Word: oilmen
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Dates: during 1950-1959
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...isotopes, will save about $225 million this year by using isotopes in a dozen ways. Refineries employ them to trace the flow of catalysts through craeking plants, Isotopes serve as tireless sentinels to warn of hidden leaks in pipes, as sensitive controls to separate oil from gasoline in pipelines. Oilmen merely insert a shot of an isotope after each batch is pumped in; when the radioactive cocktail reaches interchange points, the isotope automatically activates valves that shunt the crude and the gasoline in proper directions...
...Trans-Canada's ownership changed. Prime Minister John Diefen-baker's Tories, throttled by closure in Parliament's furious pipeline debate last spring, last week moved to get the full story of the late Liberal regime's deal to lend $50 million to U.S. oilmen to build the 2,294-mile pipeline. As one of its first legislative acts, the Tory government created a royal commission on Canada's energy resources−with a mandate to delve into Trans-Canada Pipe Lines Ltd.'s ownership, financial structure, rates and export plans, relations with...
With those details accomplished, Frank McMahon, 55, went on to the business at hand. From Texas and Montreal, from London and Manhattan, McMahon had invited some 400 bankers, oilmen, businessmen and their wives to a razzle-dazzle two-day blowout in celebration of the link-up of his Westcoast Transmission Co. Ltd. pipeline to the U.S. Northwest. Chartering five four-engine aircraft (at a cost of $13,000 each), McMahon got the wingding off in high gear by serving cocktails with breakfast on the flight to Fort St. John. There the guests were provided with more clothing-350 pairs...
...industry was caught last week in a pinch that had the oilmen howling for relief. Instead of the usual 4%-5% annual increase in domestic oil demand, consumption has edged up only 1%, pushing surplus stocks of petroleum products to 723.9 million bbl. by the end of September, nearly 43 million bbl. more than during the same period last year. Oilmen everywhere cut back exploration for new wells, and prices slumped sharply. With more oil than it can sell, Ohio Oil Co. shaved its bids for new supplies of Wyoming heavy crude by 8? per bbl. and Indiana Standard...
...some oilmen, mainly the big importers, the growing glut is a result of domestic overproduction during the Suez crisis. They argue for drastic cutbacks in U.S. production. But in many oil states, which depend on oil for more than 10% of their tax revenues, output has already hit rock bottom. In Texas, which supplies 42% of all U.S. oil, October output was limited to twelve days, lowest allowable since 1939. Louisiana wells are producing at history's lowest rate, while Oklahoma is so pressed that it went to court last week with a $500 million suit against Gulf...