Word: oil
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Dates: during 1950-1959
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TEXAN SID RICHARDSON is spreading word that for right price he will sell his oil and gas holdings, estimated to be worth upwards of $200 million. Richardson, 67, who likes to say that a man's wealth can be measured by what he owes, and who just borrowed $37.5 million, is discouraged by the softening domestic oil market, the increasingly tough and costly job of exploring and drilling. Among interested prospects: Continental Oil, Humble Oil and Standard Oil...
...hotels and barrooms of Anchorage, Alaska, oilmen from 25 U.S. companies waited anxiously last week for word from Washington, D.C. that would start the greatest northern land rush since the Klondike gold strike. They had swarmed to Anchorage by the score this fall after Richfield Oil Corp. made Alaska's first big oil find in the nearby Kenai national game preserve (see map). So promising was the well (900 bbl. a day) that the companies are prepared to sink $100 million into the search for more. If they are just moderately successful, they will invest another $200 million...
...This oil rush stirred up powerful conservationist lobbies in far-off Washington. To stop the drilling, they lined up for battle against the oilmen, and even against Alaska conservationists who wanted to throw open all Kenai for exploration. The Interior Department moved to pacify the lobbyists. It proposed stiffer rules for granting oil leases on all U.S. gameland, suggested that the pro-moose Fish and Wildlife Service get veto power over gameland leases. And until the rules were formally adopted, the department suspended all leasing...
Actually, the moose like to live where men and machines do, and frequently nuzzle up to Alaskan oil derricks to sidewalk-superintend the drilling. Instead of being driven out of the civilized areas, they are rapidly multiplying. Their greatest enemy is not the oilmen, but the Alaska Railroad-a creature of the conservationist Interior Department-which last winter killed 366 moose on the tracks. For those moose who prefer desolation to civilization, there are vast areas of ideal scrub brush and timberland outside Kenai untouched by man or derrick. In fact, only 10% of Alaska's moose live...
...oilmen have some other potent arguments. Kenai oil is urgently needed for Alaska's three U.S. Air Force bases, two Army bases and countless Distant Early Warning (DEW line) stations. These outposts now get their oil products from Southern California over a long and vulnerable seaborne supply line...