BUSINESS ABROAD: Exit from Italy

Gulf Oil, which spent $2,000,000 drilling for oil in Italy and discovered one potentially large field in Abruzzi on the Adriatic, last week struck its rig, announced that it was "renouncing the oil search and oilfields exploitation on the Italian continent." With that, the last U.S. company in Italy stopped hunting oil on the mainland, leaving a clear field to the state-owned Ente Nazionale Idrocarburi (formerly the Fascist A.G.I.P.) that has grown under government pampering into a $100 million combine with a stranglehold on Italy's oil and natural gas. Four years ago,...

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