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Direct U.S. private investments in Latin America-the dollars that build factories, dig mines, plant crops or drill for petroleum-rose by a record-smashing $500 million in 1956. Last week Washington's statisticians, tentatively casting up sums for the year, estimated the total investment to date at $7 billion-probably enough to keep Latin America the area most favored by U.S. investors.* Adding in U.S. Government loans of more than $1 billion and indirect private investments, e.g., bank loans, stocks and bonds, the experts put the grand total of all U.S. funds invested in Latin America...
Many a costly hope was placed in Central America, spurred by Union Oil Co.'s discovery in Costa Rica last September of the first oil ever found in quantity between Mexico and the South American mainland. That well quickly flooded with salt water, but Union will drill two more, and Costa Rica is enacting a liberal oil code. Because the Costa Rican discovery was right on the border of Panama, which already had an inviting oil law, six U.S. firms hurried there. All of Panama has been let out on exploratory concessions, and three test wells drilled...
Well, Well, Well. Geologist Jackson first realized the potential of Wise County in 1948 while working as a consultant for oil companies drilling there. While many of the wells did not produce oil, they had gas. But no one knew whether there was enough gas in the field to make it worthwhile to build a pipeline. Nevertheless, Jackson went to work to get the gas to market, persuaded a Wise County rancher to give him an 18-month option to drill three wells...
Jackson teamed up with Ellison Mills, a Dallas drilling contractor, got $60,000 from Wise County landowners willing to take a chance. The first well came in with an estimated reserve of more than 5 billion cu. ft. of gas, worth about $500,000. But since the drillers had no customer for the gas, banks refused to lend money to drill the other two wells. Lone Star Gas, which also had gas wells in Wise County, offered to buy the well for a mere $15,000, which Jackson refused. Discouraged, he went back to his consulting work as a geologist...
...busy in the process. A typical day in Eliot House began at 0600 (6 a.m.) with a two mile run and calisthentics. By 0710 the future naval officers had swabbed the decks, cleaned themselves and their rooms, and stood inspection. Classes started at 0800, continuing through the morning. Physical drill followed dinner. Buglers sounded taps...