Word: petroleum
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...resources and their economies. Although Chile made arrangements to pay the owners of expropriated American firms for their losses in three years, foreign investors have been understandably slow to sink new funds into operations there. Peru's military junta has frightened outside investors by its seizure of International Petroleum Co.'s properties last October. The U.S.-owned Southern Peru Copper Corp., which was ready to invest $350 million to develop its copper ore concession a year ago, now seems less interested in expansion, and is refraining from committing itself until it has a better idea of the junta...
Ever since the first auto engine coughed to life, chemists have been trying to improve its lubricating oil. By now, a can of top-quality motor oil is only 80% to 85% petroleum; the rest is a complex blend of chemicals that are added to keep it from thinning out, prevent engine deposits and neutralize the acids that are byproducts of combustion. The big oil companies - such as Gulf, Mobil and Texaco - work close ly with auto producers to devise formulas that will meet the specific needs of each engine, depending upon its horsepower and the climate in which...
Speed Sells. There are hundreds of additives on the market, and sales last year probably topped $100 million. The largest manufacturer is STP Corp. (for Scientifically Treated Petroleum). It had sales of only $9 million as late as 1963 -but then Andy Granatelli took over as president. Granatelli, a former racing driver, figured that if speed could sell cars and tires, it could sell additives as well. He began to offer extra cash to racers who pasted STP decals conspicuously on their cars. Motorists now buy 2,000,000 cans a week, usually paying more than a dollar...
...Petroleum is a good example of where we could set direction and give incentives-like the oil industry's depletion allowance, for instance. Maybe rather than cut depletion or raise it or whatever, we should tie it more strongly to exploration and research, for example, into new methods of cutting down on pollution. Maybe we could give a similar advantage to other industries and tie it to how they use it. Let's say the automobile industry has some kind of tax incentive to look into other kinds of transportation like steam or electric cars. That might...
...making at Stanford, where student radicals are developing plans for a week-long series of demonstrations to be held during the International Industrial Conference at San Francisco in September. The conference will bring together 500 heads of major industrial, technological and financial firms like U.S. Steel, IBM, Royal/Dutch Petroleum and the Chase Manhattan Bank in a top level gathering that the students say "is designed to consolidate the dominion of the multinational corporations in the third world...