Word: petroleum
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Dates: during 1970-1979
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...Richard Nixon signed the Merchant Marine Act, which provided federal subsidies for the construction of 300 new ships in U.S. yards within the next ten years. In 1974 the unions scored an even greater coup; they persuaded Congress to pass a bill that would require 30% of all U.S. petroleum imports to be carried in U.S. tankers by 1977. The bill was an especially important piece of revenge for the unions: they deeply resent the big U.S. oil companies for having placed their supertankers under foreign registry and hired non-U.S. crewmen...
...York and Southern California areas have been centers for the arts. If you had selected petroleum engineers, you would have come to an opposite conclusion, for the same reason-career opportunity and economics...
West Coast Glut. Meanwhile, another problem looms: What to do with the oil when it finally begins to flow? Incredibly, that question has still not been resolved. About half the crude in Prudhoe Bay is owned by Standard Oil of Ohio, in partnership with British Petroleum. It is scheduled to be shipped by tanker from Valdez to California. But Cleveland-based Sohio has no marketing outlets on the West Coast; it wants to unload its oil at Long Beach, Calif., and move it to its territory in the Midwest through a 200-mile pipeline to be built across southern California...
...Roman goddess of wealth and marriage, and it took plenty of the former before Armand Hammer, 78, could latch on to Rembrandt's Juno. The perdurable Occidental Petroleum Corp. chairman, who recently received a $3,000 fine for making illegal contributions to the 1972 Nixon campaign, bought the 17th century masterpiece for $3.25 million from Navy Secretary J. William Middendorf II. The most highly priced Rembrandt ever sold, the painting will eventually land in the Los Angeles County Museum. "The seller was asking $5 million," said the magnate philosophically, "so I think $3.25 million is a bargain...
...looks like an overbuilt bicycle, sounds like an impatient teakettle and, in fact, combines pedal power with petroleum push. Called a moped (from motor-plus-pedals), the motorized bike is catching on rapidly in the U.S. as a practical, inexpensive form of short-haul transportation for commuters, students, the elderly and fresh-air lovers out for a spin-not to mention the suburban housewife who is reluctant to drive a gas-guzzling, nine-passenger station wagon two miles for a can of tuna. Since it whirs along on a two-stroke minimotor with less horsepower than a power mower, goes...