Word: oilmen
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Deliberately turning his back on his supporters, Frondizi refused to legalize the Peronistas as a political party, outlawed the Communists, clamped down on the Castroites. He violated every nationalistic precept by dealing with foreign oil companies to develop Argentina's state-owned oilfields, a task the oilmen proceeded to work at so diligently that Argentina expects to turn from an importer to an exporter of oil this year. He let foreign power companies expand Argentine electric power production, threw open the nation's iron-ore beds to overseas investors...
Like all top oilmen, Rathbone must be a combination of secretary of state, technician, international socialite and world economist. He has to worry about everything from the dumping of cheap Russian oil on world markets ("aimed at creating dissension and undermining the economies of free nations") to the lightning-quick onslaught of national revolutions (he got out of Iraq and Lebanon just before fighting broke out in each place). He must be ready to chat with the Duke of Edinburgh about how to bring up children, which he did recently at the dedication of a British plant, or sacrifice...
...Good a Cure? Some Canadians wonder whether the cure might not be worse than the disease. Alberta Premier Ernest Manning charges the federal government with "catering to a small element of bigoted nationalists" in a way that could only bring harm to the Canadian economy. Many businessmen, particularly oilmen, who need big chunks of investment capital, argue that Canadians do not have the funds to finance major projects themselves. Calgary's Oilweek trade bible cited as a typical case a nearly completed, $90 million financing by Canadian-owned Alberta Gas Trunk Line Co. Ltd. for a pipeline-gathering system...
...promising candidate for Congress named Lyndon Baines Johnson. Connally has been Johnson's man ever since. After a term as Johnson's secretary in Washington, Connally took up law practice in Austin and eventually struck it rich as a friend and confidant of Texas' Big Rich oilmen. (After he moved to Fort Worth in 1952, he did legal spadework for the late Sid Richardson and is co-executor of the multimillion-dollar Richardson estate.) In appointing Connally for Johnson's sake, the Kennedys had much to forgive: as Johnson's presidential campaign manager, Connally distinguished...
Both were asked about the 27½% oil-depletion allowance, so dear to the hearts of Texas and Oklahoma oilmen. Kennedy was not opposing it and would restudy it after election; Nixon endorsed it wholeheartedly. Kennedy talked lightly about his inability to control Harry Truman's fiery public temper (see Democrats), but Nixon seized the occasion to declare fulsomely that President Eisenhower had restored dignity to the presidency ("I see mothers holding their babies up so that they can see a man who might be President of the United States"), and most newsmen were reminded of the Checkers speech...