Word: cuba
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Dates: during 1930-1939
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...sizable investments in almost every hotspot in the world: Spain, China, Brazil, Mexico, Cuba, Germany, Rumania, Japan, Poland. In Shanghai the war cost it 10,525 of its 50,000 phones, but most have since been regained. In Spain, where I. T. & T. has an investment of $67,000,000, about one-fifth its total, the system is still in good order because both Rightists and Leftists need it, but whether I. T. & T. will ever again get the $3,000,000 annual profit it used to make is no more certain than the war's outcome...
...estimated cost of $50,000, seems decidedly remote. But to major companies with ample money and equipment, this is no great hardship. By last week, although none would admit as much-or much of anything-these companies looked like the major entrants in the forthcoming race for Cuba's oil: Atlantic Refining's subsidiary, with slightly under 740,000 acres in all provinces except Oriente; Cia Petrolera La Estrella de Cuba, subsidiary of Royal Dutch Co., with 44,460 acres in Havana and Matanzas provinces; Union Oil of Cuba, and Sinclair Cuba Oil Co. with increasing acreage spotted...
...Cuba was footing a dance to sugar millions. Jewels, silks, perfumes, palaces, race horses and solid gold plate were the order of the day. Oil companies, in step with sugar, leased thousands of acres for exploration. In May 1920, when the dance was maddest, people suddenly began to talk of Europe's next sugar-beet crop. By December the crop was a reality-nearly 50% larger than the year before. Cuba's boom was over; private fortunes went down the spout with the island's banking system; the dream of large-scale oil production faded and concessions...
...years later, the possibility of Cuba's harboring a great oil reservoir is again under investigation. Geologists are examining cores from thousands of feet below the surface; radio seismograph crews are sounding in Cuba's hills. Designed to bolster the island's limited revenues, the new petroleum law passed by the legislature all but forces activity on concessions by requiring each concessionaire to drill within five years at least one well to 4,000 feet unless oil is struck at lesser depth; the alternative to such exploitation is Government confiscation...
Only present production in Cuba is from small shallow wells at Bacuranao, Guanabacoa and Corralillo. Last year total Cuban output of crude...