Word: petroleum
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Dates: during 1940-1949
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...Interior and their been companions, the oil corporations. Since 1870 there have been rumors of an oil shortage in the United States and they have all been proven false. The current rumors are no exception. During the recent war, Secretary lakes and Mr. Ralph K. Davies, deputy Petroleum Administrator (he is an excellent example of the tightly-woven mesh that connects Big Oil and the Government), issued a statement to the effect that within 20 years there would be no more...
...better but certainly Davies, being a director of Standard Oil of California, was up to his capitalistic tricks. The conclusion of Mr. lakes was arrived at by the very amateurish method of dividing known reserves by present output. "Known reserves" is a misleading term because new methods of getting petroleum out of nature are discovered at a greater rate than it can be consumed...
...back an effective partition. Arabia and the desert countries of the Middle East have always been of vital concern to an oil-conscious U. S. Although American oil reserves are immense, comprising thirty percent of the known supplies, the U. S. refines over sixty percent of the world's petroleum and cannot maintain this uneven balance indefinitely. With fewer new fields coming in each year, the oil market will shift away from the United States in two decades unless the on companies are permitted to exploit undeveloped fields in Iran, Iraq, and Saudi Arabia...
...companies argue that Ibn Saud and the lesser sheiks must be placated at all costs if America is to maintain its dominant position in the petroleum industry and they their profits. They add that any Yankeephobia among the nomads would invite Russian expansion into this American preserve...
...Bullock's director who is also an official of Socony-Vacuum's General Petroleum Corp. then got the team to plan General's new $8,000,000 office building. They designed the building in "modules" - or 7-ft. sections - for easy shifting of partitions and rooms in rearranging offices. Says Wurdeman: "When times are bad, that's when this building will...