Word: petroleum
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Dates: during 1960-1969
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...held two long talks with Juan Velasco Alvarado, leader of the military junta that seized power last fall. Subject: the approaching showdown between Peru and the U.S., which neither nation really wants. Soon after his junta overthrew President Fernando Belaunde Terry in October, Velasco expropriated the U.S.-owned International Petroleum Co. As a result, the U.S., under a congressionally imposed retaliation called the Hickenlooper Amendment (TIME, Feb. 14), would have no choice in six months but to cut off aid and favored trade with Peru unless "appropriate steps" were taken toward a settlement compensating the oil company...
This week the Safety Board is investigating a Southern Railway derailment in Laurel, Miss., where 13 tank cars loaded with liquid petroleum gas skipped track and exploded. Ten square blocks of Laurel were set afire and two of the townfolk were killed...
...conservative military men like those in the Peruvian junta have become as vociferously anti-Yanqui as the left-wingers who spat at and stoned Richard Nixon a decade ago when he visited South America as Vice President. Peru's rulers have seized a U.S. oil subsidiary called International Petroleum Co., and refuse even to discuss reparations with parent Standard Oil of New Jersey. Indeed, the Peruvians claim that I.P.C. owes them another $17 million. Two weeks ago a perennial squabble over fishing rights flared again when a Peruvian navy vessel challenged U.S. tuna boats working within the 200-mile...
...Biafrians' situation was similar to the Isrealis. Both countries are heavily intellectual groups set upon by less educated peoples who have superior numbers. "To borrow a phrase, the highly-civilized have been bombed back into living in caves," Mayer added. He pointed to the Biafrans' skill in setting up petroleum distilleries from scratch. "They are very inventive, and experiment constantly to find out how best to use their resources...
Peru seems headed toward a major diplomatic showdown with the U.S. that could produce serious repercussions throughout South America. It is a highly paradoxical crisis that neither side really wants-or can avoid. The dispute centers on a Standard Oil of New Jersey subsidiary, International Petroleum Co., whose Peruvian oilfields and refinery were seized last October by the country's new military regime, headed by General Juan Velasco Alvarado. The pretext: that I.P.C. years ago had illegally acquired its oil concession in Peru...