Word: oiling
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Dates: during 1950-1959
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Offense & Defense. The major international oil companies did not recover. No one really expected them to. Royal Dutch dropped from 45⅞ to 42; Texas Co. from 71⅝ to 68; Gulf from 118 to 109⅛. Domestic oils, which could benefit from greatly increased production at home in another situation like Suez (see below), staged a smart rally. Atlantic Refining rose from 38 to 40¾; Shell from 76 to 80⅝; Amerada from 104 to 109¼. Like the home-grown oils, many other industries slowed by the recession picked up market strength as investors gambled...
...some steam. Applications for insurance climbed from 46 in 1956 to 62 last year, are on the rise now. More important, new applications are coming in for underdeveloped nations once considered too unstable. In Jordan, Oilman Ed Pauley last year got a $6,000,000 guaranty for oil exploration, and there are applications for $23 million worth of expropriation insurance pending for Iran...
Within minutes after the news from Iraq hit the wires last week, oilmen began to face up to the problem of what to do if oil supplies from the Middle East are cut off. Though Baghdad Radio announced that the new regime will honor existing agreements with Western oil companies, and oil continued to flow (see FOREIGN NEWS), few oilmen were willing to relax. From beneath the burning deserts of the Middle East flow more than 4,000,000 bbl. of oil a day, a quarter of the free world's production. About 90% of the oil is exported...
...face of last week's news, there was none of the panic that followed the Suez crisis. European oil stocks are at high surplus levels, big enough to handle any short-term emergency. France has enough oil on hand for ten weeks, Germany for twelve weeks, Great Britain for four weeks. The industry has developed greater flexibility as a result of the valuable lessons learned during the Suez incident. A tanker shortage no longer exists; some 437 vessels totaling 7,000,000 deadweight tons are laid up in Western shipyards ready to maintain a flow of oil...
Other Wells to Draw On. If Iraqi oil were cut off, the world market would hardly know the difference. Iraq now produces 704,000 bbl. per day, only 17% of total Mid-East production and less than 5% of the world's total; the U.S. pumps more than nine times that much. Iraq provides only between 9% and 10% of Great Britain's total oil requirements, though it does ship about 34% of France's current supply. Any cutoff of its oil could easily be made up by cracking the taps a fraction wider in other Mideast...