Word: oilman
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Dates: during 1950-1959
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...only if the tax revenue is made up elsewhere. This could be done in part, he suggested, by plugging the loopholes. Loophole No. 1 is the law which allows "the oil and mining interests" to pay only "token contributions" from their huge incomes, he said. He told of one oilman who earned $5,000,000 in a single year and paid no income...
...Americans back was one of Bermúdez' shrewdest strokes. The first group to begin work, in June 1949, was the Mexican American Independent Oil Co. (C.I.M.A.), an operating unit jointly set up by the Signal Oil & Gas Co., the American Independent Oil Co. and hustling California Oilman Ed Pauley, who had had previous experience in Mexico. C.I.M.A. was allotted an unexploited area along the Gulf in the states of Veracruz, Tabasco and Campeche for exploration and drilling. After payment of their expenses, the Americans will collect 15 to 18¼% of the new wells' income...
While many a U.S. oilman realized that Britain had to conserve its dollars, some thought that the sudden ban was really an attempt to freeze U.S. oil out of the sterling area for good. Some Congressmen from the oil states were already up in arms: ECA, which must go before Congress this month for more money, feared that they might force a cut, particularly since ECA itself had helped cause the sterling oil surplus. It was also a blow to the U.S. idea of freer world trade. Said one ECA oilman: "Everything that happens in international trade happens first...