Word: petroleum
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
...resources and power policy. Said the commission: "We believe the Federal Government should not control the production, gathering, processing or sale of natural gas prior to its entry (into an interstate transmission line." The U.S. Supreme Court, on the other hand, ruled in favor of federal control the Phillips Petroleum case last June (TIME, June 21). The court's argument was that controls in the field reduce prices to consumers. Though the producers may operate only within state limits and own no interstate pipelines, the prices they charge affect the ultimate cost to consumers thousands of miles away. Thus...
Gasmen scoff at the court position that FPC control will mean saving to consumers. They point out that more than 90% of the costs occur after the gas leaves the field. Phillips Petroleum Co., for example, now sells gas from the Texas Panhandle for 9.5? per 1,000 cu. ft. to Michigan-Wisconsin Pipe Line Co. which delivers it to Milwaukee for 35?. The Milwaukee Gas Light Co. then charges the housewife a whopping $2.13 the first...
...Latin American politics. But though the hard-driving President keeps a firm hand on the wheel, it is Venezuela's fabulous oil wealth, coming in an ever-faster flow, that powers the boom. Under a sense-making profit split with the foreign companies that produce petroleum, the Venezuelan treasury gets about $1,500,000 a day in one form or another. What the money does is downright wondrous...
...Overdependence on oil. Petroleum forms 95% of Venezuela's exports. A bill perennially proposed by Pennsylvania's Congressman Richard Simpson to cut U.S. imports of foreign oil could cost Venezuela a shattering $340 million a year...
...CREOLE PETROLEUM, 95% owned by Standard Oil Co. (N.J.), will split its stock three for one, and add new shares to a total of 90 million because of its increased investment in new Venezuelan oilfields. The announcement sent the stock, which hit a 1954 low of 73½, up 13½ points to a new high...