Word: oiling
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Dates: during 1950-1959
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TIDELANDS FIGHT has forced California to stop leasing its offshore oil lands until controversial royalties scale is reconsidered. State formerly leased lands that had not been prospected for 12½% flat royalty, lands with probable oil at higher sliding scale. But some legislators charge that oil companies have prospected lands secretly, tried to lease them at the flat rate...
...grip last week of an oil-production shortage that kept it from shipping enough oil to Europe and reduced domestic reserves to dangerously low levels. On its post-Suez promise to deliver 500,000 bbls. of crude oil daily to Europe, the U.S. has thus far made good on an average of less than 300,000 bbls. daily. To make the situation worse, much of the oil has come from U.S. reserve stocks, which have dropped from 284 million bbls. to 254 million bbls. since the beginning of November, and are now below the minimum set by the Interior Department...
...draft tanker traffic by March 1, will probably open completely by mid-May. Oilmen are also hopeful that the sabotaged Iraq Petroleum Co. pipeline traversing Syria from Iraq to the Mediterranean can soon handle 40% of its former capacity. But it may still take months before the flow of oil is back to normal. Even if the canal clearance proceeds on schedule-and the Egyptians do not decide to keep it closed after it is cleared-tanker operators estimate that it will take five months before enough tankers can be shifted to Suez routes to get Europe's oil...
...biggest share of the blame has fallen on the state regulatory commissions, particularly the Texas Railroad Commission, which controls 45% of all U.S. oil production and so far has refused to boost its allowables appreciably. The independent oilmen who dominate the Texas commission have created an artificial shortage of oil and used that shortage to hike the price of crude oil 12% to a record average...
...defense, independent oilmen argue that the essential economy of the industry makes it difficult for them to increase production. They declare that any production increase would only benefit major producers with big wells hooked into pipelines; small producers would still have to truck their oil to market at the high cost of 35? per bbl. Furthermore, independents fear that if they hike production to ease a short-term crisis in Europe, they will be stuck with a big surplus once the crisis is past. The problem could be solved easily, say the independents, if the big companies would divert their...