How to be rich by Getty J. Paul (Jean Paul) 1892-1976

Author:Getty, J. Paul (Jean Paul), 1892-1976 [Getty, J. Paul (Jean Paul), 1892-1976]
Language: eng
Format: epub
Tags: Getty, J. Paul (Jean Paul), 1892-1976
Publisher: New York : Jove Books
Published: 1983-06-21T19:00:00+00:00

How to Be Rich

Just a few years ago, it appeared that I was facing another serious—and potentially catastrophic—impasse. Exploration and drilling operations conducted by a company in which I held a very large interest indicated that the Middle Eastern areas in which it held drilling concessions would soon be producing crude oil in fantastic quantities. Unfortunately, various factors and restrictions would prevent importing more than a fraction of the production into the United States.

On the face of things, the outlook was anything but bright. Before long, immense quantities of crude oil would be pouring up out of the ground—but unless something was done, and quickly, most of it would be virtually worthless. Crude oil is, after all, only a raw material. It must be refined into other products which must then be distributed and marketed.

As time went on and more and more wells came in, there were those who openly predicted that I would soon find myself in a position from which I could not extricate myself. After spending staggering sums on obtaining the concession and on exploration and drilling, the company would be left with oceans of crude oil which it could not market. There were even those who gleefully rumored that it wouldn't be long before Paul Getty would be in serious financial trouble.

I'll admit the corner was getting a bit uncomfortable— but it was far from being so tight that there was no way out of it. To the chagrin of those who were predicting that the Getty interests would soon drown in their oceans of excess crude oil, we found—in fact, we virtually created—new outlets for our production. If we couldn't ship all our crude to the United States for refining and sale, we would ship it elsewhere, even if we had to buy or build our own refineries in other countries. And that is precisely what we did, buying one almost brand-new refinery in Italy, building another one in Denmark and finding other refinery capacity elsewhere. Now, of course, the Getty interests are avidly searching for more crude oil in the Middle East and elsewhere in the world.

Experiences such as these—and there have been many of them—have taught me that the time for the businessman to think and fight hardest is when the tide seems to be running against him and his prospects appear bleak. He can frequently turn even the worst of bad business situations to the advantage of his company, his stockholders and himself.

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