Word: petroleum
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Dates: during 1950-1959
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...political economist, and he soon made a different choice. He swapped Peronista support for army backing and began the dangerous, unpopular job of making Argentina live within its means. First, he coolly downgraded the ineffectual, sacred-cow national oil monopoly, by inviting foreign oilmen to develop Argentina's petroleum resources. The first new well came in last week, beginning a program that eventually will save Argentina the $300 million it spends each year for foreign oil, a sum roughly equal to its whole trade deficit. Then Frondizi freed the artificially pegged peso to find its true value, discarded much...
...Phillips Petroleum (1957 sales: $1,136,892,901) runs the national reactor testing station at Idaho Falls, Idaho, where extensive testing of reactor prototypes and components is carried out. It operates several reactors for its own use and that of the AEC, produces 1,725 tons of uranium concentrate daily at its mill at Grants...
...first nine months of 1958 the country suffered a trade deficit of $263 million. Its exports of citrus fruits are down more than 60%. It has so little left in gold reserves ($57 million) that it cannot even scrape up enough money to pay for the crude petroleum it needs each year. Desperate for hard currency, and shocked by the size of the sums involved, Franco decided to get the fugitive capital back, no matter who might get hurt in the process...
...persuaded Starr Gas Co. of Midland, Texas to come in and drill by procuring leases for it on 3,000 acres. The first well struck oil, but it was mixed with so much salt water that Starr Co. despaired of getting the oil out of the petroleum-bearing strata. Disgusted, Starr sold the well, equipment and 80 acres of surrounding lease to Turner for $2,500. Undiscouraged, Turner decided to try his own method. He thought an extremely powerful pump might draw down the water level so fast that the oil locked up in the rock would flow into...
...first transformed cattle-and sheep-growing Uruguay into a Latin American Utopia, Uruguayans into devoted followers of the Colorados. They got pensions (usually starting at 50) and the eight-hour day 20 years before the U.S. did. They got a vast network of government industries: insurance, rum, cement, petroleum refining and distribution, electricity. They got paid leave for expectant working mothers, state-paid funerals. They paid no income taxes; intricate exchange rates, in effect export duties on wool and beef, met the bills...