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...million Barrels over the 20-year lease period. Brought up in a single haul, that would provide the U.S. with only about one week's supply of oil. If not oil, then natural gas could be drawn from Georges Bank. But the estimated yield of 870 billion cu. ft. over 20 years is paltry compared with the 19.3 trillion cu. ft. now used annually in the U.S. The retort by oil advocates, of course, is that in an energy crisis any possible sources should be explored...
...prices on some of them. The category of each well had to be determined by federal and state inspectors, and there were long delays as gasmen waited to find out what prices they could charge. The average price that interstate pipeline companies paid rose to $1.20 per 1,000 cu. ft. in August, from 91? ten months earlier...
Mexico's natural gas, which is often flared away in billowing clouds of flame that light up the sky, has been another source of conflict. Last December, then Secretary of Energy James Schlesinger brusquely rejected a Mexican offer to sell the U.S. 2 billion cu. ft. of gas a day at $2.60 per 1,000 cu. ft., a price then considered "exorbitant." Two months ago, Administration aides hinted that López Portillo's long planned state visit to Washington might not be a useful exercise if a gas deal were not consummated. Apparently chastened by the threat, Mexican officials finally...
Following the angriest Mexican-American confrontation since General John J. ("Black Jack") Pershing chased Pancho Villa south of the border in 1916, the two countries last week initialed an agreement for the sale of 300 million cu. ft. of gas daily at an initial price of $3.63 per 1,000 cu. ft. The gas involved amounts to less than 1% of total U.S. consumption and is far under the 2.2 billion-cu.-ft.-per-day deal envisaged in July 1977 when Pemex, the Mexican state oil company, signed a letter of intent with six American pipeline companies...
...oilmen to drill into sites that previously were considered too risky or too costly to develop. Some experts figure that new oil finds in the four-state region could add about 50% to the nation's 29 billion bbl. of "proven" reserves and 40% to the 212 trillion cu. ft. of natural...