H. L. Hunt

H. L. Huntwas an American founder of a multibillion dollar oil business who promoted his ultraconservative political views on his own radio program.

Hunt speculated in cotton properties until 1920. With a borrowed $50, he went to Arkansas and began trading in oil leases, buying and selling almost simultaneously so that he made money without spending any. In 1930, when an oil lease speculator called Dad Joiner struck oil in east Texas, Hunt quickly paid a $30,000 down payment on Joiner’s 4,000 acres and promised him more than $1,000,000 in oil later. The tract of land proved to be one of the richest oilfields in the United States.

Hunt continued to make shrewd investments in oil properties through his Hunt Oil Company, founded in 1936. One of his most successful ventures was his discovery and exploitation of vast oil deposits in Libya in the 1960s. With the immense wealth from sales of oil and natural gas, Hunt invested in publishing, cosmetics, pecan farming, and health food producers. By the time of his death, his fortune was variously estimated at between $2,000,000,000 and $3,000,000,000, with an income of more than $1,000,000 a week.

Hunt became best known for his political views. From 1951 to 1956 he funded his own foundation, called Facts Forum, which produced radio and television programs of conservative, anti-Communist political commentary. The foundation also distributed books by Senator Joseph R. McCarthy and others. In 1958 he revived the foundation as Life Line, to distribute a daily 15-minute radio program carried by more than 400 stations.

Hunt put a good portion of his assets in trusts for the families of his two marriages. The corporations that he founded are privately owned and managed by family members. In 1980 an unsuccessful attempt by two of his sons, N. Bunker and W. Herbert, to corner the world silver market nearly resulted in the collapse of silver prices. By 1985 losses from the silver fiasco, as well as the slumping oil and sugar-refining business, had reduced the family wealth by possibly one-third.