Word: bbl
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President Eisenhower ordered the quotas-despite his free-trade convictions-as a result of an Office of Defense Mobilization report that "the nation's security" was being endangered by the flood of cheap foreign oil. Crude imports have risen by 500,000 bbl. a day in the past five years (see chart) while daily U.S. production has gone up 1,100,000 bbl. But crude imports were scheduled to hit a record 1,200,000 bbl. daily this month, or 16% of U.S. production (v. the 12% limit set by the quotas). As a result of the foreign competition...
...quotas pleased almost no one. Tidewater Oil Co., which only recently began buying heavily abroad, condemned them as unfair and discriminatory against "new importers." Tidewater's imports will be slashed from a planned 84,600 bbl. daily to only 34,200 because it imported little in the base 1954-56 period. Even the domestic producers who will benefit most from the quotas called them too little and too late. Said Olin Culberson, chairman of the Texas Railroad Commission, which controls 45% of U.S. output: "There is every logical reason why the voluntary plan will break down. No voluntary plan...
...torn Algeria, skyrocketed shares of the Compagnie Française des Pétroles from 34,000 francs last year to 61,000 francs two weeks ago. From Hassi Messaoud and neighboring Algerian fields recently opened, there was now the promise of an assured yield of 60 million bbl. of oil a year. (Controlled 1956 production by U.S. wells: 2.6 billion bbl.) Frenchmen sitting in Cafés du Commerce all over France, hoping that this wealth might cure France's chronic foreign-trade deficit and boost capital investment in North Africa, called it the "Miracle of the Sahara...
...only the oil at Hassi Messaoud is stalled, but that of the recently discovered rich Hassi R'Mel field (estimated reserves 700 million bbl.), only 280 miles from Algiers, and the 20 boreholes in the Edjelé field (capacity 700 million bbl.), where the oil is only 1,350 ft. underground. The same applies to the huge natural-gas reservoir at Djebel Berga (2,000,000 cu. ft. a day) and vast storehouses of industrial metals in other areas of the Sahara (TIME, July 1). Plans for railroads and pipelines tapping these resources and bringing them...
...Texas Co. and Standard of California) and six subsidiaries. The charge: price-gouging to the tune of $111.5 million on Middle East oil supplied to Europe under Marshall Plan financing. Between 1949 and 1952, the Government charged, the companies sold oil to the Economic Cooperation Administration at $1.75 per bbl...