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...shipbuilding effort very quickly became a disaster. The inexperienced workers pushed up labor costs at exactly the same time that the market for oil supertankers was dying, after the 1973 escalation of oil prices decreased the world's demand for crude, and thus for crude carriers. Seatrain was forced to sell two of its vessels in 1973 at sacrifice prices. The remaining two sat idle or were chartered for less profitable short hauls for three years before they were eventually used to carry crude from Alaska's North Slope...

Author: /time Magazine | Title: On the Rocks | 2/23/1981 | See Source »

...contrast, the slumping British economy is in terrible shape. Unemployment is now 8.8%, and the British gross national product is expected to decline by 2% this year. Yet sales of North Sea oil have cut British dependence on imported crude, pushed the nation's balance of payments into the black, and kept the pound strong on international money markets. In fact, the British government has become concerned that its currency is too strong, and last week Prime Minister Margaret Thatcher said that the value of the pound should decline...

Author: /time Magazine | Title: Gold and the Dollar in a Flip-Flop | 2/16/1981 | See Source »

...television franchises, office towers and oil-drilling leases. Just last month Hiram Walker-Consumers Home Ltd. of Toronto paid more than $600 million for about 60% of Denver Wildcatter Marvin Davis' oil empire, including wells in Wyoming, Oklahoma, Louisiana and Texas that daily produce 4,000 bbl. of crude and 40 million cu. ft. of natural...

Author: /time Magazine | Title: Canadian Firms on the Prowl | 2/16/1981 | See Source »

...nosy investigative reporter helped close down the Chicken Ranch, the famous brothel celebrated in the Broadway musical The Best Little Whorehouse in Texas. But now La Grange has a different kind of natural resource: "Chicken Ranch No. 1," an oil well that is producing 107 bbl. of low-sulfur crude...

Author: /time Magazine | Title: The Best Little Oil Well | 2/16/1981 | See Source »

...called Austin chalk, a complex geological stratum that lies between Houston and Austin. Oilmen have long suspected that the area held many "sweet pots" of oil and natural gas, but they always lacked the incentive and technology to find them. Now better seismic analysis and the skyrocketing price of crude have made it profitable to search out smaller deposits. Hamlets in the area like Old Dime Box and La Grange have turned into boomtowns. In Giddings, the epicenter of the oilfield, houses that rented for $75 a month now go for $300, and one local entrepreneur is converting...

Author: /time Magazine | Title: The Best Little Oil Well | 2/16/1981 | See Source »

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