Word: petroleum
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Dates: during 1950-1959
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...TIME, Jan. 8). The British government, which controls Anglo-Iranian, feared that the Iranians, who now get considerably less than half of Anglo-Iranian's profits, would never settle for less than a 50-50 split. In addition, Anglo-Iranian and the five other owners of the Iraq Petroleum Co. had just about completed long negotiations with Iraq on a new contract. Now that deal, too, seemed certain to blow skyhigh...
First of all, said Fairless in a speech to the American Petroleum Institute in Los Angeles, "America cannot afford another steel strike. Much of our present difficulty is due to the fact that strikes have cost our nation 29 million tons of steel since V-J day . . ." Furthermore, "men in top-paying industries ... in automobiles, oil, rubber, and many others-have already had a raise this year, but our steelworkers have not. So our men can't see why they should be discriminated against-and, frankly, neither...
Tapline, which will deliver 350,000 barrels of oil a day to the Mediterranean coast, will change the oil-supply map of the world. The North Atlantic nations will get a much faster supply of oil because of the shorter Mediterranean route, previously fed only by Iraq Petroleum Co.'s pipelines from Kirkuk. Europe, long a big importer of oil from the Western Hemisphere, can now take more from the Middle East, leave Western Hemisphere supplies to the U.S., which now depends increasingly on imported...
...into the market for better players, took the Skibos out of big-time football entirely ("Perhaps you came to the wrong school," he snapped at protesting students). He increased his research budget sixfold, extended it to bolster fields, where Carnegie had never excelled. He built a new petroleum laboratory, spent $1,800,000 for a nuclear research center...
...blacksmith galloped into tiny Titusville, Pa. on a mule and shouted electrifying news: "Struck oil! Struck oil!" The blacksmith was W. H. ("Uncle Billy") Smith, who had helped "Colonel"* Edwin L. Drake drill the nation's first commercial oil well, thus launch the U.S. petroleum industry. As the news spread, Titusville mushroomed into a city of 9,046 and became the U.S. oil capital. So sure were Pennsylvania oilmen that the state had been endowed with a unique gift of nature that they had a saying: "I'll drink every drop of oil found west of the Ohio...