Word: petroleum
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Dates: during 1960-1969
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...companies, of course, intend to stick basically to refining and selling petroleum products. But since the early 1950s, the $48 billion oil industry, suffering from a profit squeeze, has gone questing for new sources of earnings. The industry got tangled in excess refining capacity built up during the Korean war. Its foreign operations have sometimes suffered from such cut-price competitors as the Russians, and intense competitiveness at home has brought on gasoline price wars in some areas. Compact cars drink less gasoline, and have helped to reduce the annual rise in gasoline sales from...
...company diversification grew out of the companies' own products, as oilmen turned to producing petrochemicals from oil and gas. When that field became glutted, they began buying companies that made consumer products out of petrochemicals. Standard Oil of Ohio now owns the Prophylactic Brush Co. (toothbrushes), Phillips Petroleum makes plastic film for the packaging industry, and Continental Oil is preparing to market a detergent that does not clog sewers with foam...
...creams. They prevent sunburn only to the extent that they block out burning ultraviolet rays from the sun, and they allow true tanning only to the extent that they let those same ultraviolet rays through. Perhaps the most effective sun-screening agent of all is a dark red veterinary petroleum jelly, used during World War II for life-raft survival. Trouble is, the stuff is indeed red (although it loses its color when rubbed on); it is also greasy and smells like...
...spread-out and orderly waterfront, its 17-mile river route to the North Sea is a forest of cranes, derricks and masts through which ships of all sizes confidently move in every direction. Along its banks are such big oil refiners as Shell, Caltex, Esso, Mobil and British Petroleum, which have made Rotterdam one of the world's main oil-refining centers. The port boasts the Verolme shipyards, one of Europe's biggest, the headquarters of the Holland-America Line, the world's biggest artificial harbor, and a growing chemical and petrochemical complex...
...Esso deal behind him, Boldrini bluntly warned the Russians not to raise the price of their crude, which costs him $1.15 per barrel v. $1.50 for oil from most Western companies. But Boldrini got at least a 20% discount from Esso, and there are signs that Shell and British Petroleum may be ready to do business with him. Obviously Boldrini is applying the tactic, used so masterfully by Mattei, of playing off the West and East to the advantage of E.N.I...