Word: petroleum
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Dates: during 1950-1959
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...Norway to Nagasaki, slipways are jammed with new hulls. Though they are busily expanding capacity to handle the boom, some shipyards cannot promise delivery before 1962. Anticipating a continued upsurge in world trade (which has already soared 50% since 1948). shipowners are ordering giant new ore carriers, combination ore-petroleum ships, roll-on, roll-off carriers to haul loaded trucks and vans, fast new freighters to slake the world's impatient thirst for machinery and steel, coal, wheat, and other basic raw materials that must be hauled from the ends of the earth (see color pages). Most...
Credit for Kermac's climb goes largely to President McGee, 52, a tall, rawhide-tough wildcatter aad geologist (University of Kansas, '26) who first went to work for Phillips Petroleum, was its chief geologist by the time he was 30. McGee did so well that when he left the company to hook up with Oilman Bob Kerr in 1937 Phillips hated to let him go, in 1943 agreed to an unusual deal to keep a string on his talents. It promised to underwrite 75% of the company's drilling costs in return for only...
...captain the third largest U.S. international oil company (behind Standard Oil of N.J. and Gulf in oil reserves and gross income). Chairman-elect Long graduated from Annapolis ('26), joined Texaco after a hitch with the Navy. In World War II he saw Navy duty in London, helped Allied petroleum experts direct the flow of Middle East oil to strategic areas...
...TURBINE ENGINES will soon be competing in the pleasure-type small-boat market. Boeing Airplane Co. has won first commercial contract to install eight 240-h.p. gas turbine engines (used to start jet planes, power minesweepers) on cruiser fleet operated by Creole Petroleum on Venezuela's Lake Maracaibo. New engines give speeds up to 33 m.p.h., weigh one-fourth as much as comparable piston engines...
Kubitschek's battle against inflation is still too recent to have achieved reportable results; the bulk of his speech dealt with development of resources. The President had bright news of Brazil's petroleum industry. In 1955, he recalled, the country produced 2,000,000 barrels of oil, enough for only ten days' use. This year the Bahia oilfields will pump out more than 5,500,000 barrels, enough to supply the country for a month (at the present rate of consumption). Next year production of 15 million barrels is expected. And, he announced, new exchange rates...