Word: oil
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Dates: during 1950-1959
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...reason why Texas liked Ike in 1952 was that Candidate Eisenhower came out foursquare for giving the states title to the disputed "tidelands" -and Texas expected to pump a lot of revenue out of offshore oil. In a campaign speech in Houston that year, Ike even endorsed Texans' claim that their state really extends three marine leagues (10½ miles) out into the Gulf of Mexico, just as the Republic of Texas did before it joined the U.S. in 1845. Ike kept the campaign promise: in 1953 he signed a bill (similar to bills that Harry Truman had vetoed...
...Department filed in the Supreme Court a Texas-sized 425-page brief -the longest federal brief in the court's history. It argued that Texas, Louisiana and the other gulf states reach only three miles out, not three leagues, and dunned the states for some $100 million in oil revenues collected from drillers operating beyond the three-mile limit. The U.S., said the brief, has always fixed its national boundary at three miles offshore and has urged other nations to do likewise. "Manifestly, state boundaries cannot extend beyond the national boundary. By annexing Texas, the U.S. certainly...
...Nasser's Radio Damascus. Said Radio Moscow: "The Lebanese people have had enough of the American system." In Tripoli Communists and other underground forces won control of the mobs. Saboteurs blew up the Iraq Petroleum Co.'s pipeline to the Mediterranean, forcing the company to pump its oil through a branch line in Syria. At the Syrian border, customs guards stopped a suspiciously sagging Chevrolet sedan driven by Louis...
Last week a group of Japanese oilmen won a 2.890-sq.-mi. concession in the Persian Gulf off the neutral zone by contracting to pay 56% of the production profits to the zone's owners, Kuwait and Saudi Arabia. The deal came just a few days after Standard Oil Co. (Indiana) became the first major U.S. company to upset the fifty-fifty pattern. For a 6,177-sq.-mi. concession off Iran's shores in the gulf. Indiana Standard agreed to pay 75% of profits to Iran, plus a $25 million bonus, and to spend $82 million...
From Teheran to Texas, many an oilman grumbled that the new deals would inspire other oil-rich Middle Eastern countries to cancel their present fifty-fifty deals and demand sweeter contracts. But calmer leaders in the industry brushed such remarks aside. Said Howard Page, Middle East boss for Standard Oil Co. (New Jersey): "Some oilmen say that it is immoral or something to bid in a certain way. Baloney! I certainly do not want anyone to tell...