Word: petroleum
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Dates: during 1940-1949
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...mountain town of Rifle, Colo, last week, a five-year-old federal experiment reached an exciting climax. The Bureau of Mines announced that in its test plant it had produced oil from oil shale at a cost of $2 to $2.50 a barrel, comparable to the cost of petroleum pumped from the ground in east Texas. "We're over the hill now," crowed Plant Superintendent Boyd Guthrie. "We have the processes and the know-how . . . We're positive we can produce equal or better products than you can get from petroleum...
Experiments in Colorado date back to 1926. They were abandoned in 1929 as unnecessary when new petroleum reserves started coming in, were revived during the wartime oil shortage. At that time Congress appropriated $30 million for large-scale research in synthetic fuel. It seemed a good gamble; geologists estimate that U.S. shale reserves might yield 365 billion barrels of oil, enough to fill U.S. industrial needs for 180 years at the current rate of consumption...
...chief proved or suspected producing agents, as Hueper lists them: physical agents, such as ultraviolet rays; inorganic substances, such as beryllium and selenium; organic chemicals, e.g., benzol; certain by-products from the process of refining oil shale and petroleum; vegetable products, e.g., betel nuts...
Wellesley Wellington Vandeveer, onetime member of the Petroleum Administration for War and present delegate to the U.N.'s Economic and Social Council, was a cofounder of Allied Oil Co. 24 years ago. He and Partner Floyd Roy Newman started with $30,000 capital, most of which was borrowed. They fought off slashing competition, plowed back their profits and finally built the company into a $50 million-a-year business. Last year they sold out to Ashland Oil & Refining Co. for $12 million worth of the larger company's stock...
...industry, king of last year's profit parade, was still doing all right. But with crude oil once more in surplus and prices again competitive, the industry continued to slide from its boomtime peak. Phillips Petroleum's net dropped 40% from $36.5 million to $21.9 million, Socony-Vacuum's from an estimated $71 million to $47 million, down...