Word: petroleum
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Dates: during 1960-1969
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...such a joint venture that touched off the rush to the North Slope this year. Geologists have long been aware that Alaska holds one of the last great known deposits of the world's main energy source. The Navy has controlled a 37,000-sq.-mi. North Slope petroleum reserve since World War II, but found no need to develop what it considered only a strategic reserve. Farther south at Cook Inlet, working wells produce 195,000 bbl. daily and have made Alaska the U.S.'s eighth largest oil-producing state. Three years ago. with U.S. consumption increasing...
Since the advent of petroleum and electricity as primary energy sources for many industries, King Coal has moved cautiously. The miners and their natural ombudsmen, their union leaders and politicians, were and are scared to speak out in favor of compulsory reforms that might force coal prices up and out of the market-and cost the men virtually the only secure employment in job-scarce Appalachia, where most of the mines are located...
Check), money-grubbing ministers (The Profits of Religion), land exploitation by the California petroleum industry (Oil!), subservience of universities to business (The Goose-Step), cowardly book publishers (Money Writes!), the prosecution of Sacco and Vanzetti (Boston), the baronial life of Henry Ford (The Flivver King), and the ruthlessness of mine owners in the 1913-14 Colorado strike (King Coal). Sinclair also crusaded for birth control and childlabor laws, and helped found the American Civil Liberties Union...
Service Stations Too. Almost inevitably, the auto boom has brought problems along with progress. Petrobras, the state oil company, has long hoped to supply all of Brazil's petroleum from domestic wells. But the rising statistics of auto ownership obliges Brazil to import about 50% of its annual supply. The $260 million oil bill that car drivers run up more than offsets the savings on auto imports. As such, it is a primary factor in the country's painful balance-of-payments deficit...
...Dollars. For its part, British Petroleum has been looking for more than a decade for just such a U.S. opportunity. It operates in 70 countries, has access to 20% of the world's known reserves, and ranks third on FORTUNE'S list of the 200 biggest non-U.S. companies. Yet B.P. has never won any stars for marketing. Unlike its international rivals, the U.S. majors and Royal Dutch/Shell, it does not have a retail network big enough to even begin to sell its output, of which 85% comes from high-cost Middle East fields. As a result...