Word: oiling
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Dates: during 1950-1959
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...turn of the century. Hints have reached the outside that younger Moscow artists are painting clandestinely in the manner of Cezanne; some are even reported to be secretly painting abstractions. If so, no samples were shown at the current exhibition. Instead, there were conscientious sketches of oil derricks, streaking red jets, power lines, blast furnaces, and a young Soviet woman standing fast with a lantern by a railroad switch...
...depressing effect. Investors were increasingly worried about high interest rates that led economists to forecast a slight fourth-quarter decline in the rate (currently $37 billion annually) of expenditures for new plant and equipment, the first drop since the first quarter of 1955. The growing surplus of oil (see below) and the possibility of lower steel production and prices as Lukens Steel dropped the price of plate $8 a ton also had an unsettling effect...
...oil industry was caught last week in a pinch that had the oilmen howling for relief. Instead of the usual 4%-5% annual increase in domestic oil demand, consumption has edged up only 1%, pushing surplus stocks of petroleum products to 723.9 million bbl. by the end of September, nearly 43 million bbl. more than during the same period last year. Oilmen everywhere cut back exploration for new wells, and prices slumped sharply. With more oil than it can sell, Ohio Oil Co. shaved its bids for new supplies of Wyoming heavy crude by 8? per bbl. and Indiana Standard...
...some oilmen, mainly the big importers, the growing glut is a result of domestic overproduction during the Suez crisis. They argue for drastic cutbacks in U.S. production. But in many oil states, which depend on oil for more than 10% of their tax revenues, output has already hit rock bottom. In Texas, which supplies 42% of all U.S. oil, October output was limited to twelve days, lowest allowable since 1939. Louisiana wells are producing at history's lowest rate, while Oklahoma is so pressed that it went to court last week with a $500 million suit against Gulf Oil...
...solve the problem, the U.S. Government stepped in last week with more of the same distasteful medicine it has been pressuring the industry to swallow for months. Instead of cutting domestic production, it will insist that major oil companies chop back their imports of cheaper foreign oil under a "voluntary" 10% reduction program (TIME, Sept. 30). Having already rejected appeals by three companies (Tidewater, Indiana Standard Oil, Ohio Standard) for sizable boosts in their import quotas. Navy Captain Matthew V. Carson Jr., administrator of the program, also turned down Eastern States Petroleum Co. and Sinclair Oil Co., even though Sinclair...