Word: oils
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Dates: during 1940-1949
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...United States decided to support the partition of Palestine, Arab leaders in the Middle East have wracked their brains for a way to neutralize American policy. Last week the best they could do was rage and turn an impotent purple. Then the Arab League began to squeeze American oil companies operating in member stated. Syria refused to ratify a giant pipeline deal with the Arabian-American Oil Co., and Lebanon truculently announced that it would spike every concession until the U.S. injected a more neutral flavor into its Palestine policy. Oil men hastily marshalled their lobbies and actively joined...
...economic security and military bases were the only considerations in the Palestine issue, the United States would have a business-like argument for failing to back an effective partition. Arabia and the desert countries of the Middle East have always been of vital concern to an oil-conscious U. S. Although American oil reserves are immense, comprising thirty percent of the known supplies, the U. S. refines over sixty percent of the world's petroleum and cannot maintain this uneven balance indefinitely. With fewer new fields coming in each year, the oil market will shift away from the United States...
...oil companies argue that Ibn Saud and the lesser sheiks must be placated at all costs if America is to maintain its dominant position in the petroleum industry and they their profits. They add that any Yankeephobia among the nomads would invite Russian expansion into this American preserve...
Today Standard Oil of Ohio will set up one-day headquarters in the Placement Office. Procter and Gamble, Sylvania Elective. National City Bank, Sears Roebuck, American Telephone and Telegraph, and the U. S. Trust Company will take the stand later...
When President Juan Vicente Gómez died in 1935, after 27 years as dictator of oil-rich Venezuela, he was worth millions. Last week, Rómulo Betancourt, who had just turned over the presidency to Novelist Rómulo Gallegos (TIME, Feb. 23) after two years in office, was almost broke...