Word: crude
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Cutback. What Thompson's move 'did mean was that he had finally been able to win what Texas independents want-promise of a cut in crude imports (now some 820,000 bbl. daily), giving Texas a bigger share of the domestic market. That ambition had been implicit in Thompson's Washington testimony. The way to supply Europe was not to increase production, he said, but to make major refiners cut back imports of Venezuelan crude, ship it direct to Europe...
...carry out this mission, Thompson lunched with Presidential Assistant Sherman Adams and Defense Mobilizer Arthur Flemming, picked up Administration support for diverting Venezuelan crude. He also urged new pipeline capacity "in the interests of national security" from Texas to the East Coast, possibly Philadelphia, where natural gas now arrives from Texas in the war-built Little Inch pipeline. An application to convert Little Inch from gas to petroleum products is already before the Federal Power Commission from Houston Contractors George and Herman Brown, and is sure to get quick attention...
...fuel oil for Europe, his buyers had to accept a tie-in deal from three refiners for 302,000 bbl. of "unwanted" gasoline. Yet so far, testified Rathbone, Jersey Standard has tailored its lift to Europe's needs, shipped 20 million bbl. of crude, only 431,000 bbl. of gasoline. Asked the probers: Was the recent boost in crude prices made to protect the industry against a falling profit margin? Yes, said Rathbone. noting that Jersey Standard's profit percentage of net worth is slipping, dropped from 19.1% in 1951 to 15.8% in 1955. Though Jersey Standard...
...three years -against royalties of 55? a bbl. Then Getty pumped $3,000,000 into exploration and development. Not until 1953 did a showing of oil come up from 3,500 ft. to indicate that his gamble would pay. That year the zone produced 7,559 bbl. of crude. In 1954 it zoomed to 2,977,094 bbl., in 1955 to 4,351,741 bbl., and by last year Getty Oil Co. alone was transporting 25,000 bbl. a day to the Persian Gulf through its 10¾-in. pipeline...
...flanked by two kilted swordsmen and a seven-piece band, "Yabook" strode to the steps of the Varsity Club. There, as the rally proceeded in darkness, Dupont agitators in the crowd led rival cheers and threw the evening's dessert--apples and oranges--at Yabook to curb the "crude activities" of their opponent...