Word: oil
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Dates: during 1950-1959
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...desire to come to terms with a Nasserism founded on anti-Westernism, buoyed up by Soviet arms, spreading inflammatory lies, preaching assassination. The British might warn Khrushchev, as Anthony Eden in a moment of crisis did once before, that British national solvency depends on ability to buy Persian Gulf oil for sterling, and that the British are prepared to take all necessary steps to protect its source...
...Oil Flows. From that fabled city, each day brought a new promise of reform. The government drew up a provisional constitution with an article specifically aimed at cutting up vast farmlands now owned by some 60 sheiks, who were the backbone of Nuri's regime. The rebels abolished the anachronistic tribal courts that would, for a fee, give tribesmen a far softer kind of justice than would a regular court. Dramatically, the rebels also announced that work would cease on Feisal's new $20 million "palace," which was actually to be an administration building with only comparatively moderate...
...government is full of contradictions-a revolutionary junta of old-fashioned politicos and new young Nasserite soldiers whose direction no one can yet predict. The new Ministers of Finance and "Guidance" (propaganda), among others, once resigned from Parliament over the government's refusal to nationalize the oil industry. But the rebels seem content for the moment to keep old contracts and, in time, to negotiate (as Nuri wanted to do) for a higher share of the royalties...
...steadiest thing about the Middle East last week was the oil flow. Aside from a moderate jump in tanker charter rates and a flurry of ship sales which in three weeks boosted prices 10-20%, all was calm. Iraq's revolutionary government took pains to assure Western oilmen that it would honor all contracts, would not only maintain oil production but try to increase it. The British-French-American-owned Iraq Petroleum Co. welcomed this feeling of sweet reasonableness, but in common with oilmen everywhere took it with a pinch of salt...
Died. Eugene Millikin, 67, longtime (1941-56) Republican Senator from Colorado, who retired because of rheumatoid arthritis that confined him to a wheelchair; of pneumonia; in Denver. Lawyer Millikin, who turned to politics from a successful career in the oil business, was a Taft-supporting conservative, a tariff protectionist, a tax expert, and the portrait of a Senator in his look and bearing. His wit was cutting; in a debate he once remarked: "If the distinguished Senator will allow me, I will try to extricate him from his thoughts...