Word: oil
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Dates: during 1950-1959
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...Oil Pool? "If I had my way," he went on, "I would like to see the whole Middle East quarantined and the sovereignty of each and every one of the states guaranteed by the great powers." His practical preference for economic solutions rather than political revolutions came clearest in his proposal that "the oil resources of the area be brought under international control and used for the benefit of the local people...
...never mind talking," said a Macmillan aide, and Macmillan meant to speak as plainly to Khrushchev as Sir Anthony Eden had before about British determination to defend its interests in such Persian Gulf oil states as Kuwait (the source of half of Britain's oil). Britain's concern is immediate: the Sheik of Kuwait, whose oil royalties are some $300 million a year, conferred twice in Damascus last week with Nasser. It also became apparent that Macmillan was getting ready to put Nasser himself on trial. The Middle East war that Khrushchev said had "already begun...
...rose and said that Egypt would close the canal. But did we close it? We left the canal to be an instrument of good for us and humanity. When your brethren in Iraq rose to demolish tyranny and oppression, the imperialists said that Iraq would stop the flow of oil, but the free and honest leaders of Iraq announced that they would adhere to their international and trade agreements...
...post, and the dismembered body of Premier Nuri being dragged through the streets) disappeared from shops. Strict orders were issued to the public against molesting foreigners. The violently anti-Western newspaper Al-Bilad was told to stop its inflammatory editorials; the radio kept issuing reassuring reports on the oil industry, whose refineries went on producing and whose foreign technicians were not bothered. Outside the burned-out hulk of the British embassy appeared a sign saying: "You should not have acted this way. These people are our guests and our friends." Premier el-Kassim himself reportedly told his London embassy...
...which gets only 200,000 bbl. daily from the Middle East, few oilmen would propose a dramatic increase in domestic production to offset loss of the Iraq supply. They are wary of repeating their mistake during the Suez crisis, when they amassed stores of oil so large that production had to be chopped back hard this year. Last week the Texas Railroad Commission boosted the number of producing days in August from nine to eleven, but made it clear that the hike was due to a slight rise in petroleum demand and a reduction of oil inventories rather than...