Word: oilmen
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Dates: during 1950-1959
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From sun-beaten ports in the Gulf Coast a monstrous, ungainly fleet is putting out to sea on a dramatic mission. It is the "navy" of the offshore oilmen, and never did stranger ships sail on more venturesome voyages. Some of the craft bristle with giant cranes; others grow forests of steel columns as tall as Douglas firs. All of them clank and roar with violent machinery. Alongside conventional ships built for more seemly duty, they look as clumsy as cassowaries splashing in a lake of swans...
TIDELANDS OIL HUNT, spurred by the Supreme Court decision giving mineral rights to the states, is going on at a record pace. In the past twelve months, oilmen have spent more than $100 million for leases and drilling in the Gulf of Mexico, have 30 drilling rigs now in operation, with plans for 70 by fall...
...cautious in a public statement. He had predicted that he would win the New York Central proxy fight by 700,000 to 1,000,000 votes. His actual margin: 1,067,-ooo, or 267,000 more than the disputed 800,000 shares voted in his favor by Texas Oilmen Clint Murchison and Sid Richardson. Central President William White, conducting his last stockholders' meeting in a hot, sticky office at the Albany railroad station, with blinds drawn for an air-raid drill, sadly made the official announcement that Young had bombed him out of his job. There would...
Cried Texas Governor Allan Shivers last week: "This is one of the greatest invasions of states' rights the courts have ever announced." What had alarmed him, along with oilmen and officials of other big gas-producing states, was the new gas decision of the U.S. Supreme Court (TIME, June 14). The Federal Power Commission, said the court, has authority to regulate natural-gas rates charged by "independent producers," i.e., those who gather gas within a state and then sell it to interstate pipeline companies...
Wouldn't it be nice if we unfortunate proletarians could take advantage of a tax bonanza such as is enjoyed by millionaire oilmen, i.e., a "depletion allowance which permits them to pocket 27½% of their gross income (up to 50% of their net) before paying a cent of taxes," so that we could live comfortably and, still have something left. But, alas! Someone has to pay those taxes...