Word: petroleum
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Dates: during 1960-1969
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...flushed with the glow of sudden prosperity and the promise of Japanese government help, Arabian Oil President Taro Yamashita plans to sink 42 more wells in the next four years, expects to spend an additional $167 million to supply Japan with a third of its 240-million-barrel annual petroleum requirement...
...country. From the ranks of oil-well derricks in the greasy waters of Lake Maracaibo and the "Christmas trees" of valves spotted across the surrounding scrubby, flat land, a great flood of oil pours into the silvered storage tanks of foreign oil companies, including the world's largest petroleum producer, Standard-controlled Creole Petroleum Corp. Hard-hatted workmen spin the valves that channel the flood to docks where tankers simmer in the sun and to refineries where wastes flare in smoky orange flames...
...York's Republican Governor Nelson Rockefeller, long interested and involved in Latin America (through family holdings in Venezuela's largest corporation, Creole Petroleum), urges the U.S. to take "steps to bring about the ultimate goal of Western Hemisphere economic union" to create "the greatest free-trading area in the world." Tariffs and quotas hamper trade throughout the Americas; eliminating or reducing them could touch off a burst of healthful commerce...
...effect on business, saw fourth quarter earnings fall. But there were signs that the slump in oil may be over. Standard Oil Co. (N.J.) lifted its profit 11% for the year, made a slight gain in the fourth quarter; fourth-quarter gains were also chalked up by Phillips Petroleum and Standard Oil Co. of California. Jersey Standard President M. J. Rathbone gave the credit for improved earnings to a record sales volume of $8.2 billion, more efficient use of facilities, and the rapid Growth of the petrochemical industry. Other quarterly earnings...
...Cabinet-led by Minister of Industry Jean-Marcel Jeanneney and Justice Minister Edmond Michelet-had other ideas. To keep the French economy growing, they argued, the government must exercise more active control of business. They wanted to: ¶ Establish a government corporation, similar to Italy's state petroleum monopoly, to refine and market Sahara oil; ¶Adopt West Germany's"co-management" scheme-which would give France's heavily Communist unions seats on the board of directors of every important French company; ¶ Set up a government bank to make loans to ailing industries...