Word: petroleum
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Dates: during 1950-1959
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...government announced that it honored its contract with the Iraq Petroleum Co. (predominantly British, French and American), though it was also interested in "modifying" the fifty-fifty contract by negotiation-as Nuri had been too. The new government proclaimed its withdrawal from the Arab Union with Jordan and signed a treaty of mutual defense with Nasser, but then astonished everyone by asserting, in the words of Hashim Jawad, its new delegate to the U.N., that "Iraq has never renounced the Baghdad Pact. It has never been considered." And he added: "Our friendship to the United States is still the same...
...they amassed stores of oil so large that production had to be chopped back hard this year. Last week the Texas Railroad Commission boosted the number of producing days in August from nine to eleven, but made it clear that the hike was due to a slight rise in petroleum demand and a reduction of oil inventories rather than to the Iraq crisis...
...years ago the Southwest's Four Corners area was a 15,000-sq.-mi. wasteland inhabited by Indians, mostly Navajo, whose sheep battled the jackrabbits for meager forage. Last week the mesa-dotted region, where the boundaries of Utah, New Mexico, Arizona and Colorado meet, was the hottest petroleum area in the U.S. Each day El Paso Natural Gas Co. piped more than 600 million cu. ft. of natural gas to the Los Angeles market from 3,000 wells; other companies piped huge amounts to the Pacific Northwest, Santa Fe, Albuquerque and Los Alamos. Oil company pipelines sent...
...only the biggest companies can afford to gamble. They are there-in force. El Paso Natural Gas built a $750,000 division headquarters to operate the pipeline, has expanded it three times since 1952. This week or next, Shell Oil moves into a $500,000 headquarters, while Phillips Petroleum, Humble, Superior, Union, Carter, Gulf, Magnolia, Continental, Skelly and half a dozen other majors all have sizable operations...
...showed up in the West, the Southwest and the Rocky Mountain region; truckers in the Midwest, the South and along the Atlantic Coast were still in trouble. Building materials hauled were up 12.2% for the first quarter above last year, reflecting the rise in construction, and shipments of liquid petroleum, household goods and refrigerated liquids and solids were also...