Word: oiled
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Dates: during 1960-1969
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...cream and catering business two years ago to become the operator of a boat marina at the fledgling Arizona town of Lake Havasu City. Foster's spirit is typical of the 2,500 settlers in three-year-old Havasu, an "instant city" built by the California-based McCulloch Oil Corp. along part of the 45-mile lake behind Parker Dam on the lower Colorado River...
...east of Los Angeles, and surrounded by miles of scorching and sparsely inhabited desert, Havasu stands in an unlikely place for anything as ambitious as a new town. Indeed, the rest of the nation's two dozen such communities are sprouting close to major population centers. Yet McCulloch Oil reported last week that...
...name means "blue water" in Navaho) lures newcomers with its sun (annual rainfall is a mere five inches), space, desert air and trout-filled lake, made to order for thousands of fishermen, campers, water skiers and motorboat racers. It was the lake that caught the fancy of McCulloch Oil President Robert Paxton McCulloch, now 56, when he first flew over it in 1958. McCulloch, who is also the world's largest manufacturer of chain saws and No. 3 maker of outboard motors, was searching for a freshwater site on which to test his engines. After buying out a fishing...
During the fight to keep the oil from the Torrey Canyon off the beaches, Britain's Prime Minister Harold Wilson reported to Commons last week, "We did not wait to settle matters of finance, compensation or legal liability." Now that the crisis is abating, he continued, "the government is urgently considering the question of claims." Britain, said the Prime Minister, intends to sue the Union Oil Co. of California for damages due to the wreck of its supertanker. If the suit ever gets to court, it will further complicate what is fast becoming not only the most costly maritime...
Well-Insured Hull. Recovering the value of the Torrey Canyon and the 118,000 tons of crude oil it carried is only the beginning of the problem. British Petroleum, for whom the chartered ship was hauling crude from Kuwait to England, had insured its cargo for $1,600,000. The ship itself, owned by a company called Barracuda Tanker Corp., which was incorporated in Liberia but is controlled from Wall Street, carried "hull" insurance of $16.5 million. As is traditional in marine insurance, the policy (with an annual premium of $330,000) had been spread among 120 syndicates...