Word: petroleum
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Dates: during 1940-1949
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...contracted for between June 1940 and February of this year-by which time materials shortages were ending plant expansion. No New Deal grab for power but hard-money business logic dictated the mounting blocks of Government ownership in the nation's new manufacturing capacity-from 41% in petroleum to 99.6% in explosives. In terms of dollars, the U.S. Government has financed some 85% of the entire program. Private capital financed as much expansion as it would have in normal times. The Government naturally shared most in building plants which have the least peacetime use and value...
Congress Objects. The U.S. is already paying some $500,000,000 a year to subsidize marginal copper mines, sugar, coal and petroleum transportation. But the Farm Bloc has always balked and is still balking at applying subsidies to foods raised in the U.S., because their payment in effect puts enormous power in the hands of the Administration...
...Harold Ickes, Petroleum Administrator, then buttered up Jeffers but dripped bile on Nelson and WPB. The priority which Nelson should not have granted had cost 4,413,000 barrels of 100-octane, had thrown the whole gasoline program out of balance, said Ickes. WPB had permitted vital parts to be hoarded while plants lay idle for their lack. WPB's new scheduling program was not working...
Last week the U.S. Board of Economic Warfare estimated that the Germans had plundered $36,000,000,000 worth of automobiles, petroleum products, zinc, lead, nickel, tin, hides, clothes, soap, toothpaste, razor blades, cotton, cattle, bauxite, cauliflower, fish, horses, wines, locomotives, trains, trackage, houses, seaport equipment, steel works, forests, trucks, tank cars, art collections, cattle herds, ships, in the countries of conquered Europe...
...Petroleum Administrator Ickes recommended that "something be done" immediately, that prices be boosted 35? per barrel...