Word: oiled
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Dates: during 1960-1969
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...week's end, oil workers had managed to seal the well off Santa Barbara with concrete, making it finally as dead as the multitude of creatures, from sea urchins to seals, that it had doomed. Facing Union was a brace of lawsuits, notably one for $1.3 billion on behalf of all damaged parties, and another by California's attorney general. During eleven days, the well had spouted more than 200 thousand gallons. Drilling will doubtless resume quickly, but it may take years before the ecological balance of Santa Barbara bay is restored...
Economics was a major factor in drawing Europe closer, but Sampson argues that that has changed. The EEC was conceived after Monnet persuaded Europeans to pool their coal and steel. Coal has now been replaced as an essential fuel by nuclear power, oil or natural gas. As a result, Europeans are rethinking their energy needs in narrow national terms...
Peru seems headed toward a major diplomatic showdown with the U.S. that could produce serious repercussions throughout South America. It is a highly paradoxical crisis that neither side really wants-or can avoid. The dispute centers on a Standard Oil of New Jersey subsidiary, International Petroleum Co., whose Peruvian oilfields and refinery were seized last October by the country's new military regime, headed by General Juan Velasco Alvarado. The pretext: that I.P.C. years ago had illegally acquired its oil concession in Peru...
Aware of the highly charged nationalistic feelings involved in the I.P.C. case, the U.S. asked only that the junta pay Standard Oil a fair price for I.P.C.'s properties (Peru's Supreme Court had earlier set the figure at $142 million). If it does not, as the Peruvians well know, the U.S. would be forced under the provisions of the Hickenlooper Amendment to suspend its economic aid to Peru within six months after the seizure unless promising negotiations for equitable compensation are under way. At present, U.S. aid amounts to $34 million a year plus another $45 million...
Last week, in a highly emotional television and radio address, General Velasco virtually foreclosed any possibility of a negotiated settlement. In an obvious bid to win the support of other nationalist army officers and businessmen, Velasco asserted that I.P.C. owes Peru $690.5 million for all the oil that it has pumped from Peruvian soil. To recover at least a part of that sum, representing I.P.C.'s entire gross sales for the past 44 years, Velasco plans to auction off the company's properties within the next 40 days...