NOTHING NEW UNDER THE SUN (ALMOST)
4th December, 1953 : Oil has been discovered off the coast of Western Australia and experts are predicting the field will be as large as 300,000 square miles. The United States Standard Oil Company and Australia’s Ampol confirmed today that a high grade crude oil had been struck in Exmouth Gulf, 700 miles north of Perth, a month ago. If the find proves as good as hoped, the implications could be enormous. Last financial year, Australia imported £64,296,547 worth of petroleum products. The stock exchanges have gone wild. Ampol exploration shares went from 18/- to as high as £7, and many brokers are said to have made tidy sums.