Word: sinclairs
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...where the market would go next, few were hazarding a guess. Members of the Commerce Department's Business Advisory Council, meeting in Hot Springs, Va. with Secretary of Commerce Sinclair Weeks, foresaw a lull in business expansion, but predicted that business will continue at a high plateau through most of 1958, though it might slip 1% or 2%. Plainly, the stock market, influenced by Wall Street's pessimism about the business scene, has already discounted a much bigger drop in business than any economist or businessman could foresee...
...foreign oil under a "voluntary" 10% reduction program (TIME, Sept. 30). Having already rejected appeals by three companies (Tidewater, Indiana Standard Oil, Ohio Standard) for sizable boosts in their import quotas. Navy Captain Matthew V. Carson Jr., administrator of the program, also turned down Eastern States Petroleum Co. and Sinclair Oil Co., even though Sinclair argues that it will mean costly cutbacks in its ambitious plans to sell Venezuelan crude...
...only Sinclair and Indiana Standard have publicly conceded that the ruling leaves the major companies little choice but to go along. Yet the importers know that if they refuse the voluntary cutbacks, they face mandatory controls by the Government, may even come up against legislation in Congress to reduce imports. Though only ten of the 22 curbed importers say that they can meet their quotas by January, their imports are slowly inching down, will average 849,300 bbl. daily by December, not too far from the Government's goal of 755,700 bbl. daily for the year ending next...
Even an established importer, Sinclair Oil Corp., asked for relief, demanded a quota boost from 62,200 bbl. daily to 74,800. At a hearing before Captain Carson, Sinclair President J. E. Dyer challenged the program's premise that cheap foreign oil is endangering the nation's security by cutting down oil exploration. Despite accelerated exploration in recent years, he said, the nation's reserves are not increasing fast enough. "To disrupt and impair our sources of supply abroad and jeopardize relationships of industry that have been built up with foreign nations over a long period...
...None. If Sinclair and the other complainants refuse to go along with the cuts, they will wreck the plan. To date, the six other companies that had been importing heavily for years and whose base-period levels are high have agreed to abide by their quotas. The six (Atlantic, Gulf, Socony, Standard of California, Jersey Standard, Texas), which imported 573,800 bbl. a day in July, plan to cut to 471,000 bbl. by December, 22,000 below the Government's request. But last week they showed signs of weakening, nervously eyed the appeals for quota boosts. Gulf Executive...