Word: oiling
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Dates: during 1950-1959
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WHEELLESS AIR CAR will be produced by Curtiss-Wright Corp. this fall. Four-passenger car rides a foot above rough terrain or water on a cushion of air, may be first used by oil industry, military, farmers. Car is powered by two engines (300 h.p.) that operate large fans generating air cushion deflected by louvers to produce top speed of 60 m.p.h...
...years of fast swapping and fierce fighting, Jean Paul Getty, 66, has accumulated $1 billion (TIME cover. Feb. 24, 1958), but he wants one more thing. He has long and dearly desired to unite his sprawling Getty Oil Co. empire, wants to start by merging its two biggest satellites, Tidewater Oil Co. (65% controlled by Getty) and Skelly Oil Co. (59% controlled by Getty). The two companies have total assets of more than $1.2 billion, annual sales close to $1 billion and production of 65 million barrels...
...merger may well come off before 1960. Bubbled Oilman Getty in London: "A Tidewater-Skelly merger is a natural." Tidewater, which last week reported first-half earnings up from $279,000 last year to $18.6 million this year, is primarily an importer and refiner, must buy half the oil it refines. Skelly, its first-half earnings up from $10.5 million to $14.5 million, produces about 40% more oil than it refines. Tidewater's refineries and market outlets are concentrated on both coasts; Skelly's are mostly in the midcontinent...
...first year of his life, still refers to him as "Mr. Getty." But his father keeps in close touch on business matters, sends him as many as 20 notes a week from abroad. George, who quit Princeton after only one year ("I knew I wanted to go into the oil business, so why waste time?"), has been put in charge of streamlining the Getty domain. He worked in most of its outposts, was made president of Tidewater in May 1958 and shook up management. "The new broom," he grins, "sweeps clean...
Young Getty believes U.S. trustbusters will consent to the merger, since Skelly and Tidewater operations overlap in very few areas. More important, the U.S. oil business is so big that Tidewater and Skelly account for less than...