Word: oilmen
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Dates: during 1960-1969
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Businessmen view Johnson almost-but not quite-as one of their own, and generally feel that he will be somewhat more conservative than President Kennedy. They know that his family has extensive private holdings in ranching and broadcasting, that he is on friendly terms with Texas oilmen and other big businessmen, and that he has boosted Texas by using his influence to seek business and to stave off attacks on the 27½% oil-depletion allowance. And it does him no harm in businessmen's eyes that as a U.S. Senator he voted "right" on labor issues less than...
...Y.P.F. was producing only 35% of the country's needs, and the rest - roughly $250 million worth - had to be imported, which caused a severe drain on the nation's balance of payments. Determined to make Argentina self-sufficient, Frondizi ordered Y.P.F. to expand, and invited foreign oilmen to Argentina on taxfree, 20-to-40-year exploration and development contracts...
Today Argentina has almost all the oil it can use. By 1961 foreign oilmen had drilled 1,900 wells. The oilmen now produce 80,000 bbl. a day, for which they get a guaranteed price. Meantime, Y.P.F. also doubled its own production to 180,000 bbl. daily. Therein lay the rub. Because it was obligated to buy the companies' oil, Y.P.F. had to cap many of its own wells, complained angrily that the total cost of the oil to the government oil company was now more than it once paid to import oil. This the private companies denied...
Brick Wall. In Argentina's recent election campaign, Illia's People's Radicals called for annulment of the contracts, arguing that they were signed without congressional approval, and therefore illegal. Private oilmen contended that the contracts were signed in good faith, felt that they deserved a chance to renegotiate, or at least make a fair settlement...
...matters came to a head, Under Secretary of State W. Averell Harriman flew to Buenos Aires to see Illia, and later told U.S. oilmen: "I ran into the same thing you fellows did-a brick wall." At week's end Illia signed the blanket decrees. In them there was only a slight hint of renegotiation or indemnification, and in fact, it was asserted that the companies owed some $80 million in back taxes...