Word: petroleum
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Dates: during 1950-1959
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...Phillips Petroleum...
...President extended the voluntary program till March 10, while he and his special Cabinet committee on oil imports study the OCDM recommendations. These are reported to include a limit on imports of crude oil and other petroleum products of 1,025,000 bbl. daily, compared to 1,113,600 bbl. daily under the voluntary system. The compulsory scheme would be enforced by a Government administrative agency. Other recommendations made by OCDM reportedly call for1) a sliding scale of import quotas for smaller oil companies, based on the imports between March1 and Sept.1, 1958; 2) no cuts of more than...
...average, a shade above the December level and only a fraction above a year ago. Several major raw materials even registered sharp decreases. Lead was marked down from 12? to 11? per Ib. when the metal piled up despite import quotas. Because of a worldwide glut in oil, British Petroleum Co. lopped 18? per bbl. off the price of Mideast oil. Creole Petroleum cut 5? to 15? off the price of Venezuelan oil, and in the U.S., Gulf and Ohio Oil dropped their buying price for crude...
Some hard-hit industries were naturally taking more time than others to climb back to pre-recession levels. Yet even in oils, still beset by political troubles abroad and price problems at home, the fourth-quarter pickup was strong enough to cause Chairman K. S. Adams of Phillips Petroleum to predict: "If present trends continue, both gross and net income in 1959 will be the highest in the company's history...
...Venezuela, splitting profits 60-40 instead of previous 50-50, has already begun to pinch U.S. companies. Creole Petroleum Corp. reported that earnings dipped from $397 million in 1957 to estimated $239 million...