Word: oiled
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Dates: during 1950-1959
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...possible that prices were not raised by domestic producers prior to the Suez crisis for the very obvious factor of competition from foreign imports. Perhaps domestic producers didn't dare increase prices for fear they would lose such markets as New England. Obviously these attempts of the domestic-oil producers have been to eliminate the competition of foreign oil...
From under the white sands along the Persian Gulf two new oil wells gushed up 4,400 bbl. a day last week. The twin strike, in the Wafra field of the 50-mile-square Neutral Zone between Kuwait and Saudi Arabia, meant more than just a new source of oil. For Wafra, it pushed output above 50,000 bbl. a day and increased estimated reserves to more than 5 billion bbl. For a tall, stoop-shouldered American named Jean Paul Getty, it was a multimillion-dollar payoff on a daring gamble...
...Getty Oil Co., which is 82% owned by Getty and which controls a $1.5 billion oil-and-tanker empire, bought a 50% interest in the Neutral Zone eight years ago, when it had yet to produce a drop of oil. Today Getty holds one of the most important stakes in Middle Eastern oil, where he is the only U.S. individual producer among the giant corporations. Says Getty: "I own my companies. How many others do? There are just a few left like...
...oil to market, Getty is as busy building tankers as he is drilling wells. For Tidewater Oil, which is also controlled by Getty, he has embarked on a $250 million program to build supertankers to carry Getty Co. oil from the Neutral Zone to its major markets in Western Europe, Japan and the U.S. Last weekend the 53,000-ton S.S. Tidewater slipped down the ways at Saint-Nazaire, France. It was the ninth new tanker for Tidewater since 1954 and the second in the past month. Sixteen more are on order at cut-rate French and Japanese shipyards...
Sugar Candy. Oilman Getty, 64, is one of the least known among the world's oil giants, usually breaks into the press only with news of his marriages and divorces (five of each). An expatriate, he lives in hotel rooms from Europe to the Levant, has little social life, usually eats alone and frugally, wears out-at-the-elbow sweaters. A notorious penny pincher, he passes out tips sparingly, constantly grumbles about the high cost of everything from restaurant food to taxi fares. But he freely pays thousands for such hobbies as his private art museum (Rubens, Titian, Gainsborough...