Word: oilmen
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...made Argentina virtually self-sufficient in oil. Illia claimed that the contracts, signed between 1958 and 1960 under deposed President Arturo Frondizi, hurt the Argentine national oil company, and were illegal to boot. "But no one need be alarmed," he said. "Justice will be done." Last week, the private oilmen were still working for justice and a fair settlement. The country's state-run oil company, which took over the foreign holdings, has been unable to keep pace with demand, has gone back to importing wholesale quantities of crude oil for the first time in four years...
...Crucible Steel has become the world's largest manufacturer of steel for tools. Sharon Steel of Sharon, Pa., is a major producer of the strip steel that goes into office furniture and such auto parts as dashboards. Texas' Lone Star Steel converts local ore into pipes for oilmen, boasts overnight delivery to almost any driller in the Southwest. Says Lone Star Chairman George A. Wilson: "We've just got to give better service than the bigger companies, and do a good job of salesmanship...
...back on its feet. Argentine steel production is three times what it was in 1961; auto production is climbing rapidly; and commercial bankruptcies are declining. Following Illia's one decisive act-annulling foreign (largely U.S.) oil contracts-many economists expected a heavy flight of capital. But the oilmen are fighting their case through the courts, and other investors are keeping their money in the country...
...main prize, of course, is still oil, and the gas strikes have convinced Australian oilmen that it is there, since oil is often found in the ground beneath gas pockets. The only sour note comes from Australia's coal industry, which is afraid that oil and gas would steal its market for generating power. Plentiful petroleum, warns Australian Coal Association Chairman Sir Edward E. Warren, could "destroy the indigenous coal industry on which whole communities depend." The complaint puts some politicians in the unusual position of refereeing a fight between coal and oil before an oil industry even exists...
...been able to determine the exact size of the Morrow County oil reservoir. So far, the 162 wells are producing 27,000 barrels daily of a good grade of petrochemical crude, for which Ashland Oil & Refining Co. and Pure Oil Co. pay $2.92 per barrel. Experienced oilmen feel, however, that the potential yield of the Morrow County field is being rapidly reduced by the drilling of too many wells in one small area, a practice that diminishes the subterranean gas pressure needed to force out the oil. But just in case the Morrow County field should turn...