Word: crude-oil
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...ruined it; the company was a political grab bag for the hacks of Mexico's ruling Revolutionary Party. Between 1952 and 1957, according to one unofficial study, graft and mismanagement cost Pemex $113.6 million. Even so, the insatiable demands of Mexico's fast-rising economy slowly increased crude-oil production to 100.6 million barrels in 1958, compared to 38.8 million barrels in the year of the takeover. Yet the government company seldom made money, wound up $9,230,000 in the hole...
...Russian petroleum products, pay for them in rupees instead of the valuable foreign exchange demanded by Western oil companies. The tanker's arrival marked a milestone in Russia's mounting offensive to drive Western oil companies out of their traditional overseas markets, came just as the battle forced Western firms to cut their prices to meet Russian competition. Items: ¶Four major Middle East oil producers -British Petroleum, Shell, Mobil, and the Compagnie Franchise des Petroles-cut their posted crude-oil prices, following the lead of Esso Export Corp. ¶Under pressure from price cuts in India (TIME...
...RATE RUSSIAN OIL will be imported by a Japanese company at prices about $1.50 per ton below Middle East crude-oil...
...subsidiaries on prices. Government lawyers contended that Hines Baker, then president of Humble Oil, talked with Standard of Jersey President Monroe J. Rathbone about a price hike in Louisiana in December 1956, that Rathbone reported the matter to Jersey's executive committee, and that an industrywide boost started soon after. The Government questioned Lion Oil Co. Vice President John E. Howell about a series of phone conversations with top oil-industry executives. Howell explained that the calls were about a duck hunt in Arkansas-not crude-oil prices. The Government also introduced a wire from Continental Oil Executive Vice...
...Middle East. Though it has large holdings in Louisiana and Canada, 40% of Texaco's oil comes from a 30% interest in Saudi Arabia's Arabian American Oil Co., a 7% interest in the Iranian consortium, and a 50% interest in Caltex operations in Sumatra and elsewhere. To back them up, Texaco bought Trinidad Oil Co. Ltd. in 1956, last year added Seaboard Oil Co. Now with Superior, it gets big production in Venezuela's rich Maracaibo field, crude-oil reserves of well over 300 million bbl., plus excellent drilling prospects in Texas and Louisiana...