Word: oiled
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Dates: during 1960-1969
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...makin' it any more." Art has become as much of a speculative exercise as an esthetic experience; collectors have bought millions of dollars worth of art works, often in hope that the purchase will increase in value as the artist becomes better known. Amateurs can also dabble in oil-well exploration, beef cattle, race horses, Broadway plays, foreign exchange, gold and silver and precious gems on the chance that Oliver Wendell Holmes's probable will occur...
...distance, the Egyptian masses themselves are growing restive. They realize all too well that Nasser is no longer infallible, either as a military strategist or as a national hero. Israel still occupies Sinai, and they want to know why. If it were not for the prospect of aid from oil-rich Arab neighbors, Egypt's economy would be bankrupt. All in all, times are tough for Gamal Abdel Nasser, who promised his country glory but gave it only gore...
Though the crisis was over, oil companies still faced continuing costly problems. The closing of the Suez Canal not only forces tankers to sail 4,700 miles farther around the Cape of Good Hope to European markets but has also caused such a price-boosting scramble to charter additional ships that the cost of hauling crude oil from the Persian Gulf to Rotterdam has jumped from $2.90 to $18.60 a ton. Salvage experts figure that the handful of scuttled ships blocking the waterway could be cleared away in a month, but silting from its sandy banks may require fresh dredging...
Lebanon last week agreed to let oil companies resume shipments to the three Western nations from its Mediterranean ports. That oil comes via two separate pipelines from Iraq to Tripoli and from Saudi Arabia to Sidon. Both lines run through Syria, whose extremist regime opposed ending the embargo and could easily close either line by twisting a few valves. The Trans-Arabian pipeline, jointly owned by Texaco, Standard Oil of California, Standard Oil (N.J.) and Mobil Oil, has been shut since the fighting erupted. Because some 20 miles of it runs through former Syrian territory, now occupied by Israel...
These lingering difficulties are too small to sustain increased demand for U.S. oil. Having stepped up its output by 12% (to a record 9,400,000 bbls. a day in August) to help meet Western Europe's needs, the U.S. now faces a problem of oversupply. One result was an order last week by the Texas Railroad Commission, which cut the maximum allowable output per well from 54% to 46.7% of capacity. By December, oilmen expect that the limit will shrink to its pre-crisis norm...