Word: petroleum
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Dates: during 1950-1959
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diplomatic counterplay. Two weeks ago, India signed a five-year trade agreement-of unspecified amount-with Moscow, pledging to send jute products, tea, coffee, shellac and black pepper to Russia in return for 39 items, such as petroleum, "iron and steel manufactures," and "a wide range of industrial equipment." This agreement could easily be turned into supplying India with Russian military hardware, if the U.S. and Pakistan made a deal. In New Delhi, foreign diplomats suspect that it was Russia that first suggested this possibility to India...
...flock of year-end dividends and a spate of extras were declared last week. Amerada Petroleum Corp. declared an extra $1. New York Central upped its dividend 50?, and Polaroid Corp. gave stockholders one new share for every two shares held. Despite the good news, the dreary market slipped, under heavy selling of the tobacco stocks. In one day, the three biggest tobacco stocks fell more than three points each as investors took note of 1) published reports linking cigarette-smoking with lung cancer and 2) a slip in tobacco sales over the past few months. By week...
AUSTRALIA, which imports 7,000,000 bbls. of crude oil yearly, mostly from the Middle East and Indonesia, may soon have its own oilfield. West Australian Petroleum Proprietary Ltd., which is 80% owned by Caltex (jointly owned by the Texas Co. and Standard Oil of California) and 20% by the Australian firm Ampol, has just brought in the continent's first producing well 700 miles north of Perth. The news sent stock in Ampol's subsidiary, Ampol Exploration, soaring from $2.02 to $15.12 on the Melbourne exchange...
...interstate pipelines. Although the Natural Gas Act, on which the court's opinion was based, has been on the books since 1938, FPC has never interpreted the law to mean that it could control intrastate prices of the independent producers. In a test case involving the Phillips Petroleum Co., biggest of the independents, FPC decided that the company was outside its jurisdiction. But five gas-consuming Midwestern cities and states appealed to the courts, and the U.S. Circuit Court of Appeals in the District of Columbia reversed...
...Supreme Court, by refusing to review this decision, upheld the lower court. Phillips Petroleum is already preparing a petition for a rehearing. But the eventual solution will probably be up to Congress, which once passed a bill to put gas at the wellhead beyond FPC's jurisdiction (TIME, April 24, 1950) but had it vetoed by Harry Truman...