Word: petroleum
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Dates: during 1930-1939
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...Petroleum Atlantic Refining...
...Eugene Houdry was the fils in Houdry & Fils, Parisian steelmakers. His hobby was auto racing. One day a racing driver excitedly showed him a bottle of gasoline which he said a pharmacist in Nice had derived from lignite ("brown coal"). France, which has lignite but little petroleum, was then in the throes of an oil-shortage scare, and 29-year-old Eugene Houdry caught the driver's excitement...
...refining is done by thermal cracking-breaking crude oil's heavy molecules into lighter components by great pressure and heat. This process yields only 44% gasoline (the money-making product), leaves refiners with a great bulk of fuel oil and other by-products to dispose of. Phillips Petroleum Co. has lately found a way to convert some of these by-products into gasoline-through polymerization, which compresses wasted gaseous fractions of crude oil into the heavier molecules of gasoline...
...fully insured Cities Service, the fire was chiefly an inconvenience. To the petroleum industry at large it was something of a blessing-for at least 119,047 barrels of gas and oil were consumed, thus reducing the tremendous inventories which overhung the market...
...paradox which may knock the complex proration system galley-west: an efficient method of controlling production has been worked out, but since the Federal antitrust suit against the oil industry at Madison, Wis. last year, there has been no way of stabilizing the price or the quantity of refined petroleum...