Word: oil
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Dates: during 1950-1959
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...report healthy earnings figures. Announcing record U.S. Steel earnings for both the quarter and the half, Chairman Roger M. Blough foresaw "reasonably good business in steel-consuming industries during the rest of the year," predicted a slight upturn in U.S. Steel's production in the last quarter. The oil industry reported a highly profitable six months, helped account for a sizable part of the 6% profit gain over 1956's first half chalked up by 741 U.S. corporations in a survey by the First National City Bank of New York. Profits of Standard Oil Co. (New Jersey) reached...
Bowing to the long-standing demands of the powerful U.S. independent oil producers, President Eisenhower last week told big oil companies to slash crude-oil imports "voluntarily" to a level 10% below their average imports from 1954 to 1956. This would cut current U.S. imports of foreign oil by about 20%. If the companies do not go along with the request-and three other similar pleas since 1955 have only been moderately successful-the Administration threatens mandatory Government controls. Grudgingly, most of the oil importers promised to cut back rather than risk controls. But oilmen will probably suffer less than...
President Eisenhower ordered the quotas-despite his free-trade convictions-as a result of an Office of Defense Mobilization report that "the nation's security" was being endangered by the flood of cheap foreign oil. Crude imports have risen by 500,000 bbl. a day in the past five years (see chart) while daily U.S. production has gone up 1,100,000 bbl. But crude imports were scheduled to hit a record 1,200,000 bbl. daily this month, or 16% of U.S. production (v. the 12% limit set by the quotas). As a result of the foreign competition...
...quotas pleased almost no one. Tidewater Oil Co., which only recently began buying heavily abroad, condemned them as unfair and discriminatory against "new importers." Tidewater's imports will be slashed from a planned 84,600 bbl. daily to only 34,200 because it imported little in the base 1954-56 period. Even the domestic producers who will benefit most from the quotas called them too little and too late. Said Olin Culberson, chairman of the Texas Railroad Commission, which controls 45% of U.S. output: "There is every logical reason why the voluntary plan will break down. No voluntary plan...
...Depression vow ("Stick with me and we'll be on Easy Street"), Wichita's lively William L. Graham has been making the promise come true. He began with a $200 bank loan in 1936, and at 46 he is worth an estimated $20 million in Kansas oil and real estate. Along the way his talents for enterprise and friendship proved so overpowering that he once sold the late Dale Carnegie a house in Wichita an hour after they met. ("If I couldn't be myself," said Carnegie, "I'd want to be Bill Graham.") Graham...