Word: oils
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Dates: during 1940-1949
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Bird's-Eye View. Allowing for this rise in costs, and even with all the postponements, the rate at which new capital investments are being made is still at an alltime high. The utility and oil industries account for much of it. Electric light and power companies are in the early stages of a five-year expansion program that will cost $5 billion before it is finished. By the end of next year, oil companies will make additions and improvements worth some $4 billion, a boost of more than 22% in their total investments...
Among the nation's 2,584,000 unemployed last month, perhaps the most distinguished was grey-haired Ralph K. Davies of Woodside, Calif. He had joined the Standard Oil Co. of California as a 16-year-old junior clerk, rose to $57,000 (a year) as senior vice president, and was in line for its presidency when, in 1941, he left to run the wartime oil industry for Interior Secretary Harold Ickes. His war job done, Davies found himself relegated to a minor vice presidency at Standard. He resigned rather than let Ickes-who had bought ten shares...
...Last week, Ralph Davies had a big, new job, which would find him competing with Standard of California for the oil riches of the Middle East. The nation's independent oilmen had long fretted & fumed at the big-company domination of Middle East oil. Under the guidance of Davies and Frank Phillips, board chairman of Phillips Petroleum Co., nine independents gathered at Bartlesville, Okla. to make a big company of their own-the $100 million American-Independent Oil Co. As president, they chose Ralph Davies...
...armed forces' fuel tank. The tank was all but empty. The Army Air Forces were down to a 90-day supply. The Navy has less than half its operating needs. With the U.S. now using as much petroleum as the entire world consumed ten years ago, oil companies had scrambled for bigger shares of the civilian trade, and the services were being squeezed...
...powwow got results. The industry agreed to set aside 5% of production for the armed forces, the estimated amount necessary to meet minimum needs. The oil will be taken out of the already tight civilian supply (5,100,000 bbls. daily against a demand of 5,700,000). To civilian users this meant that the anticipated winter shortage of fuel oil, and other fuels, would be that much worse. But the armed forces would not be operating on starvation rations...