Word: oilmen
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Dates: during 1950-1959
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...Ears. As French government and industry poured capital into the Sahara, at the current rate of more than $200 million a year, foreign oilmen at first looked on with skepticism. They questioned French estimates of reserves; they observed that the Sahara's sweet crude (more than 40 degree gravity) yields far more gasoline than Kuwait crude-but less than half as much heavy fuel oil. France most needs heavy fuel oil for its industry, said Petroleum Week, warning of the danger that "France would soon have gasoline running out its ears...
...holds a master's degree in oil engineering from the University of Texas, has steadily campaigned for a bigger cut in Aramco's profits. He wants to force it to become an integrated company in hopes of extending Saudi control over its output, even though most oilmen know that the big profits in oil are from producing, not from refining and marketing. Aramco also announced the election of Thomas Barger, 49, who was vice president and assistant to the president before, as president to succeed Norman Hardy, who was named board chairman. ¶ Avard E. Fuller...
...Drake's wake came Captain Anthony F. Lucas, an Austrian immigrant with a vague theory that oil is locked under salt domes. He started drilling near Beaumont, Texas and in 1901 struck Spindletop. Within weeks, oilmen there struck no less than six gushers that could produce more oil than the rest of the world combined. More money was lost than gained in the ensuing land rush, but Spindletop spouted 50 million bbl.. spawned three great oil-producing companies: Humble, Texas...
Native's Return. Abdullah Tariki, chief of the Saudi office of Petroleum and Mineral Affairs, is the unquestioned spokesman of the new generation of ambitious Arab experts in oil. "Absolutely incorruptible," say U.S. oilmen, who quiver at some of Tariki's ideas. "The only Arab who knows anything about the oil business...
...greying elder statesman of Arab oil diplomacy, Tariki is not satisfied with the 50-50 split in oil royalties and says: "It is only a matter of time before we get the same 60-40 split that the Venezuelans announced in December." When Western oilmen remind him that their contracts run into the next century, Tariki replies: "Any concession between a government and a company is not worth a damn if it does not please the people...