Word: petroleum
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...doubt the Japanese are increasingly unhappy with their dependency on American oil interests. Following the price hike from 23.2 to 28.5 cents per barrel on February 18 by the five major Western oil suppliers to Japan, Japan's Minister of International Trade and Industry urged the Japanese petroleum refining industry to put up all-out resistance to the price rise. At the same time, the Finance Minister stated Japan had to make epochal changes in her policy of securing natural resources for her industries...
...attention of the military to oil in Laos comes at the same time that the government of South Vietnam has delayed, from February to March or even later, invitations to petroleum companies to bid on offshore oil concessions. These concessions are located in the Gulf of Thailand and the south-east offshore region adjacent to the penal colony of Con Son. The Thien-Ky government has not yet determined if it will offer all 18 offshore leases in a block or whether it will stretch out the leasing over a period of months to the 21 contending companies, which...
...made by American companies: Atlantic Richfield (who pioneered the Aretic North Slope of Alaska), Cities Service, the Union Oil Company, and Natomas Oil Company of California. The Wall Street Journal of September 22, 1970 reported rumors that Standard Oil of New Jersey (ESSO) had discovered a huge reservoir of petroleum in its 28,000 square mile concession off the coast of Malaysia, directly adjacent to the South Vietnamese blocks. ESSO has made no public announcement to date, realizing that news of the find would greatly boost the price of South Vietnamese bidding. But ESSO opened a greatly enlarged refinery...
...IMPORTANCE of Southeast Asia oil stems from predictions that within the next ten years the industrial world will consume as much petroleum as was produced in the entire previous history of oil. The United States consumes one-third the world's production, and American petroleum companies control three-quarters of the non-communist supply. While only 3 per cent of the U.S. supply comes from the Mid-East, the 59 per cent of Mid-East production controlled by American petroleum companies is sold to the oil-hungry nations of Western Europe and Japan. The recent discord in the Mid-East...
Senators report that over the past few weeks the Senate Foreign Relations Committee has been receiving several hundred letters a day from various citizens who have asked that hearings be held on the relationship between petroleum and the American presence in Indochina. A.U.S. Embassy official in Singapore, base for the burgeoning petroleum operations in Southeast Asia, suggested, "We've had all the feelings of an oil boom here in Singapore already. But with the recent chaos in the Middle East the oil moguls must be frantic now to get more firmly into Southeast Asia...