Word: wildcats
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...Texas have risen 28% since 1959 and, as oil near the surface has become depleted, crews have had to go three times as deep for almost the same returns. Meanwhile, the wellhead price of oil has risen hardly at all. Partly because of climbing costs, the number of wildcat wells drilled has declined from 16,200 in 1956 to 8,900 last year. While many other countries are sharply increasing oil production in 1969, U.S. output is expected to rise only...
Died. Clint Murchison Sr., 74, epitome of the Texas wheeler-dealer and one of the world's wealthiest men; of a heart attack; in Athens, Texas. Murchison went into wildcat drilling in his 20s, borrowing and trading for new wells ("financing by finaglin'," he called it), and soon was bringing in wells at a rate of 40 a year. By 1925, at age 30, he was worth $5,000,000, and he had hardly started. Leaping from venture to venture, merging and consolidating, he expanded into railroads, buslines and publishing until at one point he was said...
...Prime Minister capitulated after members of the Trades Union Congress voted 8,252,000 to 359,000 against the bill, which included provisions to fine wildcat strikers. Bowing before labor's overwhelming opposition, Wilson even promised to scrap penalties in any labor-reform measure for the lifetime of his government...
...return for his surrender, T.U.C. leaders promised to dampen wildcat strikes by ordering their unions to send workers back to the factories-if and when the leaders see such action justified. If the unions refuse, the T.U.C. would expel them. Irate Tory critics called the promise "a scrap of paper." Last year about 1,900 wildcat strikes stymied efforts to resuscitate Britain's economy. The penchant for sudden strikes stems largely from the fact that British labor contracts are not legally enforceable. Until they are, there will be little chance to change the landscape of labor anarchy in Britain...
...statesman-broker between rebel Biafra and the Nigerian federal government, has made Britain a figure of world ridicule. At home, Wilson is locked in a particularly bitter battle with British unions, which are incensed by his union-reform bills-and especially at the bill's penal provisions against wildcat strikers...