Word: oil
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Dates: during 1950-1959
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...highway funds have run so low that contract awards or advertising for bids have been stopped by 24 states from Maine to Washington, including New York, Ohio, Missouri, California. These states pressured Congress to bow to the President's proposed tax boost, in the face of the oil industry that lobbied hard against it. The penny tax will raise about $960 million. After it expires in mid-1961, the compromise bill would earmark $2,445 billion from present taxes on autos and parts to the highway program from fiscal 1962 through...
...DENMARK OIL REFINERY, country's first, will be built by Tidewater Oil Co., controlled by Billionaire Jean Paul Getty (TIME Cover, Feb. 24, 1958). The $40 million refinery will be completed by early 1961, serve Denmark, Norway, Sweden, possibly Britain...
...OIL...
...Harry Jay Mosser is a short, rumpled, publicity-shy Texan who has quietly piled up a fortune of $100 million by sniffing out oil on land that no one else wanted. This week he was preparing to pile up another fortune, based this time on his nose for natural gas. His Associated Oil & Gas Co. announced that it has proved up perhaps the largest untapped gas field in gas-rich South Texas. Estimated reserves: a trillion cubic feet. But that was only Harry Mosser's opening card; he also announced a contract to sell 800 billion...
Mosser's find is one of the biggest in a widespread treasure hunt that is turning many an oilman into a gasman. Even after World War II, oilmen were burning off natural gas as a waste that came up with the oil. Now, so many cities are switching to natural gas-and oil is in such surplus-that the market has burgeoned, put a premium on gas discoveries. Mosser now has more than 18 oil and gas rigs drilling, brought in more than a dozen wells. He has two other promising fields that may well yield another trillion cubic...