Word: petroleum
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Dates: during 1950-1959
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...French oil companies took in 1952 will expire this September, and some 27 million acres of potential oil lands that these companies did not exploit will be up for lease. U.S. oilmen guess that the French will sell about a 45% interest to U.S. companies and to Royal Dutch Petroleum, which is already producing in the Sahara...
...Eden. Six years ago Nuri persuaded the British-run Iraq Petroleum Co. to give him a 50-50 profit split such as Venezuela and Saudi Arabia enjoyed. He had already set up the nonpolitical Development Board, and awarded it 70% of all state oil revenues, so that the whole nation, not just a few wealthy princes, would benefit. The board set out to recreate in the Valley of the Two Rivers the verdant paradise that existed before the marauding Mongols of Hulagu Khan in 1258 wrecked the ancient irrigation system and dried up the Garden of Eden...
Career. Appointed state tax commissioner at 24, he became at 31 general manager of the W. T. Waggoner estate, a land, cattle and oil empire sprawling over six Texas counties. Turning down inviting offers-among them the $75,000-a-year presidency of the American Petroleum Institute- he stuck with the estate, expanding it steadily. In late 1952, on the advice of Texas' then-Governor Allan Shivers, Dwight Eisenhower nominated Anderson as Navy Secretary. Never before aboard an ocean-going vessel, Anderson navigated the Navy expertly from his swivel chair. Item: with rare courage he reversed the decision...
...happy to lie in it. Seeking investment, he signed a contract for Standard Oil of California to explore and develop a null chunk of Patagonia. Because it was dealing with arbitrary Juan Perón, Calso insisted on the right to appeal deadlocked company-country disputes to the American Petroleum Institute. Even loyal Peronistas grumbled at that. At the same time, Perón turned angrily and senselessly against the clergy. He abolished religious instruction in public schools, and his toughs set fires in nine big Buenos Aires churches. His end was at hand...
...foreign-trade loss, to import oil from Venezuela and elsewhere. The Suez crisis cost the country a cruel $100 million in higher crude prices and freights. Foreign oil companies would get the oil out of the ground or spend millions in Argentina trying. Instead, oil-is-ours nationalism assigns petroleum development to the capital-short, bureaucratic Y.P.F...