Word: oiled
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Dates: during 1940-1949
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...tideland oil fight currently raging in the Capitol has become a gigantic political card game. The deck includes the biggest lobbies in Congressional history, divergent social philosophies, charges of thievery and corruption, and numerous side issues. the stakes are oil, currently the nation's most important natural resource. Peacetime use of oil has steadily increased, creating an unexpected and unfilled post-war demand, and its wartime value has made the possession of large oil reserves a modern prerequisite of modern warfare...
Argument in Congress, after an 11-year history, is reaching its climax in this session with the inclusion of oil in the President's State of the Union message. Committee hearings on the controversy have attracted so many different issues,--states rights, conservation, and national defense--that the basic problem is often obscured...
...Tideland Oil problem started with the discovery of off-shore oil deposits in California at the turn of the century. Not much was done with this discovery until the end of the twenties. Large-scale development of the area began in 1933 with the perfection of directional drilling, which allowed the necessary machinery to be on land. By 1947, California was receiving nearly $4 million in annual royalties from its off-shore oil. The importance of Tideland Oil has greatly increased with the more recent prospecting in the Gulf of Mexico off the Texas and Louisiana coasts. Over...
Ownership of tidelands oil was originally regarded to reside in the States. A long history of Supreme Court decisions had affirmed in strong language that the States controlled the tidelands. In 1933, when prospectors applied to the Interior Department for federal leases to tideland oil deposits, Harold Ickes said, "Title to the soil under the ocean within the three-mile limit is in the State of California, and the land may not be appropriated except by authority of the State...
...Paul Getty offered a reported $9,000,000 down, a minimum royalty of $1,000,000 a year, a royalty of 55? a barrel, and a 25% interest in the company. This was so much more than any other company offered that oilmen were aghast. Furthermore, the world oil supply was already so ample that U.S. imports from the Middle East and Venezuela are being cut back. Last week there were signs that gasoline prices might soon be coming down. In view of that, Getty's rivals thought he would have to step some to make his concession...