Word: petroleum
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Dates: during 1950-1959
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There were soft spots in the economy, too, and some of them seemed to offer a measure of support for the recession talk that was loose in the land. With farm income down, the farm-machinery busi ness slumped. The petroleum industry showed signs of overproduction; Sin clair Refining Co. and Phillips Petroleum Co. cut their crude-oil refinery runs 3 to 5% for September. Auto production fell moderately during August as auto makers began to feel the Hydra-Matic transmission pinch and output of 1953 models started to taper off in preparation for retooling for 1954. There was softness...
Slowpoke. What set off the wondering was a series of jolts which took as much as six points off Denver & Rio Grande and Amerada Petroleum, knocked the Dow-Jones industrial average down more than six points to 265.74, within a whisker of its 1953 low of 262.88 in June. But even more worrisome was the fact that railroad stocks, which had been leading the market until recently, actually broke through their year's low. To the dwindling band of Wall Street theorists who still follow the so-called Dow Theory, that was an alarm signal. If the industrial index...
...golden change that has come over Brunei since then can be summed up in one word: oil. Brunei's Seria oilfield (300 wells), from which some 100,000 barrels of petroleum bubble each day out of the jungle floor directly into holds of waiting tankers, is today the richest oilfield in the British Commonwealth. In 1950 it earned Brunei $3,000,000. A year later the Sultanate's take jumped to almost $25 million. The money piled up in the bank, for, try as they might, the Bruneians could think of no way to spend it fast enough...
Married. Dorothy Schiff, 50, publisher of the Fair-Dealing New York Post; and Rudolph Goldschmid Sonneborn, 55, petroleum-products manufacturer; he for the second time, she for the fourth; in Santa Monica, Calif...
...fluid coking, which gets 10% to 20% more gasoline and home-heating fuels from a barrel of crude. In Standard's process, the heavy crude residue is bombarded with a fluidlike stream of hot, finely divided coke particles, which causes it to vaporize, re-form as useful, light petroleum products...