Word: oiled
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Dates: during 1960-1969
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...Oil is now being pumped from the islands at the rate of 56,000 barrels a day, and production is expected to reach 200,000 barrels a day by 1970. As each well is brought in, the oil rig, along with its high-rise cover, is moved along a rail to the next spot for drilling. Underground pumps send the oil through submarine pipelines to refineries on shores...
Over the next 35 years, the city will receive $250 million from the oil companies and 10,000 property owners will share an additional $136 million. The biggest beneficiary by far will be the state of California, which will get about $1,250,000,000 out of the deal. For Long Beach, the new riches will help finance many of the improvements in the minds of the city's imaginative leaders, who already have bought the Queen Mary for $3,450,000 for use as a waterfront museum and hotel, and have contracted to build a 3,500-seat...
...bargain rentals have attracted scores of prominent customers, among them, General Motors, General Foods, A.T. & T., Boeing, Monsanto, Aerojet-General, Mobil and Sinclair Oil. The scheme involves merely a financial juggle, and the equipment is often picked by the user to fit his own needs. Strange as it seems, computer makers regard the leasing companies as welcome intruders, partly because their purchases help meet the manufacturers' need for vast amounts of cash to pay for research and development. IBM, with 70% of the U.S. computer market, dares not use its size to crush the dis count lessors, because...
Boycotts rarely work, and the Arab effort to starve the West for oil proved to be no exception. While Europe tapped costlier supplies in the U.S. and Venezuela, three months of a some what leaky embargo by Arab countries on oil shipments to the U.S., Britain and West Germany merely robbed their own treasuries of millions in royalties and taxes. Last week, almost as swiftly as it was imposed during the Arab-Israeli war, the ban for all practical purposes ended...
First Saudi Arabia, then Kuwait, Libya and Iraq-the four major Arab oil-producing states-agreed to resume shipments in keeping with the deal struck two weeks ago by Arab heads of state at their summit session in Khartoum. Another three months of embargo, explained Egyptian Minister of Economy Hassan Abbas Zaki, would cost the West $770 million worth of oil but would deprive the Arab producers of $870 million of income. Only Algeria, the fifth-ranking producer, kept its embargo. And even that involved more symbolism than substance, since the overwhelming percentage of Algerian output goes...