Word: petroleum
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Dates: during 1930-1939
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...entire industry. In an attempt to eliminate overproduction by forcing independent operators to limit their output, Standard of California began cutting crude oil prices, sent great quantities of gasoline east as cheap as 6 cents a gallon in shipload lots. To meet this new level in the price of petroleum products, Standard of New Jersey through two subsidiaries* cut crude prices from 19? to 41? a barrel...
Although in Tulsa some 500 independent producers ran howling to a mass meeting and resolved to petition both Congress and the Petroleum Institute for help against bad Standard, the eventual result of Standard's move will probably be to curtail production until some of the gasoline surplus has been absorbed...
Standard of Kansas, manufacturer of petroleum byproducts...
...Colombia last week went South American Gulf Oil Co., subsidiary of Gulf Oil Corp., the great Pennsylvania petroleum company controlled by the great Pennsylvania Mellons. All field operations were suspended following the decision of the Colombian legislature to add 16% tax to existing royalties collected by the government from oil producers...
...action of the Colombian legislature in increasing the tax on petroleum production was interpreted (by Wall St.) as the result of British maneuvering in the world-wide competition for petroleum properties. Specifically, the Gulf departure from the Colombian field was considered a development favorable to Sir Henri Wilhelm August Deterding and his Royal Dutch-Shell group...