Word: oilmen
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Dates: during 1960-1969
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...keep competitors from learning the size of their bids, the oilmen in the Anchorage Westward Hotel reserved rooms on either side of their own and the rooms above and below. A favorite joke around town went: "Are you in oil?" "No, I'm incognito." One company wrapped its bid in aluminum foil in case a competitor had an exotic camera capable of taking pictures through a manila envelope. Another consortium, headed up by Continental Oil, hired a private train at $12,500 a day to ply back and forth between Calgary and Edmonton for four days while executives prepared...
...heart overload his sense." as one customer says, and tried to lure industry to the town by loaning seed capital to dubious ventures. Big Lake, however, was deprived of banking services for only a week. Three groups bid for the charter, and a wealthy consortium of local oilmen and ranchers won out. Last week the new Reagan State Bank (named for the county) opened on the same premises with the same personnel-except for the overenthusiastic Rees and his two top officers...
...anticipated 1969 production: 255 million barrels). By attacking the oilfields, Biafra hopes to press the companies (Gulf, Phillips, Shell, British Petroleum and Italian Agip Nucleare) to talk Gowon into negotiations. Though Nigerian officials admit that oil production has dropped 60,000 barrels a day because of the war, the oilmen insist that they have no intention of interfering in an attempt to achieve a ceasefire. Two weeks ago, to step up the pressure, one of Ojukwu's rocket-equipped Swedish planes hedgehopped to a Gulf tank farm at the mouth of the Escravos River. Biafra claimed that four storage...
...strikes at what most taxpayers regard, perhaps justifiably, as the very citadel of special tax privilege - the 27½% oil-depletion allowance. By cutting the allowance to 20% and reducing the depletion advantages for other extractive industries, the bill would enrich the Treasury by $400 million annually. Although oilmen plan to fight the cuts in the Senate, their wound could be worse. The bill leaves untouched the industry's far more valuable advantage of writing off oil-drilling costs as current expenses, rather than as long-term capital investments. The bill does, however, strike hard at the real estate...
...their part, oilmen maintain that they would not have risked North Slope drilling without the depletion allowance, and claim that the allowance is necessary to spur further development. Despite the likelihood of a cut in the allowance, however, the managers of Atlantic-Richfield, British Petroleum and Jersey Standard believe that the find will be so profitable that they plan to invest $900 million in an 800-mile pipeline. It will bring the oil to the ice-free port of Valdez, Alaska. In order to expand its marketing of Alaskan oil, British Petroleum last week announced its intention of merging with...