Word: maracaibo
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After a carefree youth traveling the Continent with his parents. Loudon studied law at Utrecht, and then, despite his father's urgings that he enter the diplomatic service, joined Shell. He spent 14 months in Venezuela, working on the rigs and derricks of Lake Maracaibo, and then returned to Holland to marry his college sweetheart, Marie van Tuyll, the slim, at tractive daughter of an aristocratic Dutch family. Reassigned to the U.S.. he worked in Boston, Houston (where his two oldest sons were born) and Los Angeles, gradually advancing in the Group's ranks...
...prevent flooded markets by limiting production (a method that has prevented any real oil glut in the U.S.), thus in effect helping to keep up prices. The foreign oil-producing nations frown on price cuts, which nip at oil profits. Venezuela recently stopped three U.S. independents from selling Lake Maracaibo crude at $1.50 to $2 per bbl. when the posted price...
...Martinis. On its face and pace, Venezuela is a fabulous country. From the ranks of oil-well derricks in the greasy waters of Lake Maracaibo and the "Christmas trees" of valves spotted across the surrounding scrubby, flat land, a great flood of oil pours into the silvered storage tanks of foreign oil companies, including the world's largest petroleum producer, Standard-controlled Creole Petroleum Corp. Hard-hatted workmen spin the valves that channel the flood to docks where tankers simmer in the sun and to refineries where wastes flare in smoky orange flames...
...Venezuela struck it rich. On the northeastern shore of Lake Maracaibo, a quiet little oil well called Los Barrosos No. 2 suddenly blew in and began spouting crude at the rate of 100,000 bbl. a day. In the rush that followed, oil companies paid millions of dollars for choice concessions. Providing services and equipment to the oil industry made a thin upper crust gorgeously rich, but scarcely benefited such middle-class families as the Betancourts. Rómulo went to work as a bill collector for a wholesale tobacco firm, played sand-lot soccer (right forward), entered...
...wind-lashed shore of Lake Maracaibo last week, ground was broken for a new, $3,000,000 flour mill. Most of the Venezuelans who watched would have needed only one guess, if they did not know already, at the name of the man responsible for building the mill (jointly with Minneapolis' Pillsbury Co.). He is Eugenio Mendoza Goiticoa, 52, a ranking example of the new, still small and largely unsung breed of Latin American industrialists who believe not only in good profit, but in productive private industry, well-treated, self-respecting labor, and-even more notable-in philanthropy...