Word: oiling
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Dates: during 1950-1959
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...zany industrialization plan neglect ed to provide either a basic heavy industry or sufficient power for itself. Electricity shortages cut production, ruined equipment, half-darkened Buenos Aires. As for fuel, Perón left the job of producing oil in the hands of the government-owned State Oilfields (Y.P.F.), which failed so badly that home production dropped from 75% of needs ten years...
...last the dictator saw that his haywire economic development lacked those prime essentials of productivity-labor efficiency and capital investment. He appealed to the C.G.T., but the unions had made their featherbed and were happy to lie in it. Seeking investment, he signed a contract for Standard Oil of California to explore and develop a null chunk of Patagonia. Because it was dealing with arbitrary Juan Perón, Calso insisted on the right to appeal deadlocked company-country disputes to the American Petroleum Institute. Even loyal Peronistas grumbled at that. At the same time, Perón turned angrily...
Nowhere does emotion defy statistics more than in the case of oil. Argentina has reserves estimated at 882 million bbl., yet last year it paid out $220 million, a sum greater than its foreign-trade loss, to import oil from Venezuela and elsewhere. The Suez crisis cost the country a cruel $100 million in higher crude prices and freights. Foreign oil companies would get the oil out of the ground or spend millions in Argentina trying. Instead, oil-is-ours nationalism assigns petroleum development to the capital-short, bureaucratic Y.P.F...
WORLD'S OIL USE will more than double by 1965, hit 32 million bbl. a day v. 15 million bbl. now, predicts Standard Oil Co. (NJ.) President M. J. Rathbone...
...Colorado's Parachute Canyon not far from Grand Junction, the seed of an oil revolution was planted. Union Oil Co. of California last week fired up a $7,000,000 prototype retort to produce oil from shale rock, the biggest such attempt by private enterprise. As 400 top oilmen and Government officials gathered for the dedication, Colorado's Governor Steve McNichols put their dream into words: "All around us is one of the greatest potential sources of energy materials ever to be found on this earth...