Word: crude
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...inflation. Government figures released last week showed consumer prices increasing at an annual rate of 12.7%. The principal cause of the latest runup in prices was a spurt in the cost of energy following annual rates Reagan's action in January to lift the remaining price controls on crude oil and gasoline...
...from Canada to the Rio Grande, the Eastern strip takes its name from the geological folding and overlapping that occur when mountain ranges are forced upward through sedimentary rock. Some oilmen estimate that such formations in the Western Overthrust states could hold as much as 13 billion bbl. of crude, or more than two-thirds of the amount that might be contained in the Alaskan North Slope...
During the 1980 presidential campaign, Reagan repeatedly called for gas decontrol as a way to boost exploration and supplies and cut dependence on foreign imported crude. When word leaked last week that the Administration intends to make good on that pledge, Congressmen reacted strongly. Warned Senate Democrat Howard Metzenbaum of Ohio, who led the filibuster against the decontrol bill four years ago: "This body will be in session for a long time if the Administration decides to decontrol natural gas." Added Idaho Republican James McClure, chairman of the Senate Energy Committee: "Pressing for decontrol and getting it are two different...
...announced, the company's stock was trading for about $27 a share; Sohio is willing to pay about $62. The acquisition also looks promising for Sohio, the U.S.'s 14th largest refiner. The company owns 33% of the trans-Alaska pipeline and has been turning North Slope crude into cash. Last year it had profits of $1.8 billion on revenues of $ 11 billion. Sohio, which already owns some coal and uranium mining operations, has been looking around recently for profitable places to spend its spare cash...
...others. In November an oil-drilling rig accidentally punctured a salt-mine shaft under Jefferson Island, La., sending much of a 1.5-sq.-mi. lake gurgling down into the dome. The most frightening accidents have involved still another use of salt domes: as cheap, convenient storage tanks for crude-oil and natural-gas products. Last fall hundreds of people had to flee Mont Belvieu, Texas (pop. 2,700), which sits atop the largest such hydrocarbon reserve in the U.S., after gases began leaking from...