Word: amerada
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Dates: during 1950-1959
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Prize Pop. No oilman is scared by the long odds. Amerada's Alfred Jacobsen, one of the industry's great pioneers in scientific oil exploration (TIME, March 24), decided to chance it in the Williston Basin, after other oilmen had been drilling there sporadically and futilely for about 30 years. Jacobsen drilled to 11,000 ft. before discovering that "core samples," removed at 8,000 ft., indicated the presence of oil. By a new technique (using hydrochloric acid to flush oil out of close-pored limestone), Jacobsen found the oil that others had missed, and the great Williston...
...Bismarck, N.D., where dozens of oil companies have now set up offices, April saw the biggest gain in business (12%) of any city in the U.S. Nobody yet knows how vast the basin's oil pools may be, but Amerada, Shell, Texaco and others have already brought in wells as far as 115 miles apart. Since oil has also been found across the Canadian border in Saskatchewan, oilmen suspect that the Williston pool extends there, think they may find fields rivaling Alberta's great Leduc and Redwater fields...
...stocks, whose rosy first-quarter profits gave proof that the oil industry has felt none of the slackening demand that has piled up inventories in many another industry. Another bullish factor: British oil trouble in Iran (see FOREIGN NEWS). Up to new highs scooted Continental Oil, Cities Service and Amerada Petroleum; in three days Jersey Standard jumped seven points to 115¾, a new alltime peak...