Word: petroleum
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Dates: during 1950-1959
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...heyday of New Deal trustbusting, eleven years ago, the Government slapped its biggest antitrust suit on the American Petroleum Institute. It charged the A.P.I, with acting as a nerve center in a "conspiracy" by oil companies to control U.S. oil production and sales, named 22 companies and 344 subsidiaries as defendants. The tentlike charge covered so many companies that it was promptly dubbed the "Mother Hubbard" case...
...show Italians that "we are good citizens and a serious company," Jersey Standard Oil's Italian affiliate decided to run an art contest with $3,000 in prizes. Last week Esso Standard Italiana picked the winners, handed out the prizes for the best paintings on "Art and the Petroleum Industry...
...caught the lesson the U.S. learned in Mexico, where the Cardenas government in 1938 expropriated British and American oil properties after years of bickering. Standard Oil Co. (New Jersey), noting the disastrous Mexican experiment, resolved not to make the same mistake elsewhere. Its subsidiary in Venezuela, the Creole Petroleum Corp., issued orders to its executives there to become a part of the country instead of remaining representatives of an aloof "foreign interest." All company personnel was obliged to learn Spanish. Executives made it a point to get to know Venezuelan leaders socially. In 1943, Creole offered Venezuela a concession agreement...
With four other Middle East areas, Iran furnished three-fourths of the petroleum used in Western Europe. The A.I.O.C. supplied one quarter of Britain's oil requirements, including fuel for the Royal Navy; produced most of the oil imported by India, Pakistan, the Far East, Australia and New Zealand. The U.S., though it produces three times as much as the Middle East, still imports Middle East oil, took 38 million barrels...
...Assembly recommended that: ¶No shipments be sent by "any state" to Red China and Korea of "arms, ammunition and implements of war, atomic energy materials, petroleum, and items useful in the production of arms." ¶Each nation determine which of its exports are of "warmaking character" and subject to embargo...