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...signs of oil are as persistent as the mosquitoes. The first Canadian explorers found lakes covered with oil seeping from holes in the ground. Indians and traders skimmed it off for their cook fires, scooped up fistfuls of the rich black muck to waterproof their boots. But to commercial oilmen, the potential of the Great Slave oil has long been only a tantalizing dream. No one had much encouragement until this year. Then Phillips Petroleum and Home Oil Co., which were exploring in the Peace River area far to the south where oil had already been found (see map), brought...

Author: /time Magazine | Title: OIL: Freeing the Slave | 7/15/1957 | See Source »

...other actions last week the President:¶Appointed a six-member Cabinet committee (Secretaries of Commerce, State, Defense, Treasury, Interior, Labor) to investigate independent oilmen's complaints that rising crude-oil imports are discouraging exploration for new U.S. oil resources, thus threaten national security. ¶ Attended, with Mamie, a dedication ceremony opening the new $1,250,000 Islamic Center and Mosque on Massachusetts Avenue (see RELIGION). ¶ Nominated, for a nine-year term as a director of the Tennessee Valley Authority, Arnold R. Jones, 53, of Manhattan, Kans. Republican Jones, Deputy Director of the Bureau of the Budget since...

Author: /time Magazine | Title: National Affairs: Work Done | 7/8/1957 | See Source »

...they are "interested" in making a Sahara oil deal. The five-year leases that French oil companies took in 1952 will expire this September, and some 27 million acres of potential oil lands that these companies did not exploit will be up for lease. U.S. oilmen guess that the French will sell about a 45% interest to U.S. companies and to Royal Dutch Petroleum, which is already producing in the Sahara...

Author: /time Magazine | Title: BUSINESS ABROAD: Gold from Sand | 7/1/1957 | See Source »

What sparked it all was a growing oilfield (3,000 bbl. a day from twelve wells) on the 20th Century-Fox movie lot adjoining Beverly Hills. Trying to recoup from TV competition, the moviemen leased to oilmen who got permission to drill in 1953. Fox argued that the 280-acre lot was already zoned for manufacturing, and what was the difference between an oil derrick erected for a movie or one to drill? Furthermore, modern drilling avoids the noise and mess that blighted oil-happy Los Angeles in the '20s and brought a ban on drilling...

Author: /time Magazine | Title: OIL: Peanuts Under the Patio | 6/17/1957 | See Source »

...controversy raged on, oilmen rushed around soothing fears of drilling fuss and muss, tried to round up more homeowners' leases to meet the 51% required for dezoning. They made small progress in Beverly Hills, which refuses to allow the specter of industry in its well-manicured oasis of luxury and wealth. There oilmen found only 220 citizens willing to lease. The remaining 31,000 have enough money already, or belong to the right oil-golf clubs near...

Author: /time Magazine | Title: OIL: Peanuts Under the Patio | 6/17/1957 | See Source »

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