Word: petroleum
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Dates: during 1950-1959
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...Profits of Standard Oil Co. (New Jersey) reached a record $463 million for the year's first half, $38 million more than an early estimate. Cities Service President W. Alton Jones announced record first-half profits of $36,315,490, and its wholly owned subsidiary, Dhofar-Cities Service Petroleum Corp., announced a second oil strike in the district of Dhofar in the sultanate of Muscat and Oman.* The two wells, on a 32,000-sq.-mi. concession held by Dhofar-Cities Service in partnership with Richfield Oil Corp., may mark the beginning of a major new Middle Eastern field...
Gilsonite is one of nature's freaks, a petroleum-like substance which, through geologic accident, failed to liquefy. The man who first saw the commercial possibilities of Gilsonite was Samuel H. Gilson, a U.S. deputy marshal in Utah and part-time prospector. One day in the 1880s while prospecting in eastern Utah's Uintah Basin, he found a crumbly, shiny, black substance which he mistook for a new form of coal. But when he tried to burn it, it melted. It was one of the world's largest known deposits of a natural pitch substance similar...
...smelting industry. So good is the gasoline obtained from Gilsonite that it has a higher octane rating than several premium leaded brands. American Gilsonite figures the cost of a barrel of its crude, laid down at the refinery, is $1.50 to $2, v. $3.25 for a barrel of liquid petroleum. And the supply old Sam Gilson found is enough to operate the plant for over 50 years. With rights to 60% of all the known Gilsonite in the world, the company figures that it has at least 16 million recoverable tons, the equivalent of 100 million bbl. of underground...
...early 1950s he granted a British-run subsidiary of the Iraq Petroleum Co. a concession to drill for oil in the Omani hinterland. But he was not quite master in his own house. The fanatic Ibadhis in the hills, resentful of the Sultanate rule, had long ago elected a new dynasty of Imams and in 1920, after decades of hard fighting had won from the then Sultan a grudging acknowledgment of the Imam's rule in the mountains. So when two years ago the Sultan's foreign oil drillers went to work near the northern border, the Imam...
Pemex is still inefficient, with 40,000 employees doing work that could be handled by 30,000. Graft and nepotism still creep in. Pemex must import $70 million worth of high-grade petroleum products yearly (but exports $45 million worth of crude oil plus some refined products). Its reinvestment rate is not high enough for any truly spectacular progress. But Bermudez does not propose to sacrifice Pemex welfare trappings in risky gambles on fast development. The success to date, he believes, plentifully fulfills Pemex' motto: "For the service of the nation...