Word: oilmen
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Last week a group of Japanese oilmen won a 2.890-sq.-mi. concession in the Persian Gulf off the neutral zone by contracting to pay 56% of the production profits to the zone's owners, Kuwait and Saudi Arabia. The deal came just a few days after Standard Oil Co. (Indiana) became the first major U.S. company to upset the fifty-fifty pattern. For a 6,177-sq.-mi. concession off Iran's shores in the gulf. Indiana Standard agreed to pay 75% of profits to Iran, plus a $25 million bonus, and to spend $82 million...
...Middle East's biggest oil market, oil consumption will climb only 4% or 5% this year instead of the forecast 6½%. At home, the U.S. recession will cut the increase in oil consumption to 2%-less than half of what oil companies expected for 1958. To pinch oilmen even more, natural gas, which accounts for more than 25% of the U.S. power supply, is growing increasingly popular as a fuel, cuts deeply into oil's traditional markets...
Many U.S. oilmen cry that the greatest single reason for the U.S. oil glut is foreign oil imported into domestic markets (TIME, Aug. 12). Last week the pressure grew so strong that the U.S. Government pulled in another notch on its voluntary import quotas, cut back imports for the U.S. east of the Rockies by 8.8% (from 782,900 to 713,000 bbl. per day) and ordered Government agencies not to buy oil from importers who fail to comply with the quotas...
...Oilmen, who are legitimately optimistic, feel that the glut will eventually solve itself in both U.S. and world markets. Oil demand in the U.S. alone is expected to rise from about 8.5 million to 14.3 million bbl. daily by 1966; the same men compute free-world demand by then at 28.5 million bbl. daily. In 20 years, says William L. Naylor, senior vice president of Gulf Oil Co., the demand for petroleum should increase at least 80%, and perhaps as much as 100%. Yet before oilmen can enjoy this long-term prosperity, they must first solve their short-term problems...
...clamor of Texas independent oilmen for sharper cutbacks in oil imports was answered last week by a realistic voice, speaking, of all places, from Texas. The speaker: Houston's Will L. Clayton, one of Texas' elder statesmen, a founder of the giant Anderson. Clayton & Co., cotton firm, a onetime Under Secretary of State and Assistant Secretary of Commerce. Clayton's message to his fellow Texans who expect the Government to cut imports more: stop trying to promote the "special interest of certain oil producers against the national interest...