Word: derrick
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...past three years, moreover, the cost of locating and drilling for oil has increased enormously. Prices of derrick steel, heavy machinery, pumps, well casing and labor are higher-and wells are deeper. The average investment in all wells drilled in the U.S. last year was $40,928 against...
...trade accord with Mexico which the State Department has been negotiating for months was all ready to be signed and sealed. Then Standard Oil heaved a derrick in the works. One hinge on which the agreement turned was that U.S. oil companies accept a settlement for their Mexican properties, which were expropriated in 1938. Standard Oil refused to settle...
...about 6% over 1939. Yet oilmen still had small reason to hope that rising U. S. consumption would knock the hump out of gasoline's inventory curve. Nor were war and winter alone to blame. More important than either in oil's overproduction is an unlovely derrick forest in Southern Illinois...
Three months ago they turned out their first unit: a portable derrick high enough (84 feet) to pull the double-jointed tubing of the deeper wells. One of its two sections telescoped inside the other to make it short enough to transport. Shell tried it, liked it, bought two at $20,000 apiece, ordered more...
Last week little Franks Manufacturing Co. had better than $200,000 worth of unfilled orders that had piled up in 40 days, an anticipated 1939 gross of $600,000, net of $150,000. Portable derricks seem to be catching on. Humble Oil Co. has ordered an initial two. If enough U. S. producers figure the same way, the derrick, ugly symbol of a fabulous industry, may disappear from the skyline...