Word: oil
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Dates: during 1950-1959
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Because Herschell doesn't believe that learning is very important. In high school he's discovered that it doesn't take much more than monthly midnight oil to make straight A's, that there would be nobody around to guide him if he decided to do more than the regulations prescribed. "With all the complications of modern civilization," stated a principal of a 2000-student high school, "our primary business is just teaching our boys and girls how to get along with others." And that's what Herschell's high school spent three years doing--teaching...
...oil industry, which is having its full share of recession troubles, last week added still another, left over from a time of shortage. In Alexandria, Va., a federal grand jury indicted 29 of the industry's companies-among them: Standard Oil (N.J.), Socony-Mobil, Shell Oil, Gulf, Tidewater, Phillips Petroleum-for allegedly using the Suez crisis 19 months ago to fix prices of crude oil and gasoline, accused them of violating Section 1 of the Sherman Antitrust Act by conspiring to restrain trade. It was the first large-scale criminal price-fixing case against the industry in more than...
Though President Eisenhower gave the industry special permission to cooperate during the Suez shutdown, the Justice Department charged that oilmen had gone far beyond that. In early January 1957, prices of Texas crude oil rose generally by 35? per bbl.; shortly thereafter, gasoline, home-heating oil and other refined products went up in most markets by about 1? per gal. Said the Justice Department: "For the purpose and with the intent of raising, fixing and stabilizing prices of crude oil and automotive gasoline, each defendant . . . would increase its posted price of crude oil . . . and each defendant engaged in the marketing...
...sooner was the indictment out than the oil companies stepped up, one by one, to deny the charges. To many companies, in fact, the indictment came as a double blow. They pointed out that when everyone was crying for oil during Suez, the industry was actually forced to boost the prices it paid well operators before they would increase production. Then, when production was roaring along, the bottom dropped out of the market leaving the industry holding a heavy surplus of oil that it has been trying to get rid of ever since...
Though no businessmen like layoffs, they have found that careful pruning in the right places need not damage overall efficiency. Dallas' Dresser Industries, for example, discovered that it could do just as good a job in its oil well supply business with 5% less clerical help. Los Angeles' Garrett Corp. shows no loss of efficiency even though it laid off 1,200 of its 11,000-man work force, has also lopped a full 10% to 20% from executive salaries and cut out many a frill. "A lot of the boys don't like riding air coach...