Word: suez
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Dates: during 1950-1959
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...Majesty's government," said the British Foreign Office in its stiffest note since Suez, "must point out that it would be their duty to prevent any unlawful attempt to interfere with British fishing vessels on the high seas." (An international conference last April failed to agree on a three, six-or twelve-mile limit, leaving it up to what each nation can enforce.) Although Iceland had not yet talked of using gunboats itself, "Her Majesty's government," continued the note, "finds it difficult to believe that the Icelandic government would use force against British fishing vessels in order...
...full share of recession troubles, last week added still another, left over from a time of shortage. In Alexandria, Va., a federal grand jury indicted 29 of the industry's companies-among them: Standard Oil (N.J.), Socony-Mobil, Shell Oil, Gulf, Tidewater, Phillips Petroleum-for allegedly using the Suez crisis 19 months ago to fix prices of crude oil and gasoline, accused them of violating Section 1 of the Sherman Antitrust Act by conspiring to restrain trade. It was the first large-scale criminal price-fixing case against the industry in more than 20 years, and one that oilmen...
Though President Eisenhower gave the industry special permission to cooperate during the Suez shutdown, the Justice Department charged that oilmen had gone far beyond that. In early January 1957, prices of Texas crude oil rose generally by 35? per bbl.; shortly thereafter, gasoline, home-heating oil and other refined products went up in most markets by about 1? per gal. Said the Justice Department: "For the purpose and with the intent of raising, fixing and stabilizing prices of crude oil and automotive gasoline, each defendant . . . would increase its posted price of crude oil . . . and each defendant engaged in the marketing...
...sooner was the indictment out than the oil companies stepped up, one by one, to deny the charges. To many companies, in fact, the indictment came as a double blow. They pointed out that when everyone was crying for oil during Suez, the industry was actually forced to boost the prices it paid well operators before they would increase production. Then, when production was roaring along, the bottom dropped out of the market leaving the industry holding a heavy surplus of oil that it has been trying to get rid of ever since...
...Suez showdown drove silver-haired President Camille Chamoun, 57, a Maronite Roman Catholic, as Lebanon Presidents must traditionally be,* to align Lebanon with the West, and later to accept the Eisenhower Doctrine. No sooner had he done so than Nasser flew into nearby Damascus to merge Syria into his new United Arab Republic and fire the hearts of Lebanese Moslems to join in the same sort of positive neutrality. Moslem opposition leaders were alarmed at the way President Chamoun, who won a three-quarters majority in last year's parliamentary elections, now proposed to alter the constitution so that...