Word: petroleum
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
...Phillips Petroleum Co. announced last week that its credit-card holders around the U.S. may buy as much as $150 worth of gas, oil, tires or auto accessories while on their vacation, and take up to six months to pay for their purchases...
Only the Western lines felt relatively chipper. Their dependence on high-cost passenger traffic is far smaller, and many also operate profitable sidelines. Hard hit was Santa Fe, with a January-February drop in net from $8,900,000 to $3,700,000 because of slack freight traffic in petroleum products and durable goods. But Union Pacific's January-February railroad net slipped only 1%. Also in good shape was Southern Pacific. With rising income from pipelines and trucking affiliates, S.P. expects roughly the same earnings of $27.2 million in the first half of 1958 as in the same...
Aside from overproduction, the industry has also compounded its problem by continued overpricing. The general advance in oil prices that accompanied Suez has still not been adjusted downward to normal markets. Though refiners have cut some petroleum products (e.g., gasoline, kerosene), they are in no position to cut prices enough to spur consumption so long as basic crude prices remain high. The price of domestic crude in the U.S., for example, has jumped from $2.84 per bbl. in 1956 to $3.16 today, and producers make no bones about the fact that they prefer to cut production rather than drop prices...
...alone is expected to rise from about 8.5 million to 14.3 million bbl. daily by 1966; the same men compute free-world demand by then at 28.5 million bbl. daily. In 20 years, says William L. Naylor, senior vice president of Gulf Oil Co., the demand for petroleum should increase at least 80%, and perhaps as much as 100%. Yet before oilmen can enjoy this long-term prosperity, they must first solve their short-term problems. The solution is not so much to caterwaul about imports, or even slack production schedules, but to return to the old-fashioned virtues...
...Edward L. Steiniger, 55, executive vice president of Sinclair Oil, stepped up to president, succeeding Percy C. Spencer, 64, who become chairman of the board and remains chief executive officer. Steiniger joined Sinclair in 1925, went to Venezuela in 1928. became president of Sinclair Venezuelan Petroleum in 1950. He was elected vice president of the parent company in 1955, became executive vice president last year...