Word: petroleum
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Dates: during 1960-1969
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...with zeal. In the most sweeping change, they have created a new oil industry to replace coal as a major source of power. Astride the groping arms of two major pipelines, refineries were built by several German companies and such international firms as Shell and British Petroleum. Where coal-based chemical plants once belched out dark and noisome fumes, modern petrochemical factories now cleanly crack oil into hundreds of new chemicals. A company called Chemische Werke Hüls has built the Ruhr's biggest synthetic rubber plant, and Mulheim's Chemist Karl Ziegler last year...
Furthermore, Betancourt took his military chiefs into his political confidence. They were consulted on opposition to Castro, petroleum policy and other executive decisions. When his regime was subjected to terrorist attacks and a rightist assassination plot, the armed forces backed him all the way. The military's finest hour came in the 1962 uprising of a small group of marines and Red-led civilians at the Puerto Cabello naval base. The air force mounted blazing air attacks, and loyal troops crushed the rebels in vicious street fighting that cost 300 casualties...
...White House itself. Now the complicated job of determining import quotas will be done under a single roof. Johnson's motives were partly political: as an oil-state politician, he wanted to avoid possible charges of favoritism. All the same, the result was hailed by the Independent Petroleum Association of America on the grounds that the Interior Department is "the only agency staffed with specialists and technicians capable of providing complete and authoritative information on the industry...
...that controls a $6.5 billion rail and financial empire, those who did not know him well thought that he might retire to his 27-room mansion and clip coupons. After all, Kirby, now 71, was already worth at least $250 million through major holdings in Woolworth, I.T. & T., Phillips Petroleum, Manufacturers Hanover Trust and the New York Central Railroad. But Kirby is as stubborn as he is rich. He began a battle to regain control of Alleghany from the men who had wrested it from him, Texas Millionaire Brothers John Murchison, 41, and Clint...
...East, but the oil-rich nations there have made it a disciplined science. Historically factious, they have united in a new and powerful outfit that is out to break once and for all the tradi tional fifty-fifty split of oil profits between governments and companies. The Organization of Petroleum Exporting Countries, as the group calls itself, last month demanded a 58% share of the profits for their governments in negotiations with the eight major oil companies operating in the Middle East. Since the new split would cost oil companies $270 million a year, they countered with a compromise proposal...