Word: oiling
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Dates: during 1960-1969
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...capital. Informed estimates of the wealth cluster around $400 million, putting the Kennedys well down on the list of the nation's richest dynasties. The fortune is unusual in several respects. It is one of the few modern American fortunes of such size not derived principally from oil. Well over $100 million came from real estate speculation conducted by astute agents after Joe Kennedy had more or less retired from an active business role. Another substantial portion-perhaps $100 million if the managers have followed the rule of thumb applied in allocating other large fortunes-is in tax-exempt...
Kennedy began investing in oil in the late 1940s, principally to gain the tax break supplied by the oil depletion allowance. Kennedy's original partner, Tulsa Petroleum Engineer Raymond F. Kravis, remains a co-investor and an adviser on operations. He describes the Kennedy investment as "a big small company," amounting to some $10 million and producing an annual gross income of about...
...this country's power destroys people." The "giant corporations" are the real culprits. "Spiro Agnew may be a household word," they wrote, "but it [the public] has rarely seen men like David Rockefeller of Chase Manhattan, James Roche of General Motors and Michael Haider of Standard Oil, who run the system behind the scenes...
Most of the world's trading nations are suffering from the loss of the canal. In the first year alone, European countries lost an estimated $1 billion because of the increased cost of sending oil tankers around Africa. India must spend more for grain shipments, and its once profitable exports of iron ore to Europe are no longer economic. For its part, Egypt loses $300 million in annual canal revenues, though $250 million is made up in subsidies by Saudi Arabia, Libya and Kuwait...
...compensate for loss of the canal, shippers have turned to using huge supertankers of 200,000 tons and more, and to sending cargo from Asia to Europe via Seattle overland to New York. Egypt and Israel are building pipelines to pump Middle East oil to Mediterranean ports. Though a reopened Suez might have a diminished role in world trade, it would still be very busy. Freighters, liners and warships making up 80% of the world's tonnage could travel it fully loaded, as could tankers up to 70,000 tons. Even supertankers, whose fully loaded hulls are too deep...