Word: oilmen
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Dates: during 1940-1949
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Reservoir for the Future. Harold Ickes' new project was significantly located. The Middle East has long been regarded by farseeing international oilmen as an almost unlimited insurance policy against the day when the world's other great oil reservoir-the U.S.-Caribbean area-can no longer supply the world (TIME, Dec. 27). War II has brought that day closer. For the Western Hemisphere is supplying 88% of the United Nations' oil and gas needs. New reserves, particularly in the U.S., are not being opened up as fast as known reserves are being drained...
Thus U.S. oilmen and their Government are looking toward the day when the Western Hemisphere will be little more than self-sufficient in oil, if that, and the rest of the world will in the main be supplied from the Middle East. Drilling in that region is so easy that crude costs only one-third to one-half what it does in the U.S. More, this reversal of the oil flow is also geographically feasible: Melbourne is almost equidistant from California and Arabia; the Mediterranean outlets of the Middle East are no farther from the eastern seaboard...
...important subject, made by Ickes' Foreign Operations Committee of 13 U.S. oil executives and two British representatives, leaked out, via the New York Times. Then Honest Harold released the full text, which he had not yet read. With a bang, the honeymoon between Ickes and the oilmen was over...
...three important preliminary points, the Oil Czar and the oilmen agreed, 1) The U.S. is drawing on its own reserves so heavily that it is on the verge of becoming a net importer of oil.* 2) As Ickes put it in the American: "The capital of the oil empire is on the move to the Middle East." 3) The U.S. had better get into that empire in a big way, and fast. To do so the U.S. must find its postwar oil policy right...
When he tested his oil mine in Franklin last week,. Ranney had as backers the Pennzoil Co. and nearly a score of other companies and oilmen. They believe that the Ranneywell may be a godsend to the dwindling U.S. oil supply. Ranney believes that it could tap 60% of the 6,364,000,000 bbls. in the Pennsylvania region unobtainable by previous methods...