Word: crude
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...last time U.S. Defense Secretary Robert S. McNamara visited South Viet Nam, the Viet Cong Communists posted a crude wooden sign in the Mekong Delta: "That Man McNamara Stay Out of Viet Nam." Last week, as McNamara headed back to Viet...
...acquire Kansas City's young and spunky Spencer Chemical Co., which last year earned $6,500,000 on sales of $106 million. Gulf, whose cashbox is bulging from oil gushers in Kuwait, was moved by the same considerations that drew its competitors to fertilizer companies. Ammonia from crude oil is a key ingredient in fertilizers, and Spencer has been buying a lot of it from Gulf. U.S. fertilizer sales have been growing 10% a year, as farmers pour on more of it to coax higher output from their Government-limited acreage allotments. Meanwhile, the oilmen have been itching...
...attempts during a three-year period, and located the Barinas Field that is one of the company's prime properties. Sinclair needs oil badly because it is in the uncomfortable position of owning far more refining capacity (470,000 bbl. daily) than production capacity (201,000 bbl.). Buying crude to keep its refineries cracking costs Sinclair $3 a bbl. v. $2 for oil from its own wells. Describing his company's plight, Steiniger uses a kitchen analogy: "It's like a baker with big ovens and not enough flour for his dough...
Dedicated Driver. Sinclair is less sensitive to possible depletion allowance cuts since it markets oil besides producing it. Steiniger, however, has other serious worries common to the big, integrated oil companies. U.S. gasoline price wars since 1957 have chopped incomes of the majors like Sinclair, whose own crude supplies are short. But under Steiniger, Sinclair is recouping on overseas sales and petrochemicals. This year's first half earnings jumped 71% to $32 million...
...also house Aramco Arab executives' families. The Americans are taught to defer to Moslem sensibilities. Though the government permits Aramco's Americans to have Christian religious services, it forbids display of the Cross. Imports of whisky, beer and wine are banned, but the men who can refine crude oil have little trouble in distilling bathtub gin and Scotch, known locally as "the white" and "the brown...