Word: oiling
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Dates: during 1950-1959
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Public Works. Government is the country's biggest business, and the Treasury takes in so much money that it actually has a problem spending it. In the last fiscal year, expenditures came to a record $1.1 billion, but income (60% from oil) reached a record $1.6 billion. To get rid of it all, the government depends on lavish public works totaling 57% of the budget. Grafters do their bit to balance the books by taking from 10% to 30% on contracts...
Since 1950, gross national product has almost doubled to $5.9 billion. Oil production has nearly doubled to 2,700,000 bbl. a day, and with new wells coming in at record rates, oilmen foresee that it may rise another 85% by 1966. Oil now accounts for about $2 billion in exports, or about 95% of the yearly total. Iron-ore production, mostly by the United States Steel Corp. mines at Cerro Bolivar, increased by a third in 1957 to about 15 million tons. Irrigation projects and rapid farm mechanization have boosted agriculture until Venezuela now produces...
...international research team (including Boston's Dr. Paul Dudley White and Minneapolis' Dr. Ancel Keys) pursued the relationship between different kinds of dietary fat and heart disease. They checked men living in Calabria and Crete, who get nearly all their fat from olive oil. Among 657 rural Cretans aged 45 to 65 there were only two with evidence of heart attacks. A similar sample of Americans, whose diet includes large amounts of animal fats, would show about 60 cases...
...with the presidency; longtime Boss Gwilym Price remained chairman. Every industry looked for new competitive talent. To exploit new markets at home, John L. Burns, 49, took over at Radio Corp. of America as Frank Fosom neared retirement; with more exploration abroad, William Whiteford stepped up to replace Gulf Oil's retiring Boss Sidney A. Swensrud. And when General Dynamics Chairman John J. Hopkins died, the man who moved in to tie the corporation's many divisions together was Frank Pace, 45, onetime U.S. Budget Director and Secretary of the Army. Even Madison Avenue admen, whose accounts were...
...businessman outdid him, plunked down $37 billion for new plants and equipment (plus $1.5 billion more for new offices), and devised one of the major props under the U.S. economy. Steel expanded 5% to 141 million tons annually; aluminum added 2% to its capacity, synthetic rubber 14%. Oil and chemicals both spent record amounts for expansion. Serving them all. the nation's utilities grew at compound rates, increased their outlays 28% to $6.3 billion, and in the process added 7% to U.S. generating capacity. Among the additions: the first full-scale atomic power plant, which Pennsylvania's Duquesne...