Word: petroleum
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Dates: during 1960-1969
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Williams was hauled into federal court in Dallas fortnight ago in bankruptcy proceedings against his Williams Petroleum, Inc. Besides losing the money his backers invested, Williams ended up owing $264,471 to more than 200 creditors for everything from flowers to drilling rigs, including a $340 bill to the Diners' Club. In fact, he told the court, he had no money to pay for a lawyer. Asked by his creditors' attorney whether he ever inspected his books, Williams replied politely, "No, sir." Requested to examine his balance sheet (which under "cash on hand" carried the terse entry: "None...
...Bombay Harbor last week steamed the Soviet tanker Uzhgorod, loaded with 11,000 tons of high-speed diesel fuel-and with bad news for the West. The Uzhgorod carried the first installment in a 3½-year deal under which India will buy 1,500,000 tons of Russian petroleum products, pay for them in rupees instead of the valuable foreign exchange demanded by Western oil companies. The tanker's arrival marked a milestone in Russia's mounting offensive to drive Western oil companies out of their traditional overseas markets, came just as the battle forced Western firms...
...royalties. Although Mideast production is up 13% this year, the Arab nations expect heavy revenue losses from the cuts; Iraq says it will lose about $20 million, and Kuwait, Saudi Arabia and Iran, being bigger producers, will lose even more. Cried Sheik Abdullah Tariki, Saudi Arabian director of petroleum and mineral affairs: "It is a plot by the oil companies, not even remotely justified by the Russian challenge." When the Arab Petroleum Congress meets in Beirut in October, it is expected to press for a bigger share of the profits, move ahead with its own program to expand pipelines, build...
...industries to save themselves valuable dollar ex change, are not above using the Russians to pry new concessions from Western firms. Pakistan has given tentative approval to Soviet technicians to develop its mineral resources, particularly oil, and the Russians are expected to offer the Pakistanis the same deal for petroleum products that they offered India, make a bid to build an oil refinery...
REGULAR GAS is continuing popularity rise among U.S. drivers. Some 58% of sample group of motorists now use regular grade, says Du Pont's petroleum chemicals division, v. 50% in 1956, 48.5% in 1952. One big reason for the jump this year: low-octane-consuming compacts...