Word: exxon
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Dates: during 1980-1989
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...major oil companies contended they were at the mercy of OPEC. But the year between the first quarter of 1979 and the first quarter of 1980, Occidental's profits increased 236 per cent, Mobil's rose 105 per cent, and Exxon's jumped a tidy 102 per cent. Poor Gulf could only boast of a 56 per cent profit increase...
...profit oil company came out of the native notion that if you could return the billions of dollars in oil company profits you could do a lot for people," Kennedy says. "After all, in 1979 the whole national fuel assistance plan budget was only 11.6 billion. But Exxon's profits alone were $4.3. billion. Four billion dollars," he adds, "You could do a lot with that kind of money...
...experimenting with shale-oil extraction in Colorado's Piceance Basin. Occidental Chairman Armand Hammer believes that his company will be able to begin commercial production by 1985, keeping costs below $25 per bbl. Today other companies are digging mines near Grand Junction and Rangely, Colo., and Vernal, Utah. Exxon is the most enthusiastic: last May the oil giant paid Atlantic Richfield $400 million for its share in the Colony oil-shale project in Colorado, and now plans to spend $500 billion over the next 30 years to build 150 installations on Colorado's Western Slope. Estimated output...
...most threatened area in the Mountain West may be Colorado's gorgeous and still half-empty Western Slope. It is estimated that if Exxon does build 150 oil-shale plants there, the population in Rio Blanco and Garfield counties could shoot from 75,000 to 1.5 million. Colorado Senator Gary Hart has figured that the Exxon project alone would require enough new schools, hospitals and roads each year to accommodate a city the size of Grand Junction (pop. 54,000), now the largest city in western Colorado. Water would have to be imported from...
...Exxon is reconsidering the scope of its plans, but the development already taking place in western Colorado is leaving its mark. In Craig, which has doubled to 8,000 since 1975, businessmen boast of the new mall with 26 stores; clapboard houses that sold for $30,000 in 1974 now go for better than twice that amount. But Sheriff S.L. Valdez is handling three times the calls he did two years ago, and Carl Andrews, an Episcopal priest, reports a heavy incidence of depression and child abuse. Says he: "A lot of the hopes and dreams never materialize...