Word: cuba
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Dates: during 1930-1939
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...years Cuba has been suspected of harboring a great oil reservoir. Last week, with no less than five major companies holding extensive concessions on the island, it finally looked as though the suspect would have to stand trial. Prodded by a three-month-old act of Cuban Strongman Batista's docile legislature, a subsidiary of the Atlantic Refining Co. spurred its crews of U. S. geologists and drillers engaged in a thorough investigation of vast concessions. Close on their heels were Sinclair Cuba Oil Co. and Royal Dutch Co. operatives...
...reserves dates back to an 1880 incident involving an unfortunate Chinese. Digging a water well in Motembo for his master, he presumably stopped for a smoke, at any rate was blown to bits. Promptly forming a company, his master drilled three 900-foot holes on the site, brought in Cuba's first gushers, each producing distillate. Geologists thought this shallow production came from a deeper and much larger reservoir, but drilling equipment was inadequate and nothing further was done about...
Foreign and domestic capital poured in and sugar operations mushroomed to enormous proportions-80% of Cuba's entire industry. Sugar refineries, steaming night and day, burned anything they could lay their hands on, even green trees. Cuba's legislature passed a law allowing crude oil destined for the sugar industry to come in duty free, but the demand for fuel was insatiable and oil companies began to look into the old possibility of a big native supply from which pipe lines could be run directly to the refineries...
...Cuba's great Cespedes (1819-74) promulgated the island's first Declaration of Independence in 1868, proclaimed an underground Republic which Spain could not stamp out for ten years. His son & namesake was Provisional President for 25 days after the exit of Gerardo Machado...
...foreign buyers with long-term credits. The first Export-Import Bank was created by Franklin Roosevelt in 1934 to fill the need for Russia alone. Pending debt settlements between the two countries, this bank did nothing and the Second Export-Import Bank was set up to handle credits for Cuba. When negotiations with Russia finally broke down, the two banks were merged with power to lend to all nations except Russia...