Word: oils
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Dates: during 1940-1949
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...mong ec oil vifty rench," said Sedgwick in a crisp falsetto...
John D. Rockefeller made his pile in oil, Andrew Carnegie in steel, but William A. Clarke, III, '51, has started his race in the traditional American derby for greenbacks with a prospering business of merchandising milk and doughnuts to esurient Yardlings...
...crude had little choice. If they did not meet Sun's buying price, they would probably not be able to buy crude. In explanation of the increase, Sun's Vice President John Glenn (Jack) Pew* said that his company had "found it increasingly difficult to obtain crude oil. . [because] of ever-increasing premiums which are being paid ... by many of our competitors." But many oilmen disagreed when Pew added that "an increased price will prove an incentive for stimulating increased production" Crude was short because of high demand, lack of transportation and a shortage of drilling equipment...
...Oil does not intend to pass the boost in crude prices on to consumers (normally a 50? increase would raise gasoline prices 2?) unless "other companies raise their prices." Jersey Standard's Eugene Holman said he did not favor price increases "at the present time." But the chances looked pretty good that many other companies would raise both crude and product prices even though industry profits are running 67% better than last year. Any such increase would step up pressure for price control and rationing of oil products...
Even before Sun acted, Acting Interior Secretary Oscar L. Chapman had called for price control and rationing of oil, along with coal. Socony-Vacuum was already rationing its East Coast dealers, and last week Standard Oil of Kentucky did the same for its 3,000 Alabama dealers. But the industry was still on the price spot...