Word: oilmen
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Dates: during 1940-1949
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This jockeying of the Big Three for new fields ran headlong into politics in Iran, now bubbling with feeling against foreigners. In recognition of this, the Shah bluntly told oilmen that no new concessions will be granted till war's end and all foreign troops leave the country. But oilmen took this with a grain of political salt. In prewar years, roughly 20% of Iranian' revenue came from royalties and taxes on oil pumped from the south Iran fields of the British Anglo-Iranian Oil Co., Ltd. If new fields are opened up, Iran's national income...
Last week a crew of oilmen prepared to drill the first well on a ranch far down in the southwest corner of Alberta. Aware of oil deposits elsewhere in the neighborhood, the owner had hired geologists to examine his land. They reported: it's worth trying. Last week the owner, who had not visited the ranch in nearly three years, reached the U.S. Said the owner (the Duke of Windsor) to reporters in Miami (see PEOPLE) : he and the Duchess would visit Washington and Manhattan, and just possibly might stop off at his ranch in Alberta...
...Hawley system to find these provinces was to "drill all over hell." Confidently oilmen sat back and waited for Tenderfoot Hawley to go broke. By last week there was little chance that this would happen. In Hocking County, Ohio, Wildcatter Hawley had brought in a new well, this time gas. But he had high hopes of drilling deeper and striking...
...even struck gas-and that in small quantities. On his 22nd well, in Cowley County, Kansas, he finally struck oil. But it was a piddling 25 bbl. a day. Hawley kept as closemouthed on the cost of these wells as he generally is on all his business. But oilmen guesstimate that with the wells costing from $30,000 to $125,000 apiece, he must have lost $1,000,000 or more...
...Pays? Many oldtime oilmen are caustically critical of Hawley's ventures. They complain that he is spending "tax dollars," i.e., cash made on war contracts, which would otherwise be paid in as taxes to the Federal Government. They point out that with Northern Pump probably in the overall 80%-tax bracket, Hawley stands only one-fifth of the loss in dry holes and Uncle Sam foots the bill for the rest. And the 20% he puts into a dry hole can be charged off against taxable income. Even when Hawley strikes oil-and the company's income...