Word: oil
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Dates: during 1950-1959
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...With oil already in oversupply, Sinclair, Gulf and Conoco broke the rules of supply and demand last week and raised their wholesale prices; other major firms were expected to follow their lead. Experts claimed that the U.S. oil industry is creating a pattern of passing on increases in labor and other costs ultimately to the consumer...
Prospects are far brighter for oil. Buried under the desert, in three areas 280 miles to 800 miles south of Algiers, are proved reserves of 3.5 billion bbl. and possible reserves of 7 billion bbl. Eight wells are already operating, and a new one was brought in a fortnight ago. Some of the crude is pure enough to power a diesel engine without being refined. A huge natural gas field also was struck 700 miles due south of Algiers...
Last week the government said that "several of the most prominent U.S. oil companies are negotiating with the French for Sahara concessions." Texas Independent N. Bunker Hunt, son of H. L. Hunt, and Houston's Texas Gulf Producing Co. are dickering for a piece of the desert. Cities Service Co. and Standard Oil Co. (N.J.) say they are "interested" in making a Sahara oil deal. The five-year leases that French oil companies took in 1952 will expire this September, and some 27 million acres of potential oil lands that these companies did not exploit will...
...date, combines made up of the Royal Dutch-Shell group, the French government and French oil companies have pumped $135 million into the Sahara...
They plan to invest $700 million there in the next four years, build pipelines from Hassi Messaoud and oil-rich Edjelé to coastal ports. Said French Chief Engineer Christian Redron at Hassi Messaoud: "In a few years we may no longer have to depend on the whims of a Nasser...