Word: suez
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...Anthony Eden's summary action in Egypt had already cost his nation from ?35 million to ?50 million. It had put the Suez Canal itself out of operation for perhaps six months, and reduced Britain's supply of vital Middle Eastern oil to a trickle. Valuable dollar reserves must be spent to buy oil elsewhere. "Whatever happens," said Harold Macmillan, "it is quite clear that there must be-I do not wish either to minimize it or exaggerate it -that there will be, a serious temporary effect upon our economy...
...suffer from it. Some industries dependent on oil are making plans to convert to coal, which will in turn bring up the problem of getting more coal. Steet production and its offspring, shipbuilding, will soon feel the pinch. Supplies of tin, rubber, wool and tea, all normally shipped through Suez, will inevitably decline...
Though Anthony Eden seems to be coming safely through his political crisis over Suez, Britain's economic day of reckoning is still to come. "It's easy enough to rally the roast-beef opinion of the country," said one disillusioned Tory last week, "but the fact is, we're in a helluva mess. We haven't a shred left in the Middle East, and not much anywhere else...
...When a report reached Port Said that the Egyptians were sending a hospital train to the front to evacuate wounded, Shim and Roy hustled to shoot the scene. With Roy at the wheel, they raced south toward the front line along a road flanked on one side by the Suez Canal, on the other by a fresh-water canal. The front was unmarked. British paratroopers, dug in along the side of the road, saw the jeep coming and tried to wave it down. It roared by. Some 1,000 yards down the road, it shot past an Egyptian outpost. Then...
...tide it over until supplies start flowing freely again from Arab fields. While major companies want to boost U.S. production, the independents insist that the shortage should be filled from existing U.S. supplies above ground, argue that production increases will only result in bigger domestic surpluses once the immediate Suez crisis is past. As of last week, at least, the independents were winning. The Texas Railroad Commission, which controls some 45% of all U.S. production, boosted allowable production barely 75,503 bbls. to 3,442,952 bbls. daily, just 25% of what big oilmen wanted...