parliament, to lend up to $80 million to Trans-Canada Pipe Lines, Ltd., a company more than 80% owned and controlled by U.S. gas and oil interests headed by Texas Millionaire Clint Murchison. The loan is to be used to build the first leg (Alberta to Winnipeg) of a long-delayed transcontinental natural-gas pipeline...
Perfect Timing. While Trans-Canada grappled with its problems, Frank McMahon was a quiet bystander. He was then deep in negotiations to build a 650-mile pipeline to take gas from his companies' fields in Alberta and British Columbia through "the Rocky Mountains into the U.S. Pacific Northwest. But Murchison's delay gave McMahon time to get his Northwest project well under...
Good Investments. Born in the British Columbia mining town of Moyie (pop. 225), McMahon started as a hard-rock diamond-driller, drifted to Alberta and formed his own drilling company there before the province's oil play began. He took an option on a promising piece of Alberta land and brought in one of the province's first major oil wells at Leduc in 1947. Since then, he has plowed his oil earnings into a steadily successful search for more oil and gas. His companies now own or control hundreds of wells, hold leases on some...
...RUSH is under way in Alberta, Canada. Union Oil Co. has hit an oil zone 4,797 ft. deep, 220 miles north of Edmonton not far from Lesser Slave Lake. Size of the strike is causing the biggest scramble ever in that province for drilling rights; 12 million acres were reserved in the first few days...