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...pursuing a back-to-basics strategy. Said he at May's annual meeting: "We are emphasizing established business lines of demonstrated profitability." Despite ambitious efforts to find new oil, however, Exxon's results have been mixed. Since 1978 its oil reserves have dwindled 13%, to 7 bil lion bbl. In the meantime, costly drilling in the Baltimore Canyon and in the Destin Dome region of the Gulf of Mexico has turned up a discouraging number of dry holes. Wall Street stock analysts think that other oil companies may have greater growth potential, and the price of Exxon stock...
...rural South. Now he is preparing to erect an immense desert campus in Saudi Arabia that will sprawl across an area the size of 109 football fields. In partnership with the French firm Bouygues, Blount Inc., of Montgomery, Ala. (fiscal 1981 sales: $651 million), has captured a coveted $1.7 bil lion contract to build Saudi Arabia's new University of Riyadh. Last week the first payment on the deal, a check for $343 million, was hand-carried from Riyadh to New York City...
...rate will actually climb as high as 8.5% next year. Economists estimate that a miscalculation of one percentage point in the unemployment rate would throw off the House budget figures by more than $25 billion-a loss of $20 billion in revenues and an automatic increase of $5 bil lion to $7 billion in unemployment bene fits. Conceded New York Republican Congressman Barber Conable, a member of the Budget Committee: "There is a substantial aura of make-believe about our prognostications." After the House vote, the budget battle moved to the Senate, where Ernest Hollings of South Carolina has succeeded...
...delays run up the cost of building a reactor, as does the rocketing rise in interest rates on the money that utilities must borrow to build plants. One example: the estimated cost of Long Island Lighting Co.'s Shoreham, N.Y., plant has quintupled from $300 million to $1.5 bil lion during the ten years it has been under construction. Nuclear plants now operating produce electricity more cheaply than coal-fired power stations (1.50 per kw-h for nuclear in 1978, vs. 2.30 for coal), but the cost of finishing those now under construction will be so enormous that there...
...strong demand has pushed up prices for wheat, beef and other products, farmers have managed to stay well ahead of inflation. By the Agriculture Department's reckoning, total farm income rose an impressive 40% last year, to about $28 billion, not far below the 1973 record of $33 bil lion. A Government-financed on-farm grain storage pro gram launched in the fall of 1977 is helping to maintain this prosperity...