Word: oiling
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Dates: during 1950-1959
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...future-a nationalist movement of young and educated men-but against a reactionary rival." The British showed their might almost hesitantly. They acted in Oman, fearing that if they did not, their position would be weakened along the whole uneasy Persian Gulf coast. British preponderance on the oil coast, first created in the days when Britain wanted to protect its passage to India, rests on protective arrangements made long ago to safeguard minor sovereigns and sheiks around the gulf from wild tribal attacks out of the hinterland. The discovery of oil-or the hope of it-made this game...
SHIPPING TROUBLES are fast knocking U.S. out of its postwar role as world's No. 1 oil tanker operator. To avoid high costs at home, American shipowners register so many new vessels under foreign flags that U.S.-flag fleet now totals only 19% of free world tanker tonnage v. 60% in 1945. U.S. will fall to fourth spot (behind Britain, Norway, Liberia) by 1961 unless trend is reversed...
After five years of waiting, the U.S. oil industry finally got a lower court verdict on suits brought against three of its big gest companies by the Government. The defendants: Jersey Standard, Socony-Mobil, Caltex (owned jointly by the Texas Co. and Standard of California) and six subsidiaries. The charge: price-gouging to the tune of $111.5 million on Middle East oil supplied to Europe under Marshall Plan financing. Between 1949 and 1952, the Government charged, the companies sold oil to the Economic Cooperation Administration...
overseas, while billing their own sales to the U.S. at $1.43, thus breaking the ECA regulation that ECA oil had to match the "lowest competitive market prices." Last week, in a Manhattan courtroom...
...District Judge Thomas F. Murphy ruled that Caltex, the only one of the three so far brought to trial, was not guilty. At exactly the same $1.75 price, said Caltex, it sold twice as much oil on the free market to willing European customers as it sold through ECA. Ruled Murphy, throwing out the Government's claim to $65.7 million in damages: "The defendants' proof showed beyond contradiction that the prices financed by ECA were in fact the lowest competitive market prices. Throughout the entire period ECA continued to finance at such prices, which perhaps more than anything...