Word: crude
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...production and conservation, but it falls far short of what Carter had sought. Its main break for consumers would be a rate cut of roughly 40% for persons at least 62 years old. The Senate Finance Committee failed to agree on Carter's proposal for a tax on crude oil and rejected his plans to tax the business uses of oil and natural gas. The committee also bristled at a White House threat that Carter would use his Executive authority to impose tariffs on imported oil if Congress failed to pass his proposed seven-year $85.7 billion crude...
...Secretary of Energy James Schlesinger says, that there are no more than 120 billion bbl. of potentially recoverable crude in the U.S. at present prices-roughly an 18-year supply at current consumption rates. And though drilling activity has accelerated dramatically around the world since the quintupling of OPEC prices that began in 1973, new finds have been disappointing. But many promising sites have yet to be drilled-the outer continental shelf off the U.S. coast, for example, or much of the northern Norwegian coast. Oil geologists generally think there are no Saudi-size deposits waiting to be discovered...
...brought to the surface by present methods-primarily, letting it gush out under its own pressure. The remaining two-thirds is usually written off as "unrecoverable." Sophisticated secondary and tertiary recovery methods exist to get that oil out: injecting high-pressure steam or liquid chemical solvents to dissolve the crude from tiny fissures in the rock. Some drilling experts calculate that the recovery rate could be increased to 60%, which would almost double U.S. recoverable reserves. The market price would be high-$14 to $20 per bbl.-but it might be reduced by technological breakthroughs...
...occur. There may be more shortages of natural gas, but they would be the consequence of inadequate price rather than nonexistent supply. There could well be a severe shortage of oil, but the scarcity would be less of physical quantity than of imaginative ways of bringing crude to market at an acceptable cost...
Robert Barltrop-an ex-boxer and historian of the British Socialist Party -has written a vivid summary of London's early years. But he worries continually about whether his man was a good Marxist or not. Meaning: Is Martin Eden a crude but effective indictment of the bourgeoisie, or just a disguised autobiography whose motive was spite...