Word: venezuelan
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From jungle clearings and Caracas villas, 2,000,000 Venezuelan voters trooped to the polls this week. Promised ever since a military junta overthrew the country's legitimately elected regime four years ago, the election was for a constitutional Congress which will design a new government and name a new President...
...week's end, perhaps the best indication of the tension in Bogotá was the fact that Liberal ex-President Alfonso López and Liberal Chieftain Carlos Lleras Restrepo, whose houses had been burned by the same mobs that sacked El Tiempo, took asylum in the Venezuelan embassy...
Harry Truman, who had defied one lobby by refusing to raise the tariff on Swiss watches (TIME, Aug. 25), last week defied another. Despite the protests of 13,000 independent U.S. oil producers, he approved a slash of as much as 50% in import duties on Venezuelan oil (e.g., from 10½? to 5¼? on "low gravity" oil), and abolished all import quotas...
...this the big U.S. oil companies, which own the lion's share of Venezuelan concessions, had said a fervent amen. They had warned the U.S. that unless the tariff was removed or sharply cut, Venezuela might drive the U.S. companies out. Ironically, the President found himself agreeing with the same companies his Administration had just indicted (TIME, Sept. 1) as a wicked oil cartel...
...roaring youth and hard-muscled energy. In bright oils and deft watercolors, they pictured the bustling Louisiana refineries, the purposeful ranks of derricks marching across western plains, the clanging docks where oil tankers are unloaded. There were scenes of an oilfield set in the middle of a Venezuelan lake, of the eerie orange glow from burning natural gas that lights up some fields at night, of spherical storage tanks, huge gate valves, heavy flow lines and brightly lit cracking plants. There was a symbol of oil in war-two G.I.s tensely guarding a fuel dump...