Word: suez
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...Eden had been allowed to cut Nasser down to size at Suez, our newspapers would still be front-paging Bernard Goldfine instead of Marine landings in Lebanon...
...major international oil companies did not recover. No one really expected them to. Royal Dutch dropped from 45⅞ to 42; Texas Co. from 71⅝ to 68; Gulf from 118 to 109⅛. Domestic oils, which could benefit from greatly increased production at home in another situation like Suez (see below), staged a smart rally. Atlantic Refining rose from 38 to 40¾; Shell from 76 to 80⅝; Amerada from 104 to 109¼. Like the home-grown oils, many other industries slowed by the recession picked up market strength as investors gambled on an imminent change...
...face of last week's news, there was none of the panic that followed the Suez crisis. European oil stocks are at high surplus levels, big enough to handle any short-term emergency. France has enough oil on hand for ten weeks, Germany for twelve weeks, Great Britain for four weeks. The industry has developed greater flexibility as a result of the valuable lessons learned during the Suez incident. A tanker shortage no longer exists; some 437 vessels totaling 7,000,000 deadweight tons are laid up in Western shipyards ready to maintain a flow...
...which gets only 200,000 bbl. daily from the Middle East, few oilmen would propose a dramatic increase in domestic production to offset loss of the Iraq supply. They are wary of repeating their mistake during the Suez crisis, when they amassed stores of oil so large that production had to be chopped back hard this year. Last week the Texas Railroad Commission boosted the number of producing days in August from nine to eleven, but made it clear that the hike was due to a slight rise in petroleum demand and a reduction of oil inventories rather than...
...Eisenhower Administration is prepared to reactivate the emergency supply system that functioned so well at the time of Suez. If it wanted to do so, the U.S. could probably increase its current production of 6,475,000 bbl. a day by at least 45%. One problem would be deploying the world's tanker fleets to best advantage as rapidly as possible. For this reason, long-depressed U.S. tanker rates rose 15% to 20% last week...