Word: petroleum
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Dates: during 1950-1959
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...industry was caught last week in a pinch that had the oilmen howling for relief. Instead of the usual 4%-5% annual increase in domestic oil demand, consumption has edged up only 1%, pushing surplus stocks of petroleum products to 723.9 million bbl. by the end of September, nearly 43 million bbl. more than during the same period last year. Oilmen everywhere cut back exploration for new wells, and prices slumped sharply. With more oil than it can sell, Ohio Oil Co. shaved its bids for new supplies of Wyoming heavy crude by 8? per bbl. and Indiana Standard...
...Penn Mex Fuel Co., and brought in two wells totaling 115,000 bbl. daily in Mexico's "golden lane" south of Tampico. When the partners sold out in 1916, they made $3,159,000 clear profit. Benedum discovered the famous De Mares Pool in Colombia on which International Petroleum fattened and wildcatted in Rumania's Ploesti field at Queen Marie's personal invitation. By 1948 he was back in the U.S. with still another new field, West Texas' Benedum Field, whose reserves were estimated as high as 600 million...
...behind Penn-Ohio Gas Co., Melben Oil Co., Republic Pipe Line Co., Cavalier Oil Co., Bentex Oil Co., half a dozen others with combined assets of well in the hundred millions. He is also the biggest stockholder in Ohio Oil Co. and the largest individual stockholder in International Petroleum...
Last week Ambrosia Lake got another big lift. Phillips Petroleum Co., which is sinking two mines there, contracted with the Atomic Energy Commission to build a $9,500,000 mill to process 1,725 tons of ore a day into uranium concentrate. Like many another oil producer, Phillips is hedging its bets against the day that uranium becomes a major source of the world's energy...
...Homestake Mining Co. has joined with Sabre-Pinon Corp. to build a 1,500-ton mill, which will go into operation by mid-1958. This December, Homestake also will finish a 750-ton mill, under construction in partnership with J. H. Whitney and Co., White, Weld & Co., San Jacinto Petroleum Corp. and Major General Patrick J. Hurley's United Western Minerals...