Word: oiled
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Dates: during 1960-1969
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Then the results were announced. For the first six tracts, a combine of Gulf Oil, British Petroleum and its Alaskan subsidiary bid $97 million. Another tract, just southwest of Prudhoe Bay, brought the highest single bid of the day, submitted jointly by Amerada Hess and Getty Oil: $72,277,133. A rival consortium of Phillips, Mobil and Standard Oil of California had bid a scant $164,133 less. Having underestimated on one tract, the same group decidedly overestimated on another, making a bid of $18,130,000. The next highest bid was a nominal...
Capitol by a Glacier. Besides the windfall from the leases, Alaska will collect a 12½% royalty and a 4% "severance tax" on every barrel of oil taken out. Inventing ways to spend the wealth, in fact, has become a favored pastime. Alaskans have variously suggested building a bridge to Siberia, distributing the cash equally among the citizenry, and building a much-discussed new state capitol beside the Mendenhall Glacier near Juneau. More soberly, the Legislative Council has commissioned The Brookings Institution to recommend how best to invest the interest that the money will earn, and Governor Miller has asked...
...committed to develop their tracts, at costs running up to $4,000,000 per well. This will constitute a radical infusion of money into Alaska's economy, which up to now has been largely dependent on federal aid. A $900 million pipeline is planned to bring the oil to the port of Valdez for shipment by tanker to West Coast markets in the 1970s, just when Texas, Louisiana and California fields are expected to go into decline...
...dissatisfaction is the shortage of moderately priced housing considered acceptable by U.S. suburban standards. Emmet Harriss of Manhattan's First National City Bank spent $7,500 renovating his Paris flat, but still has to budget $800 a year for electrical repairs. The chief of operations for a U.S. oil company was dismayed to find the plumbing so erratic in his villa on Rome's Via Appia Antica that for a time he stocked bottled water for guests to wash in. When William Wyman, vice president of Booz, Allen & Hamilton, rented an apartment in Düsseldorf...
...practice of paying lavish allowances began years ago with the oil companies. Then it was a way of inducing men to accept jobs in Africa and the Middle East. Today, the extras apply almost everywhere and sometimes add 50% to a paycheck. International Harvester pays its employees a bonus of as much as 20% to go abroad, and Pan American grants a flat $75 a month. General Motors expects its men to pay 15% of their salaries for rent, but the company defrays seven-eighths of anything above that level. Like many other corporations, G.M. also pays for the children...