Word: petroleum
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Dates: during 1950-1959
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TEXACO, INC. will be the new name of the Texas Co., major petroleum producer (1958 sales: $2.3 billion), since everybody calls it by its trademark...
Although the Administration argued that the cut in imports would help national defense-by increasing drilling and U.S. reserves-the oil industry's own figures last week showed that there need be no worry over reserves. The American Petroleum Institute reported that drilling had declined slightly last year. But a falloff in demand, plus imports, had slowed the drain on U.S. fields. Thus, U.S. crude reserves at the end of 1958 stood at an alltime high of 30,536,000,000 bbl., up 235 million from the total the year before...
...give himself more supporters. Shawaf flashed word to brother northern commanders to join him; he sent troops to kidnap a British technician and his portable radio transmitter from the Iraq Petroleum Co.'s nearby camp so that his countrymen could be summoned to his side. "O great people," cried the new voice of Radio Mosul, "rise and kill the dictator who has betrayed the revolution's aims!" Knowing which tribesmen in the vicinity could be counted on, Shawaf sent word to the Shammar tribesmen, Bedouins who roam the countryside near the Syrian border. In thousands, the Shammars, clad...
...history." Yet Canham favors liberalization of nonstrategic trade with Russia. Says he: "It is definitely in our national interest that the standard of living of the Russian people be improved. But that doesn't mean, for instance, that we should enable them to get into the world petroleum market. That wouldn't necessarily mean a better life for the Russians, and it might give them the chance to exploit other peoples...
...thus presumably "deplete" their storehouse of goods. It was meant to apply only to the raw material itself. But recent court decisions have extended the allowance to include a wide range of refined and processed products. Oilmen, for example, are able to compute the allowance on the value of petroleum products made from gas as they come from the cycling plants and not on the lower value of gas at the well. The danger of this precedent, said Treasury, is that the allowances could be carried to ridiculous extremes, with claims being allowed for structural steel, ceramics, pig aluminum...