Word: ago
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Dates: during 1980-1989
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Bordes burst into celebrity two weeks ago when a News of the World reporter posing as a businessman claimed he paid the luscious, high-living 27-year-old the equivalent of $850 to strip naked and spend the night. Rather than fulfill his part of the transaction, the newshound raced out to file his expose, under the headline (pounds)500 AND I'M VERY DISCREET. Some tabloids drooled over Bordes as a high-class call girl (the tonier papers left it at "socialite") and hunted down her many eminent admirers, including Sunday Times Editor Andrew Neil (quickly dubbed "Randy Andy...
...heading for deep trouble." What provokes Mitchell's dire prediction is the shriveled condition of the U.S. oil-drilling industry, which he believes has made the country seriously vulnerable to a future energy emergency. "We're losing ground faster than we might have predicted even a few months ago," he says. Adds John Watson, another Houston oilman: "All the people have left, rigs have been dismantled, the financial industry has turned its back on oil and gas. It would take an all-out crusade to come back...
...long way from its $35-a-bbl. peak in 1981, the U.S. is sliding back to a level of dependence on foreign sources not seen since the oil-shock days of the 1970s. January petroleum imports averaged 8.1 million bbl. a day, up almost 21% from a year ago and surpassing domestic production (8 million bbl.) for the first time in more than a decade. The import surge has hampered efforts to shrink the U.S. trade deficit, and rising prices have aggravated inflationary pressure...
...long stretch of low oil prices during the 1980s has discouraged U.S. exploration and consumption. Only 740 drilling rigs were operating in the U.S. / last week, down from 943 a year ago and a far cry from the 4,500 functioning rigs in late 1981. Exxon's spending on domestic drilling dropped nearly two- thirds from 1985 to 1987, to $333 million. Oil experts estimate that prices will have to stabilize at no less than $25 a bbl. to encourage a drilling resurgence in the U.S. Many American oil companies have boosted their exploration overseas, where finding oil typically costs...
...crude, as OPEC did in the 1970s? In the short run, the U.S. would not experience dire shortages. A Commerce Department study found that in the event of war, the country's demand for fuel could be met by domestic production and the Strategic Petroleum Reserve. Created 13 years ago, the reserve is now up to 515 million bbl., equivalent to about three months' total consumption, stored in salt caverns along the Gulf Coast of Texas and Louisiana...