Word: oils
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Dates: during 1950-1959
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...advantage of knowing South Texas as if it were his own backyard. He was born in San Antonio, brought up in Alice, Duval County, worked in his father's bank in Alice, and cotton farmed after leaving the University of Texas. He began buying up oil leases in the '20s all over South
Undeterred, he began all over again, eventually leased 1,200 acres about a mile south of Alice, despite warnings that every major oil company had turned them down. Result: his first big strike, a $25 million oil and gas field. From then on, he bought all the South Texas acreage he could get, regularly brought in new wells. Says Mosser: "Once I get my hands on a piece of property, I never let go. I still have every piece of ground I ever bought...
...itself as Europe's citadel of unfettered free enterprise and trade liberalism, West Germany has been acting mighty odd. In the latest of a series of attempts to set prices and regulate trade, roly-poly Economics Minister Ludwig Erhard last week announced a stiff tax on fuel oil: $7.14 per metric ton (about $1 per bbl.). The punitive tax, which Erhard himself describes as a "sin" against his free-market theories, is designed to discourage the use of oil, thus ease Germany's steadily mounting coal surplus of 17 million tons...
...will replace another government attempt to reduce oil use by setting up an oil cartel. Under the cartel, which Erhard also admitted was one of his little sins, major oil companies last December were pressured by Bonn to fix prices at $22 per metric ton (about $3 per bbl.) and not to advertise. But cheaper oil flooded in from neighboring nations and Iron Curtain lands. Small, noncartel companies cut oil prices as low as $15 per ton, tripled their market share to 25%. Last week giant Esso A.G., a subsidiary of Standard Oil Co. (New Jersey), alarmed because its share...
...free enterprisers, the obvious solution would be to unshackle the fuel market. That would probably cut production of the uneconomic coal industry, rather than the fast-growing, efficient oil industry. West German miners dig only two tons a day (v. twelve tons for a U.S. miner), and domestic coal still sells in German port cities for $4.75 a ton more than U.S. coal, despite the tariff. West German coal production of 132 million tons a year far exceeds its needs, and its exports are heading down because surpluses in France run to 11,100,000 tons, in Belgium...