Word: petroleum
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Dates: during 1950-1959
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...George Gabrielson, chairman of the Republican National Committee, dropped in to explain why he has been getting paid $25,000 a year for looking after the $18.5 million loans of Carthage Hydrocol, Inc., a Texas corporation which makes petroleum out of natural gas. He is president and counsel of the company, Gabrielson testified, but has never tried to use "influence." He called many times on Republican Harvey J. Gunderson when Gunderson was RFC director in charge of the Carthage Hydrocol loan. He called on RFC's new boss, Stuart Symington, to talk about a delay on the payments...
...Yanqui inventor claimed credit for having 1) encouraged a 1950 petroleum law allowing foreign oil companies to resume prospecting in Bolivia, 2) arranged for the U.S. to buy Bolivia's strategic tungsten, 3) promoted resumption of payment on $145 million worth of defaulted Bolivian bonds. However others felt, Bolivians thought kindly of the ambassador. Before Florman left last week, they gave him the Order of the Andean Condor, their highest decoration...
...flag-draped little oil town of El Centro one night last week, a band imported from Bogotá played The Horrible Night Has Ended,* Colombia's national anthem. Then, the Colombian Minister of Development and the president of International Petroleum Co., Ltd. (a Standard Oil Co. of New Jersey affiliate) signed the papers spread out in front of them. After that came handshakes, applause, toasts, speeches. With good feeling all around, International had handed its 2,000-square-mile De Mares oil concession back to Colombia...
...next quarter, Fleischmann allocated only 1,900,000 tons, or less than 10% of the available supply, to direct defense output such as tanks, ships and guns. Eighty percent (16 million tons) will go to what the Government calls "defense-supporting programs" (see chart). Biggest takers: railroad equipment, petroleum industry, building materials...
...prices were so low that FPC control was not needed. It argued that the threat of FPC control was checking expansion of the gas industry; oil companies were capping their gas wells instead of going into natural gas. Some oilmen also feared that FPC might pull the whole petroleum industry under its control as a public utility...