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Word: oiled (lookup in dictionary) (lookup stats)
Dates: during 1960-1969
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Usage:

...administrative sides of mining. Avoiding politics, he sought the ingredients of what he considered a happy life: "The outdoors, far away places, and mining engineering." It was his mining experience that prompted John Foster Dulles to send him to Iran in 1953 as a trouble-shooter in the longstanding oil dispute. His success in that job led to his appointment as Dulles' Under Secretary...

Author: /time Magazine | Title: Milestones: Jul. 18, 1969 | 7/18/1969 | See Source »

...Hole. Costly seismic surveys that backers now insist on have also tended to add to wildcatters' expenses. Oil has become harder to find in the continental U.S. as obvious geological structures have been exploited. Since 1963, Wildcatter Carl W. Van Wormer, who was once worth $300,000, has drilled 20 consecutive dry holes and has moved from a suite of four offices into a cubbyhole in Houston. Keegan Carter, of Kilgore, Texas, last hit oil three years ago. The whole town of Kilgore is in an economic decline, as are such once-wealthy wildcatting communities as Overton, Henderson...

Author: /time Magazine | Title: Oil: Bad Days for Wild Ones | 7/11/1969 | See Source »

...violence could not stop the wildcatters, but modern-day economics and politics are slowing them. The tax-reform drive in Congress threatens to reduce the 271% depletion allowance enjoyed by wildcatters, along with other drillers. Costs of drilling a well in Texas have risen 28% since 1959 and, as oil near the surface has become depleted, crews have had to go three times as deep for almost the same returns. Meanwhile, the wellhead price of oil has risen hardly at all. Partly because of climbing costs, the number of wildcat wells drilled has declined from...

Author: /time Magazine | Title: Oil: Bad Days for Wild Ones | 7/11/1969 | See Source »

Another problem is that if and when oil is found, the landowners who lease acreage to the wildcatters make heavy demands. Once they were satisfied with a one-eighth share of profits; now they insist on bonuses or a larger slice of the earnings. The oil companies, which once farmed out much land to independents, now have much less to distribute because their attention has turned increasingly to offshore properties, Alaska and foreign lands...

Author: /time Magazine | Title: Oil: Bad Days for Wild Ones | 7/11/1969 | See Source »

However depressing matters may seem for the wildcatters, there are still some signs of hope. Companies and syndicates have been created recently to finance independent exploration. Among them are Denver's King Resources, Los Angeles' McCulloch Oil Corp. and Houston's Austral Oil. One wildcatter recently discovered a field at Bell Creek, Mont.; it is capable of producing 130,000 bbl. a day in previously unexplored territory, which suggests that some large untapped pools of oil still exist for the wildcatter to find...

Author: /time Magazine | Title: Oil: Bad Days for Wild Ones | 7/11/1969 | See Source »

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