Word: marketed
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Dates: during 1970-1979
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...also has by present estimates more than 1.8 trillion bbl. of oil locked in shale in the Rocky Mountain states-about 15 times the nation's estimated potential reserves from conventional sources. Burning the oil out of the shale-the most promising method-would require a market price of perhaps as much as $25 per bbl. to make it profitable. Yet even at the present average U.S. price of $11.50 per bbl. for newly discovered domestic oil, Ashland Oil and Occidental Petroleum last month were given federal approval to begin development of a joint shale-oil project in western...
...trouble with Carter's energy plan is that it does not provide for Government incentives that could help private industry bring petroleum from unconventional sources to market at a price the economy could afford. Instead, the program focuses on conservation-inducing the U.S. to use up more slowly the oil and gas that the nation knows it can count on producing. Conservation is necessary, but not sufficient: at best it only postpones the ultimate day of reckoning. As Laird observes: "Conservation alone is a slow walk down a dead-end street...
...Senate could wisely take several other steps to improve the energy program that sailed through the House almost intact. One would be to phase out controls on natural gas, leaving prices to find their own level in a free market. The present controlled price of $1.47 per 1,000 cu. ft. is too low to lure enough gas out of the ground-as witness last winter's factory and school closings. A move to deregulate has run afoul of an on-again, off-again filibuster by Senators from states that rely heavily on low gas prices. The most likely...
That might be enough at present, and abrupt deregulation might be too great a shock to consumers. But drillers searching for hard-to-get gas need the assurance that perhaps two or three years from now the market rather than the regulators will set the price...
...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...