Word: petroleum
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Dates: during 1950-1959
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...question now is how fast the recovery will spread. "Even the incomplete data for the second quarter add up unequivocally to more than a seasonal gain." Not only did defense outlays and public works shoot ahead, but housing, car sales and production of steel, lumber, apparel, aircraft, petroleum were all on the upgrade. The FRB index of production, which rose a point in May, will probably be up another point for June, said FORTUNE. "Together, these gains add up to an all-around recovery." FORTUNE'S predictions through 1959: the gross national product will rise $50 billion...
...sultan's retinue with baksheesh: "The hand you dare not bite, kiss it." Priming himself with a civil engineering degree at London's King's College, Calouste visited the Baku oilfields in 1888, and in his 20th year wrote an authoritative book on the Baku petroleum industry. It was the overture to decades of what Gulbenkian called "orchestrations" -concessions, mergers, consortia, nervy negotiations, adamantine patience. The conclusion consisted of the words "to C. S. Gulbenkian ... in perpetuity, 5%" of the Iraq Petroleum...
...industry, which is having its full share of recession troubles, last week added still another, left over from a time of shortage. In Alexandria, Va., a federal grand jury indicted 29 of the industry's companies-among them: Standard Oil (N.J.), Socony-Mobil, Shell Oil, Gulf, Tidewater, Phillips Petroleum-for allegedly using the Suez crisis 19 months ago to fix prices of crude oil and gasoline, accused them of violating Section 1 of the Sherman Antitrust Act by conspiring to restrain trade. It was the first large-scale criminal price-fixing case against the industry in more than...
...people of Lebanon have risen as one man against imperialism," shrilled Nasser's Radio Damascus. Said Radio Moscow: "The Lebanese people have had enough of the American system." In Tripoli Communists and other underground forces won control of the mobs. Saboteurs blew up the Iraq Petroleum Co.'s pipeline to the Mediterranean, forcing the company to pump its oil through a branch line in Syria. At the Syrian border, customs guards stopped a suspiciously sagging Chevrolet sedan driven by Louis...
Austerity in Government. "The national treasury is empty," warned Frondizi, adding that the trade deficit is so huge that even vital imported supplies (e.g., petroleum) might be cut off by year's end. He promised administrative austerity, but said the broader solution for the nation was "encouraging productive private enterprise." He pledged that there would be no new expropriation of foreign investments, though industries already nationalized would be kept. He announced that he was taking over as president of the floundering state oil monopoly and would accept aid from private capital, "without abolishing state control...