Word: petroleum
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Dates: during 1940-1949
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...nation is in a grave situation with respect to its petroleum. The national defense is in a precarious position." So keened the House's Armed Services Committee last week. Oilmen did not think things were quite that bad. But they were worried...
...make sure that key sections of the economy get what they need, the American Petroleum Institute drew up a tentative, voluntary rationing program. Under it, oil companies would give top priorities to farmers, doctors, transit lines, and the armed forces. If such voluntary means do not work, the House Committee warned: "There is simply no alternative" to Government controls and a return to oil rationing...
...monopoly Pemex, signed a historic agreement in Mexico City. The deal brought a major U.S. oil company into Mexican oil development for the first time since 1938, when expropriation drove most foreign companies out. Under the deal Cities Service will set up a Mexican subsidiary (Mexico-Cities Service Petroleum Corp.) to provide the capital, and presumably the machinery and technical help, for Pemex's development of a million-acre tract in northeastern Mexico...
There could be no denying that the U.S. was sending war materiel to Russia. Exports to the U.S.S.R. in 1947 had included $3,549,000 worth of petroleum products, $81,110,000 worth of industrial machinery, $16,277,000 worth of machine tools and parts, $1,267,000 worth of automobiles and trucks, $420,000 worth of aircraft parts. But the total of $431,483,000 worth of exports sent all countries behind the iron curtain was only one-tenth of U.S. exports to Western Europe...
...touchstone was oil. Under Brazil's jungle, oilmen hope to find petroleum pools that will make the Western democracies less dependent on the strategically vulnerable Middle East. Brazilians, who last year spent $85 million on imported gasoline and fuel oil, are just as anxious to see the fields brought in. Though they lack the money to do their own proving, they have blocked exploration by foreigners...