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...problem this time is natural gas. Often extracted from the same formations as oil, gas accounts for 24% of the nation's energy consumption, mainly in heavy industry. Producer prices at the wellhead have been in a free fall for months, plummeting last month to $1 per 1,000 cu. ft., down 23% from a year ago. At that price, producers say they can barely turn a profit, and many who can still afford to operate are shutting their supplies in the ground in hopes of an eventual upturn...
...total of 1,000. At least 248 well fires have been doused, but the hardest to cap, the high- pressure wells, have yet to be seriously tackled. In the meantime, giant lakes of oil have formed, covering an estimated 1 million Iraqi antipersonnel mines and contaminating about 1.2 billion cu. ft. of soil. As each day passes, the oil soaks deeper into the sand and the lakes expand in area and volume...
...Electric Boat in Groton, Conn., have discovered that the $1.7 billion SEAWOLF attack submarine being built there is too large for the Thames River. To move the vessel, the Navy will have to dredge a $12 million, eight- mile channel. Some residents contend that the removal of 2.7 million cu. yds. of contaminated sludge will harm the fishing industry, and have called for a full environmental-impact study before the digging begins...
They also nurture communal outrage at the bureaucracy of the Veterans Administration, their latter-day Viet Cong, for making benefits difficult to obtain. Adrian Yurong, 45, who served about a year and a half with the 25th Infantry Division near the Viet Cong stronghold of Cu Chi, has been denied benefits because his job description shows he was a radar operator. Yurong, now known simply as Nano, was pressed into service, he says, as an infantryman throughout his tour. The VA grants that he has PTSD but says he must have contracted it elsewhere. Such arguments enrage V.F.W. activist Cowan...
...postwar years, its price was so tightly regulated by the Federal Government that producers were discouraged from searching for the fuel. After prices were deregulated in the 1980s, the low cost of petroleum helped keep gas prices depressed. Wholesale natural gas sells for about $1.50 per 1,000 cu. ft., the equivalent of $9 per bbl. for oil. Observes T. Boone Pickens, a major oil-and-gas producer: "At that price, there's no way that exploration will ever start again...