Word: alaskan
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Slope oil. Under the complicated system of fees charged by the DOE, Sohio pays only $17.88 per bbl. for Alaskan oil, compared with $24.81 that various companies pay for crude from other areas. Federal regulations, however, limit Sohio's profits. Result: the company had no choice but to lower its prices. Drivers bludgeoned by high fuel costs naturally raced to buy the cheaper Sohio gas. In some cities early this month, customers were queuing up at 6 in the morning to purchase regular for $1.01, unleaded for $1.05 and premium for $1.08. Sohio's competitors, who under...
...garage. Today his New Bedford Panoramex Corp. of Santa Fe Springs, Calif., occupies an 18,000-sq.-ft. building, employs 41 people and expects 1980 sales of $3.5 million. Ozuna assembles the instrument panels that monitor nuclear plants, oil drilling rigs and other high-technology hardware. Firms working the Alaskan oil pipeline use his products. With their dazzling displays of dials and switches, the panels look like something out of the control room in The China Syndrome...
Thus by the end of the year, most Alaskan taxpayers will get two different kinds of checks: 1) refunds on state income taxes already paid and 2) dividends from the state's oil revenue fund, in which unspent royalties have been invested since the first big oil-lease sale in 1969. Residents will get $50 for each year they have lived in Alaska since statehood in 1959. That means oldtimers whose residency dates back at least to then will receive...
...invested in stocks, bonds and other securities, the fund could prove even more profitable than expected, and future legislatures might increase the $50-a-year formula. Oil price increases could also continue to swell the fund. While most Americans complain bitterly every time OPEC members raise prices, Alaskans have reason to applaud. With the price of domestic oil now decontrolled, Alaskan crude can rise to the world level; thus the state's royalties will grow with each foreign price hike...
...Government controls, that Alaska alone has more oil than Saudi Arabia. It turned out that he was comparing oil already discovered in Saudi Arabia with oil that might someday be found in Alaska ?and even on that basis he got the figures wrong. The highest guess for possible Alaskan reserves is 100 billion bbl., of which only 9.6 billion bbl. are considered proven reserves. Saudi Arabia has 200 billion bbl. in proven reserves alone, and perhaps as much as 530 billion bbl. in possible reserves...