1958 - Energy

Energy

"The torrent of foreign oil robs Texas of her oil market" and costs the state $1 million per day, says the chairman of the 67-year-old Texas Railroad Commission, which controls petroleum production in the state. The price of oil has risen to about $3 per barrel, up from $2.50 in 1948; the commission reduces the number of producing days from 30 to 21 in an effort to keep prices at a profitable level (see 1959).

Indonesia's president Sukarno seizes Royal Dutch-Shell concessions February 3 in an anti-Dutch campaign as the Netherlands retains Western New Guinea. Dutch refugees pour out of the country.

The first U.S. atomic power station for peaceful purposes is dedicated May 26.

The European Atomic Energy Community (Euratom) receives a U.S. pledge November 8 to supply uranium for 20 years and extend a loan of $135 million; Euratom comprises Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany.