Word: petroleum
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...Velasco put it. Unlike military regimes of the past, which usually served the oligarchy, the junta was sympathetic toward the sufferings of the lower classes simply because some of its members came from humble backgrounds. Only a few days after seizing power, it nationalized the U.S.-owned International Petroleum Co. and refused to pay compensation on the grounds that the company had illegally taken oil out of the country worth at least six times as much as the seized holdings. Loath to damage its relations with Peru, the U.S. has not pressed the issue. Though it was the only instance...
...Lately, however, businessmen have been taking another look at Peru. Early this month the government signed a contract permitting the U.S.-owned Occidental Petroleum Corp. to explore for oil and split its finds fifty-fifty with Peru. The terms came as a surprise to oilmen, and may touch off a scramble among foreign companies. Says one economist: "Oil could be the rabbit in the hat for the Peruvian economy...
...SUMMER is settling in on the North Slope, and the Arctic yellow poppy blooms in riotous abundance at Prudhoe Bay. Near a lone British Petroleum Co. rig, indifferent caribou graze. At the base camp, oil workers grow restless in the 24-hour daylight. Another idle crew waits 60 miles south, near Galbraith Lake, where $4,500,000 worth of unused Cat tractors, bulldozers, graders and pickup trucks stand in precise rows, as in a toyshop at Christmas. Hundreds of miles farther south, at the port of Valdez, workers are beginning to coat stacks of rusting pipeline-400 miles...
...billion barrels, but are now figured to be 15 billion, fully one-third of the nation's total. In the race to begin drilling, supplies were airlifted round the clock by huge Hercules "stretch" freighters from Fairbanks. Adding to the "boomer" spirit, ARCO, Humble and British Petroleum announced plans to spend $900 million to build a 789-mile pipeline from the North Slope to Valdez. In a frenzy of competition, oilmen bought leases for $900 million-enough to cover all state expenditures at the 1968 rate for 41 years. Delirious Alaskans were told that when production reached maximum levels...
Political Power. One of their most important points is that massed economic power translates into political power, through the ability of wealthy businessmen to finance campaigns for office.* The big money, they say, flows to candidates who favor retention of the oil-depletion allowance and import quotas on petroleum and steel; the quotas enable domestic industries to charge higher prices than they could if foreign products were able to enter the U.S. more freely. Economically, however, the dispute centers on whether giant enterprise is efficient...