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...Interior Secretary Donald Hodel renewed the debate last week by proposing that a section of the Arctic National Wildlife Refuge be opened to drilling. He would permit exploration on 1.5 million acres of the 19-million-acre preserve, which could contain between 600 million and 9 billion bbl. of crude. Conservationists contend that drilling would disturb the region's delicate ecosystem for little reason: a strike, they claim, would add just 4% to U.S. oil reserves. Canada also objects to drilling, for fear that caribou migration patterns would be disrupted. Hodel observed that caribou populations in Prudhoe Bay, 100 miles...

Author: /time Magazine | Title: Alaska: A New Bid For Oil | 5/4/1987 | See Source »

...serene about the situation. But at one major Manhattan bank with several hundred million dollars' worth of Texaco corporate notes on deposit, a senior executive admits to "angst and anxiety" over the bankruptcy filing. Venezuela's state-owned oil company has hinted that it may shut off shipments of crude to Texaco; the Venezuelans have been discussing the matter with Texaco Chief Executive James Kinnear...

Author: /time Magazine | Title: A Break in The Action | 4/27/1987 | See Source »

...geography have not prepared him for the existential blahs. He was a high school football hero of sorts in McMurtry's wry 1966 novel The Last Picture Show. Since then he has made a fair-size bundle in the oil business, but aerobic spending and the collapse of crude prices have left him ear-deep in debt, and sinking. He doesn't much care. He and his wife Karla are both good-looking and healthy in their 40s, but he isn't aroused by her, even to sexual antagonism. Their recent marital enterprise has been what economists call, approvingly, consumer...

Author: /time Magazine | Title: Books: After The Last Picture Show TEXASVILLE | 4/20/1987 | See Source »

...vast petroleum reserves and sold more gasoline than any of its rivals. But the world changed for the company when the Organization of Petroleum Exporting Countries jacked up the price of oil in the 1970s. In 1979 Texaco and other U.S. producers were accused of overcharging for their crude. Throughout the decade, many of Texaco's vast but maturing oil reserves began to dwindle. At the same time, consumption of gasoline leveled off and Texaco's network of filling stations became something of a burden. Many were eventually folded. As a result, Texaco's industry lead faded...

Author: /time Magazine | Title: From Spindletop to Saudi Arabia | 4/20/1987 | See Source »

...Purdue last month, a black academic counselor, Irene Johnson, had a graffito -- DEATH NIGGER -- scratched on her office door; a few weeks earlier in front of the Black Cultural Center, a crude wooden cross was found doused with fuel that remained unlighted when whoever put it there fled...

Author: /time Magazine | Title: Education: Message from Academe | 4/6/1987 | See Source »

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