Word: petroleum
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Dates: during 1940-1949
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Prime evidence of the new Government-business accord came in a full-dress press release from President Harold L. Ickes of the Petroleum Reserves Corp. Taking PRC out of the mystery-story realm at last, he told the world that the U.S. Government, on military advice and with the full approval of the oil companies involved, plans to build a huge, 1,000-mile pipeline (estimated cost: $130,000,000-$165,000,000) from the Persian Gulf to the Mediterranean...
Domestic politics may present as tough obstacles as foreign. Within the Administration, Harold Ickes is scrabbling with other powers for control of Petroleum Reserves Corp. Congress is talking darkly of throwing the whole thing overboard (TIME, Jan. 31). The prerogative-conscious State Department, which suggested PRC in the first place, then watched it get out of hand, is moving in too. The international oil companies involved have achieved a very neat compromise between their deep and antithetic desires: 1) to enlist strong Government support in the Middle East and 2) to avoid any direct Government interest in their production...
...produce only 220,000 tons, the plants have been geared up to 150% of capacity, and can turn out an unbelievable 330,000 tons a year. Thus, the alcohol process has shouldered in to take over the big job. Even by the end of the year, when all petroleum butadiene plants will presumably be in production, alcohol will still furnish half the butadiene...
...Fortnight ago, WPB wangled another 38,000,000 bu. of grain from the War Food Administration, is now furiously working to finish three alcohol distilling plants at Omaha, Kansas City and Muscatine, Iowa. But WPB can get no more grain without cutting into the U.S. food and feed supply. Petroleum must do the rest...
Trade gossip had it that one big reason Honest Harold lost out in PRC was because he had been asking the British too many questions about their vast oil reserves in the Middle East. Still another eye-popping Petroleum News report was that Franklin Roosevelt himself had thought of demanding a half interest for the U.S. in Britain's Anglo-Iranian Oil Co., Ltd. as a quid pro quo for lend-leased U.S. oil, but had backed down before Teheran...