Word: neutralizes
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Dates: during 1950-1959
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Just a week after President Eisenhower's advisory committee on foreign aid handed in its report, another panel of experts sent him a second report clashing with the first on a sizzling issue: U.S. aid ' to neutral nations. The committee headed by Steelman Benjamin F. Fairless had unanimously urged "a higher priority" in aid programs for "countries which have joined in the collective-security system" (TIME, March 11). The 13-member International Development Advisory Board, chaired by Movieman Eric Johnston, unanimously recommended increased U.S. aid for "countries wishing to remain free of all military alliances." Both reports...
From under the white sands along the Persian Gulf two new oil wells gushed up 4,400 bbl. a day last week. The twin strike, in the Wafra field of the 50-mile-square Neutral Zone between Kuwait and Saudi Arabia, meant more than just a new source of oil. For Wafra, it pushed output above 50,000 bbl. a day and increased estimated reserves to more than 5 billion bbl. For a tall, stoop-shouldered American named Jean Paul Getty, it was a multimillion-dollar payoff on a daring gamble...
Getty Oil Co., which is 82% owned by Getty and which controls a $1.5 billion oil-and-tanker empire, bought a 50% interest in the Neutral Zone eight years ago, when it had yet to produce a drop of oil. Today Getty holds one of the most important stakes in Middle Eastern oil, where he is the only U.S. individual producer among the giant corporations. Says Getty: "I own my companies. How many others do? There are just a few left like...
...market, Getty is as busy building tankers as he is drilling wells. For Tidewater Oil, which is also controlled by Getty, he has embarked on a $250 million program to build supertankers to carry Getty Co. oil from the Neutral Zone to its major markets in Western Europe, Japan and the U.S. Last weekend the 53,000-ton S.S. Tidewater slipped down the ways at Saint-Nazaire, France. It was the ninth new tanker for Tidewater since 1954 and the second in the past month. Sixteen more are on order at cut-rate French and Japanese shipyards. The total tonnage...
...stock man" rather than an "oil man." But Getty proved he was an "oil man" in the Middle East, where he felt he needed reserves to mold an integrated oil empire. In 1949 he bought the oil rights to Saudi Arabia's 50% interest in the Neutral Zone. The price: a sky-high $9,500,000 plus a minimum $1,000,000 a year for 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...