Word: gushers
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Dates: during 1980-1989
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Texaco grew from one great gusher. In 1901 Joseph Cullinan, a former Standard Oil employee, found black gold on Spindletop Hill, near Beaumont, Texas. The next year he formed the Texas Co., and by 1928 it was operating in all 48 states. Texaco ventured overseas in 1936, when it teamed up with Standard Oil of California to market Middle Eastern oil. It also bought an interest in California Arabian Standard Oil, which held a major concession in Saudi Arabia. That company later became Aramco, a consortium that joined Saudi Arabia and American producers...
...Lamar Hunt cannot escape the striking symbolism of their company's bankruptcy filing. Here was the clan that embodied all that was bold, brash and rich about the American oil patch. Yet today, like many a lone Texas wildcatter, the Hunt brothers are hurting -- and not even the hugest gusher can provide a cure...
...Beverly Hills money gusher may be running dry. The drop in the price of oil to less than $15 per bbl. could mean a loss of $750,000 in revenue for the school district this year. To curb spending, the school board has decided to hold raises to 5% and may lay off some teachers, janitors, groundskeepers and cafeteria workers...
...producers in the American Southwest face gusher-size troubles of their own. In Texas, the center of the U.S. oil industry, government analysts estimate that each $1-per-bbl. drop in prices will cost the state 25,000 jobs and $100 million in revenues. The declines make it less rewarding for companies to drill and develop wells. Local banks could suffer greatly if the fall continues. Says Frank Anderson, director of financial research for Weber, Hall, Sale & Associates, a Dallas brokerage: "The real problem will come if the contract price gets to $15 per bbl. and stays there...
...notions for Americans was that the country had a seemingly abundant supply of offshore oil and natural gas. A Government study in 1981 portrayed a virtual energy El - Dorado that contained as much as 40% of the country's undiscovered oil and 30% of its natural gas. Now that gusher of optimism has been capped...