Word: petroleum
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Dates: during 1950-1959
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...Fourth World Petroleum Congress, oilmen from 44 nations chose Rome, headquarters of Italy's monopolistic Ente Nazionale Idrocarburi (E.N.I.), the state-owned oil company that has consistently fought private international development of Italy's oil resources (TIME, Nov. 29). Italy-had offered to be host to the congress, and the oilmen had accepted. The 3,200 delegates hoped to impress E.N.I. and its Boss Enrico Mattel with the power and efficiency of private oilmen, thus persuade E.N.I, to be more cooperative...
...miles outside New York City to feed, sleep and serve as GHQ for 100 top executives. Curtiss-Wright bought 84 square miles in north central Pennsylvania to assemble jet engines and 5,000 acres in New Jersey's Ramapo Hills for a bombproof headquarters. The petroleum industry has set up five regional committees to run the natural gas and oil industry in each area, and A.T.& T. arranged alternate toll-call routes and emergency generators. One company has even stocked its secret rendezvous with disaster pay checks printed on distinctive notepaper and made out in standard amounts...
...first atomic reactor of its kind established under university auspices . . . The extent of the economic and industrial changes that we can anticipate is indicated by estimates that world sources of uranium potentially available contain as high as 20 times the energy of the known world reserves of coal, petroleum and natural gas combined . . ." Look to the Atom. "Our nation has no desire for a monopoly on the knowledge and practice of these possibilities. We want the world to share-as we always have...
...morning of Jan. 10, 1901, on a low hillock called Spindletop just outside Beaumont, Texas, gas rumbled out of its prehistoric tomb, shot up a black plume of petroleum and launched the oil age. The heavy oil spouted 200 feet into the air in the greatest gusher Americans had ever seen. Men saddled their horses and rode off, shouting: "Oil, oil on the hill." As one of the men passed 38-year-old Pattillo Higgins, he reined in, yelled: "People are saying you're the wisest man on earth. Hell, ain't you surprised?" "Not exactly." replied Higgins...
Spindletop took petroleum out of lamps and lubricants, put it into gas tanks and made it a source of cheap power. It cracked the coal's monopoly grip on fuel and Standard's grip on oil. Before Spindletop, Standard directly controlled 83% of America's annual 58 million barrels; a year later it was just another competitor. Spindletop gave birth to the entire Texas oil industry and to two of its giants: Texaco and Gulf...