Word: petroleum
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Dates: during 1950-1959
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...Americans prosperous simply because they stumbled upon a fabulous lode of natural resources? The book quotes the late Economist Wesley Mitchell, who pointed out that American Indians "lived in a poverty-stricken environment. For them, no coal existed, no petroleum, no metals beyond nuggets of pure copper . . . A precarious food supply, flimsy housing, mystical medicine and chronic warfare limited the increase in numbers." Says Dewhurst: "Technology, in fact, can be thought of as the primary resource; without it all other resources would be economically nonexistent . . . Technological progress during the past century, especially since 1900, appears to have been more rapid...
Currently producing only about 3% of its oil consumption, inflation-plagued Brazil has to pay out much of its desperately needed dollar income for petroleum imports. Many clear-thinking Brazilians, well aware that Petrobras lacks the capital and technical skill to undertake large-scale oil exploration, are convinced that the 1953 law stunts the nation's economic growth. But nationalistic sentiment remains overwhelmingly strong. How strong it still is became evident last week in the Brazilian Senate, which voted on a bill to amend the Petrobras law and permit 30-year oil concessions to private Brazilian firms. The proposal...
With new U.S. machinery the Japanese textile industry has cut costs 20% below prewar levels, and such processes as Cluett, Peabody's "Sanforizing" have opened up new export markets from Australia to Canada-to the consternation of U.S. textilemen. Japan's petroleum industry, which in 1949 had to import 92% of its finished petroleum products, last year was able to produce 90% of the products at home, due largely to some $71 million invested by Caltex, Standard-Vacuum, Union Oil and Tide Water. By agreements signed with Armco International Corp., Japanese steelmen have been able to cut costs...
...owned "business embassy" to Venezuela, Creole Petroleum Corp. is one of the world's most progressive firms. It is also one of the world's most profitable...
...Janeiro. Outspoken, scrupulously honest Politico Bernardes was exiled and later pardoned by President Getulio Vargas for his part in the unsuccessful São Paulo revolt in 1932, in later years was widely hailed as the elder statesman of Brazilian nationalism and as a major influence behind the 1953 petroleum bill, which closed Brazil's oil resources to foreign companies...