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...forward outpost of one of the oil industry's most famous field bosses, James MacPherson, 62, as he hunted for oil ashore. At a cost of $30 million, MacPherson's long-futile quest became the most expensive in Middle East history. After five dry holes, oilmen all over the Middle East joked: "Four more holes will give Mac a nine-hole golf course." From Cairo to Dhahran, their stock greeting became: "Mac, struck anything yet?" The answer was always...

Author: /time Magazine | Title: OIL: Allah Be Praised | 4/6/1953 | See Source »

...oilmen had wondered whether any oil lies between the Kuwait sands and Arabian American Oil Co.'s fields to the south (see map). MacPherson's strike gave the answer. Even those who had no financial interest were elated. Wired Aramco's Middle East boss of Arab affairs, Bill Eddy, to MacPherson: HALLELUJAH...

Author: /time Magazine | Title: OIL: Allah Be Praised | 4/6/1953 | See Source »

...Socony-Vacuum) had a grip on Saudi Arabia. But nobody had the "no man's land" between-the Neutral Zone jointly run by the Sheiks of Saudi Arabia and Kuwait. Davies leased the Sheik of Kuwait's half interest for $7.2 million, a price that made oilmen's eyes pop, plus a royalty of 34? a barrel, the highest ever offered up to then. Many had chuckled ever since at Davies' expensive "bargain...

Author: /time Magazine | Title: OIL: Allah Be Praised | 4/6/1953 | See Source »

Ever since ex-Air Force Major William F. Long founded Dallas' Pioneer Airlines in 1946, the busy, ambitious feeder line has grown like a Texas steer. Starting with six surplus Douglas DC-3s, Pioneer began by shuttling oilmen from west Texas oilfields to Dallas and Houston, soon built its fleet up to 13 DC-3s and its route to 21 cities in Texas and New Mexico. In 1950, moneymaking Pioneer flew more passenger-miles (37 million) and carried more mail than any of the nation's 14 other local service lines...

Author: /time Magazine | Title: AVIATION: The Perils of Pioneer | 3/30/1953 | See Source »

...Eight years later, as deputy chairman, Fraser planned the merger which combined Britain's two largest oil distributors into one company, Shell-Mex & BP (for "British Petroleum") Ltd., to market Anglo-Iranian and Shell Oil Co. products in Britain. When he became boss of Anglo-Iranian in 1941, oilmen began to think of him as "Mr. British Petroleum...

Author: /time Magazine | Title: OIL: Back from Abadan | 3/9/1953 | See Source »

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