Word: crude
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...that money looks like the down payment on a bonanza. Last month Phillips and Chevron announced that a test well had brought in a gusher, and expectations were heightened by several other successful drillings near by. Then last week Texaco confirmed the existence of a major oilfield by announcing crude flows from an 8,500-ft. well. Experts now say that the Santa Maria basin could be the biggest single find in the U.S. since 1968, when reserves were discovered on the North Slope of Alaska that have now been estimated at 9.5 billion...
...California offshore oil could turn out to be quite profitable because it will cost less to produce than Alaskan crude. Moreover, refineries and transportation networks are close by, a formidable advantage when one considers that Prudhoe Bay oil from Alaska must be pumped through 800 miles of pipeline and then shipped 1,000 miles by tanker to reach the nearest customers. Says Oil Consultant Walter Levy: "The fact that the oil companies don't have to spend $8 billion for an Alaskan pipeline is a major advantage." Also, not having to contend with bitter Arctic weather will make...
...Santa Maria basin is just 40 miles from the site of the 1969 disaster off Santa Barbara, where an oil well blew off a piece of the sea floor and coated miles of California beaches and thousands of sea birds with sticky crude. So far, environmentalists have not tried to block drilling activity at the new discovery site. Says John Zierold, chief lobbyist for the Sierra Club in California: "We have to await the results of some tests. We're not going to shoot from the hip on this...
...shame that Creepshow fails so miserably, even as crude entertainment, because the initial premise is a good one. In the horror genre, King and Romero represent the opposite poles of safe commercialism and bizarre individuality, but here they both go back to their common root--the pulp comic book. The short vignette, already used to great effect in such classics as Tales from the Crypt and the marvelous Dead of Night, is the perfect medium to evoke the atmosphere of horror comics--those brief blurry flashes of primary-colored terror framed by win-great-prizes-selling-junk-door-to-door...
...project is clearly a long-term boon for energy-hungry Brazil, which will channel much of the dam's power to the industrial state of Sao Paulo, 660 miles away. Saddled with more than $80 billion in foreign debt, Brazil currently imports 750,000 bbl. a day of crude oil, at a cost of more than $27 million a day. Eventually, the mammoth dam could be the equivalent of a 600,000-bbl.-a-year oil well...