Word: oilmen
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...IMPORTS will soon be curbed voluntarily by oil companies, Government believes. After trying unsuccessfully for two years to hold down imports (now running 510,000 bbl. a day more than Government wants as limit), Office of Defense Mobilization is conferring with top oilmen, is confident they will bow to President Eisenhower's implied threat to impose Government controls, tariffs on imports...
...ancient Iranian Moslem shrine city of Qum, oilmen gathered from all over the world last week. Their objective was to survey and if possible get a concession on a new oilfield which the Iranian government hopes will surpass the oil output of all the rest of the Middle East...
...down five more during the next 18 months to outline the field. The new holes will tell whether Iran struck an isolated pocket of oil under extremely high pressure or whether Qum is one huge continuous field. If it is the field that Iranians-and some U.S. oilmen-believe it is, then it will take enormous amounts of cash and special know-how, more than the Iranians possess, to control the mighty gas pressures and extract the oil. In addition, a pipeline to get the oil to the Mediterranean coast would have to go over rugged mountains. Cost estimates...
Five big U.S. producers, meeting in London with British, Dutch and French oilmen, forecast that European requirements for Middle East oil will more than double in the next decade to 300 million tons a year. Even if the Suez Canal is restored to dependable use, they reported, the canal can handle only a small percentage of the increased flow, must be heavily supplemented with new pipelines to Mediterranean tanker ports. Under study is a $500 million pipeline with 60 million tons annual capacity, to run from Iraq to Iskenderuri, Turkey. Another idea is for an internationalized Middle East pipeline system...
Then why did oilmen wait for the Suez crisis to boost prices? Maine's Senator Margaret Chase Smith guessed it was for the same reason that Texas held down allowables. Appearing in behalf of her consumer constituents before the Senate's O'Mahoney subcommittee, she testified: "It is entirely possible that prices were not raised by domestic producers prior to the Suez crisis for the very obvious factor of competition from foreign imports. Perhaps domestic producers didn't dare increase prices for fear they would lose such markets as New England. Obviously these attempts...