Word: petroleum
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Dates: during 1960-1969
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Commodity prices are not the only problem, says the bank. Major world importers of the hemisphere's commodities -the U.S. (lead, zinc, petroleum) and Western Europe (sugar, beef) in particular-are lending a more sympathetic ear to the protectionist pleas of their own producers, establishing quotas or tightening tariff barriers to favor agriculture and mining at home. The Latin Americans themselves further hamper things by placing restrictive measures on exports in the misguided notion that they are encouraging local processors and manufacturers. Brazil sometimes sets quotas on cotton and sugar exports; Uruguay imposes a 20% surtax on export wool...
Though Iraq heatedly denied that it had approached Mattei to supply 500 technicians or that Baghdad even considered nationalizing the giant Iraq Petroleum Co.,* a Mattei aide confirmed that the Iraqis have been dickering with E.N.I, as long as a month...
...back in 1899, when the ruling Sheik asked them to take Kuwait under their protective wing. The motive at the time was to stop the pro-German Ottoman Empire from expanding southward along the Gulf. But in 1938, the Kuwait Oil Co. (jointly owned by Gulf Oil and British Petroleum), drilling down through Kuwait's sands, hit what proved to be the world's biggest pool. Kuwait now sells $500 million worth of petroleum a year, supplies 37.5% of the British market...
...With its decision to open a chain of filling stations in Australia the U.S. s Phillips Petroleum Co. moved into a fiercely competitive market; though Australian gasoline sales are increasing by nearly 10% a year, the country's 2,800,000 vehicles are already served by more than 20,000 gas stations operated by eleven oil companies. To head its new subsidiary, Phillips made a shrewd choice: onetime Prime Minister (for one month in 1941) Sir Arthur Fadden, 66. A plain-talking, party-loving Queenslander who led Australia's Country Party for 17 years. "Artful Artie" Fadden retired...
...protect its lion's slice of the British gasoline market from hard-driving competitors, Shell-Mex & B. P. Ltd., jointly owned marketing arm of the Shell group and British Petroleum, turned to an articulate advocate of the hard sell. In as the company's managing director went John Emerson Harding Davies, 45, youngest man ever to hold the post. A World War II major who credits the British Army with "giving me an opportunity to develop initiative," ex-Accountant Davies likes to spend his time with salesmen in the field, argues that many decisions that used to consume...