Word: petroleum
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Dates: during 1950-1959
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...boom is on in Montana. The Shell Oil Co. struck petroleum on land leased from the Northern Pacific Railway in northeastern Montana's Dawson County, and speculators were hustling in last week to snap up the remaining drilling rights on a million acres of surrounding territory. Oilmen are excited about the strike because it is the first commercial well to tap the Montana section of Williston Basin, a vast layer of sedimentary rock under much of. North and South Dakota, Montana, and parts of Canada. The well is only 100 miles from Tioga, N. Dak., where the first strike...
...that FPC had decided that independent gas producers were not within its jurisdiction after all. The circumstances surrounding the announcement were odd: FPC, which usually takes weeks to hand down a decision, got this one out nine days after oral hearings were over on a test case concerning Phillips Petroleum Co., world's biggest natural gas producer. Chairman Wallgren said he made his announcement, though the written decision may not be ready for months, to correct "garbled information...
...readers. They tell about the articles, their use, something of the spirit in their making. Example: R. G. LeTourneau's earth-moving monsters are pictured at work in Portugal on flood control, irrigation and electrical power projects. Example: Standard Oil reports improvements in public transportation through petroleum research. Example: Squibb tells about good health from proper medical care and sanitation...
Said RFC Boss W. Stuart Symington: "It comes about as close to bribery as you can get." He was talking about the latest mess he has uncovered in RFC in connection with the $15,100,000 loan to Texmass Petroleum Co. (TIME, April 24, 1950), now Texas Consolidated Oils. Symington charged that Allen E. Freeze, former RFC official, had taken a $22,500-a-year job with the oil company while on RFC's payroll and while the agency was considering the loan, damned by the Senate Banking Subcommittee as a "bailout" for big banks and Massachusetts insurance companies...
When World War II broke out, the Government announced a truce to prevent U.S. wartime petroleum production from becoming tied up in legal red tape. At war's end, the trustbusters took Mother Hubbard out of the cupboard again. They found that the case was moth-eaten: facts & figures of the indictment, which had taken twelve years to collect, were all out of date. Instead of patching up the case, the Justice Department went out hunting individual oil companies, such as Standard Oil Co. of California, Sun Oil Co., and Richfield Oil Corp. Last week Attorney General J. Howard...