Word: oiling
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Dates: during 1960-1969
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...third time in little more than three months, a coup d'état shook the Arab world last week. Hard on the upheavals in the Sudan and South Yemen, leftist army officers in Libya seized the oil-rich kingdom of King Idris and proclaimed "the Libyan Arab Republic" with the Nasser-style slogan, "Freedom, Unity, Socialism...
...Greenland. From there the 115,000-ton ship, the most powerful in the U.S. merchant fleet, will turn westward into the passage itself, heading for Prudhoe Bay and the oilfields of Alaska's North Slope. Her mission is to test the feasibility of using supertankers to carry Alaskan oil to the markets of the U.S. East Coast. If all goes well, the Manhattan will make the perilous 10,000-mile round trip in about three months...
...Humble Oil & Refining Co., Atlantic Richfield and British Petroleum, the Manhattan's voyage is a rather costly gamble. The companies have spent nearly $40 million readying the ship and crew, and the stakes are even higher. What could be the country's largest oil reserves have been discovered under the snows of the remote North Slope, but the distance and weather conditions raise drilling costs to double those for bringing oil out of the ground in the U.S. In order to sell the Alaska oil at competitive prices, Humble and its partners must find an economical...
...Northwest Passage could provide the answer. If the Manhattan's journey is a success, the way would be open to haul North Slope crude to the U.S. for 60? a barrel less than the cost of piping the oil from Prudhoe Bay to the ice-free southern Alaska port of Valdez for shipment to the Pacific Coast. This would not only make North Slope drilling practical and profitable, but would encourage development of Alaska's huge deposits of iron, sulfur, copper and other minerals. The Manhattan expedition could provide other benefits as well. By opening up the Northwest...
...upheavals soon. Nonetheless, the funds, as well as many individual investors, remain deeply committed to the performance game. In their search for new favorites with which to play, they have seized on Natomas as an available game and made a virtue of the uncertainty about the company's oil prospects. To speculators, says Lucien Hooper of W. E. Hutton & Co., Natomas' merit is precisely that "no one can tell what it is worth...