Word: petroleum
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Dates: during 1950-1959
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Last week's strike climaxed 18 months' drilling by the Lapidot Oil Co., part-Israeli, part-U.S. The company spudded in, ironically, almost precisely where the British-owned Iraq Petroleum Co. abandoned a test drilling in 1947 after going down 3,500 ft. The strike promised a major oil field, sufficient at least to save Israel $50 million* in oil imports a year, weaken the Arab states' blockade and diminish the country's dependence on the West. For the first time since their state was established, Israelis now saw the means to economic independence...
...Israel Oil Co. and Israel-Mediterranean Petroleum doubled in value, jumped more than a point apiece to 2½. Pantepec Oil Co., which had a brief flurry last winter after a radio tip by Columnist Walter Winchell (TIME, Jan. 31) but has done little since, shot up nearly two points to 6 1/8. Israel-American Oil Corp. climbed if points to triple in value and close at 3¼. Between them the four companies traded 365,500 shares. For stockholders in the companies (total shares outstanding: 15 million), the paper profit on the stock rise amounted to some $23 million...
...TANKER PROGRAMS will be kicked off by Royal Dutch-Shell and Esso Petroleum, but U.S. shipbuilders will not share in any of the orders. Oil companies will spend up to $230 million on 40 new tankers (34 for Shell, six for Esso), ranging from 18,000 tons to 36,000 tons, for delivery by 1960. The British will build 22, the Dutch 14, the Germans four...
...biggest U.S. petroleum producers were over an oil barrel last week. Defense Mobilizer Arthur S. Flemming warned them that unless oil imports are cut voluntarily, the President may slap a rigid quota on imports to protect small U.S. producers. Flemming's suggestion: the oil companies should get together and work out an industry plan to restrict imports. The oil companies, which have had more than their share of antitrust suits, were not eager to work out any scheme that would, in effect, slice up a market between them. Furthermore, they do not agree with Flemming that imports have reached...
...most important split over imports lies in the argument over world trade. If the U.S. slaps a tough quota on oil imports, the economy of other nations, such as Venezuela, will be permanently damaged. Not only will the U.S. lose a strong ally and a source of the petroleum that its industrial society desperately needs, it will also lose a good customer. Venezuela sold $120 million worth of oil to the U.S. last year, but bought $900 million worth of goods in return...