Word: oilmen
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Dates: during 1950-1959
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...which allows any taxpayer to donate up to 30% of his income to certain charities and count the gift as a tax deduction, smart tax lawyers have refined an endless series of methods to help clients reduce tax payments, or in some cases even make money. Texas oilmen and other mineral producers can donate part of their future production to charity, deduct both the expected income and the total value of the gift (since reserves are also being depleted) from their taxes. This "double deduction'' enables a Texas oilman with a taxable income of $100,000 to give...
...Colorado's Parachute Canyon not far from Grand Junction, the seed of an oil revolution was planted. Union Oil Co. of California last week fired up a $7,000,000 prototype retort to produce oil from shale rock, the biggest such attempt by private enterprise. As 400 top oilmen and Government officials gathered for the dedication, Colorado's Governor Steve McNichols put their dream into words: "All around us is one of the greatest potential sources of energy materials ever to be found on this earth...
...shale crude does not flow well in a pipeline unless carried along by water, and the nearest source is the Colorado River 15 miles away. Even more important, Rubel thinks a profitable shale industry can never really roll without the 27½% depletion allowance now given to liquid-crude oilmen. At present, shalemen are classified as mineral miners, get only a 15% tax break on the raw shale. Nevertheless, Rubel foresees a bright Union future in shale. Says he "We have about $15 million in the pot, and that's only the ante. We're betting $15 million...
...Petroquímica seems destined not only to grow but to become a threat to foreign oilmen. Caldera is building a small (3,000 bbl. a day) oil refinery, plans to build a huge one (300,000 bbl. a day) in the industry's third phase. The fact that most refining of Venezuelan crude is now done elsewhere is a sore issue between the government and the foreign-owned companies. La Petroquímica's action in building refineries, which primarily make fuel rather than the raw materials of petrochemicals, is a clear statement that Venezuela intends...
...Shah was well aware that major oil companies, with the capital and marketing facilities needed to sell Qum's oil, will hardly agree to such a split. To do so might well force a revision of royalties in the Middle East and other areas. Under the circumstances, oilmen expect that Iran will soon consider-and pass-a new law that will offer oil companies some tempting inducements to develop Qum and other Iranian areas...