OIL: Ready to Move

Around a T-shaped table in the office of Interior Secretary Fred Seaton, 25 representatives of 15 major oil companies met last week to demothball a tool left over from Suez. The oilmen were the backbone of the Foreign Petroleum Supply Committee, whose members formed a special committee to keep Europe's oil flowing in 1956 during the Suez crisis. Present purpose: to keep oil coming in case the fields in Iraq—or any other Arab land—should be suddenly shut down. Said Seaton: "We must be prepared to move, and move quickly."

Seaton wants the industry to operate in much the same manner...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!