Word: oilfields
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Last week few knew how long the bonanza would last-or how far out and down the oilfield goes. Wildcatters were putting down wells over an area of hundreds of square miles north and south of the strike, seeking to establish the field's boundaries. In one solid gesture of confidence in the future, the Ashland Oil & Refining Co., purchaser of the bulk of the field's output, already has invested $200,000 in gathering lines, last week took bids on a $2,000,000 pipeline to pump oil directly to its refinery in Louisville, 70 miles away...
...revolution, and it was cursed with a primitive economy-though not so primitive as China's present masters like to pretend. Mao inherited from the Japanese a major coal and steel complex in Manchuria and from the Nationalists considerable light industry as well as the Yumen oilfield-still China's biggest. Under Nationalist rule China's industrial production had risen 80% between 1933 and 1945. By the time Mao appeared, the stage was set for a Chinese industrial revolution comparable to that experienced by Japan in the 1880s or Germany under Bismarck. All that was missing...
...pick up the tab for losses. But Hughes is having troubles in other parts of his empire. Hughes Tool Co., which is financing T.W.A.'s new jets, is in no position to absorb more heavy losses. For years the company did a $120 million annual business in oilfield equipment-and turned a 50 profit before tax on every dollar. Now profits are down sharply. A decline in oil drilling, rising competition at home and imports of oil from abroad will cut its business to between $70 and $80 million this year, with profits of about $20 million after taxes...
...until three weeks ago, when the first U.S. oilmen from Loeb. Rhoades arrived at La Ventana oilfield in Mendoza province, did the meaning of Frondizi's deals sink home. A group of Peronista oilworkers in Mendoza gave Frondizi 48 hours to cancel the oil contracts. When Frondizi ignored their ultimatum, they struck. The national oilworkers' union then called for a nationwide walkout, and other Communist-and-Peronista-dominat-ed unions threatened a general strike...
...They don't interest me") as a cute blonde ought to be. Home was a $15,000 brick ranch house in the Oak Forest section of town, a standard three-bedroom unit furnished with the standard new appliances from the combined incomes of her father, an oilfield-equipment salesman drawing disability pay from the Navy, and her mother, an airlines reservation clerk. But whatever it was they thought they were working for, Diana found it boredom on the installment plan...