Word: oilmen
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...iron and petrochemicals are only a few of the possibilities from a land that Charles Darwin once dismissed as "without habitation, without water, without mountains." Beneath the dry plains rest oil deposits that promise at least the possibility of Argentine self-sufficiency. Already 1,952 wells are pumping, but oilmen say there are major untapped pools underground. Standard Oil Co. (N.J.) has 1,184,000 acres in promising country north of the Limay River, will soon drill its first well, has begun work on a 14-in. pipeline to Bahia Blanca...
...cuts brought a cry from Standard of Indiana that they are "grossly discriminatory." As other importers also stormed over the Administration's move, independent Texas oilmen (who produce more than 40% of the nation's crude output) put on contented smiles. U.S. domestic oil demand is now running at about 9,000,000 bbl. per day and is expected to increase this year to 9.4 million bbl. daily. With U.S. daily crude production about 7,000,000 bbl. and total imports cut to 1.5 million, it is domestic producers who will make up the 1,000.000-bbl. daily...
...needs a big hoard, they argued, it should import more rather than less, keep its own oil for emergencies. They called the mandatory order, which will boost the price of oil, simply a protectionist victory for the hard-lobbying Texas independent oilmen. What worried free traders everywhere was whether the quotas would open the door to new protectionism for other industries, under the guise of "national security...
...conceived as a form of compensation to industries that extract raw materials and thus presumably "deplete" their storehouse of goods. It was meant to apply only to the raw material itself. But recent court decisions have extended the allowance to include a wide range of refined and processed products. Oilmen, for example, are able to compute the allowance on the value of petroleum products made from gas as they come from the cycling plants and not on the lower value of gas at the well. The danger of this precedent, said Treasury, is that the allowances could be carried...
...roadbuilder, is a responsible lawyer and political economist, and he soon made a different choice. He swapped Peronista support for army backing and began the dangerous, unpopular job of making Argentina live within its means. First, he coolly downgraded the ineffectual, sacred-cow national oil monopoly, by inviting foreign oilmen to develop Argentina's petroleum resources. The first new well came in last week, beginning a program that eventually will save Argentina the $300 million it spends each year for foreign oil, a sum roughly equal to its whole trade deficit. Then Frondizi freed the artificially pegged peso...