Word: oilmen
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Reservoir for the Future. Harold Ickes' new project was significantly located. The Middle East has long been regarded by farseeing international oilmen as an almost unlimited insurance policy against the day when the world's other great oil reservoir-the U.S.-Caribbean area-can no longer supply the world (TIME, Dec. 27). War II has brought that day closer. For the Western Hemisphere is supplying 88% of the United Nations' oil and gas needs. New reserves, particularly in the U.S., are not being opened up as fast as known reserves are being drained...
Thus U.S. oilmen and their Government are looking toward the day when the Western Hemisphere will be little more than self-sufficient in oil, if that, and the rest of the world will in the main be supplied from the Middle East. Drilling in that region is so easy that crude costs only one-third to one-half what it does in the U.S. More, this reversal of the oil flow is also geographically feasible: Melbourne is almost equidistant from California and Arabia; the Mediterranean outlets of the Middle East are no farther from the eastern seaboard...
...Alcohol. The famed Baruch rubber report handed oilmen the big job of butadiene production for Buna S (75% butadiene plus 25% styrene equals Buna S.) Oilmen were to turn out 65% of all U.S. butadiene production. The remainder was to come from the alcohol process, which was loudly damned as a farm-bloc plot to use up surplus grain...
Plenty of Kinks. But the petroleum process is not pulling its weight. The plants are from six to nine months behind construction schedule, are still only 85% completed. The flow of butadiene from them is discouragingly small. Oilmen wrathfully blame the delay on ex-Rubber Boss Jeffers, who gave the alcohol-processing plants a long head start by handing out super-duper priorities to all of them. The oilmen got what was left...
...three important preliminary points, the Oil Czar and the oilmen agreed, 1) The U.S. is drawing on its own reserves so heavily that it is on the verge of becoming a net importer of oil.* 2) As Ickes put it in the American: "The capital of the oil empire is on the move to the Middle East." 3) The U.S. had better get into that empire in a big way, and fast. To do so the U.S. must find its postwar oil policy right...