Word: oiled
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Dates: during 1940-1949
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...seemed clear that if the oil deal were junked by parliamentary vote (as appeared very likely), Russia would have to back down or use force. Force was always a possibility. Red troops and their Kurdish adherents were reported massing across the border, and a U.S. observer said that north Persian cities were having "invasion jitters." Gavam did not seem unduly worried. He knew that he had friends, and that his friends expected him to stick to his guns...
...discovered, four years ago, Oklahoma's great West Edmond oilfield (TIME, Aug. 21, 1944) became the scene of a scramble. Many individual wildcatters and companies, using the greatest concentration of rotary drilling rigs in the world, began boring into its 30,000 acres in a furious race for oil. Last week West Edmond was the scene of an even more historic retreat. The companies who operate its 740 wells were getting ready to shut them down and pull out, with most of their equipment...
Exodus from Plenty. The exodus did not mean that the field was running dry -far from it. West Edmond has yielded only some 60,000,000 of its estimated 600,000,000 barrels of oil. But at a time when the nation is fast using up its known oil reserves, West Edmond is flagrantly wasting its supply. To save the greatest possible amount of what remains, Oklahoma's oil-regulating Corporation Commission ordered "unitization" of the field, i.e., operating it as if it were a single lease. This was the most drastic step yet taken by any state...
...fields. For lack of storage tanks, pipelines and nearby markets, operators have always "vented," i.e., burned off in flares or simply released, great quantities of natural gas. Aside from the loss in fuel, this practice has caused an even more important drop in underground gas pressure, by which much oil is brought to the surface. In West Edmond alone, venting last year reached an estimated volume of 250,000,000 cubic feet...
...supervise the West Edmond cooperative, instructed him to put unitization into effect by Oct. 1. As a unit, the field will be worked by Sohio Petroleum Co., one of the largest of the present operators. By shutting down all the wells that have a high gas ratio compared to oil, Pardee hopes to boost the field's production from a present daily average of 40,000 bbls. to 50,000 bbls. "The time will come," he said, "when new fields will be unitized before the first well is drilled...