Word: oilmen
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Dates: during 1940-1949
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...month for life from the royalties of it and other wells. It had also proved up another big area in Scurry County's incredible Canyon Reef oilfield, where movie stars and other hopeful wildcatters had been prospecting for months (TIME, Oct. 10). To oilmen it looked as if the Scurry pool was the biggest since the East Texas field came in in 1930. Estimates of its riches ranged upwards of one billion barrels...
...Hollywood's wildcatters had been so lucky. Directors John Huston and Mervyn Le Roy, and Actor Dennis O'Keefe and several oilmen recently sank $194,000 into a 10,500-ft. dry well near Inglewood, Calif. Even those who had made strikes would not necessarily turn them into profits; they still had the problem of operating the well and marketing the oil. As one California oilman put it: "I can give you an oil well which is actually producing a good amount of oil, and bet you'll go broke if you don't know what...
This helped get him an ornate nickname: "The Darling of the Gods." But it didn't strain his expanding fortune. In 1921 he and three oilmen, including flamboyant Harry F. Sinclair, founded the Continental Trading Co., a Canadian corporation. Through Continental, the quartet bought more than twelve million barrels of Texas oil for $1.50 a barrel and then sold it to other corporations in their control for $1.75. This gave them a tidy $3,000,000 profit which they invested in Liberty bonds and whacked up among themselves without informing either their stockholders or the Treasury Department...
Because the U.S. now has an oil surplus, U.S. oilmen have been bringing pressure in Washington to cut down imports of foreign oil. Faced with that possibility, Alberta's producers have had to consider alternatives. One might be to pipe the oil from Regina to Port Arthur (see map). Another might be to carry oil to Duluth by pipeline under bond, then ship it by tanker to industrial cities in eastern Canada...
Mexico clung to its present restrictions on foreign exploration, a loan "would be a disservice" to it and the U.S. Since oilmen guessed that Canada, in five years or so, would be one of the world's major producers of oil, it looked as though the longer Mexico waited, the slimmer would grow its chances of developing its oil lands...