OIL: Unclogged Arteries

When aging Harry F. Sinclair stepped out of the presidency of the Sinclair Oil Corp. in early 1949, his company was held in small esteem on Wall Street. Over it still hovered some of the onus of Harry Sinclair's jailing for contempt in the Teapot Dome oil scandal of the '20s. And in its later years the company seemed to have developed hardening of the corporate arteries. It lagged behind in expanding its production and oil reserves.

Percy C. Spencer, an ex-Wyoming ranch hand turned lawyer who stepped into Harry Sinclair's shoes, soon...

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