Word: oiling
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Dates: during 1980-1989
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...Government study concluded, however, that if foreign supplies were cut off oil prices would quickly skyrocket, inevitably sending the economy into a tailspin. Because production takes years to gear up, the U.S. petroleum industry could not fully make up the slack of the lost imports. Says John Boatwright, Exxon's chief domestic economist: "It's not a garden hose you can turn...
Washington is showing renewed interest in measures that would encourage oil companies to produce more and consumers to use less. One proposal is to increase incentives to the oil industry, which has moved its production overseas partly because tax breaks for U.S. drilling have declined in recent years. Another resurgent idea, which appeals to legislators primarily as a means of cutting the budget deficit, is to increase the 9 cents federal gasoline tax by anywhere from 5 cents to 50 cents...
Opening up more federal land to oil exploration would be another way to bolster the energy industry. Earlier this month the Senate Committee on Energy and Natural Resources approved legislation to allow drilling in Alaska's Arctic National Wildlife Refuge. Experts believe the field may hold enough oil to supply U.S. needs for about 20 months. But the bill will face fierce opposition from conservationists who argue that drilling could destroy caribou, polar bears and other wildlife. Opposition could be bolstered by last week's Alaskan oil spill...
Even if the Arctic Refuge is developed, the U.S. will remain in the position of a hungry consumer with a relatively small larder. The Persian Gulf now holds two-thirds of the world's proven oil reserves. The U.S. share is less than 3%, while its annual consumption has reached nearly 30% of worldwide usage. Those sobering figures are reason enough for the U.S. to avoid gas- gulping habits that would bring on another painful awakening...
...kind of ecological disaster that environmentalists had been warning about since oil first began flowing from Alaska's North Slope twelve years ago. And eerily, it struck last week, on the very day that the 3,100 residents of Valdez had planned to commemorate the 25th anniversary of another disaster: the great Alaska earthquake of 1964, which sent a towering tidal wave smashing into Valdez, killing 131 people. After taking on 1.2 million bbl. of crude at the Valdez terminal, the southern end of the 800-mile Trans- Alaska Pipeline, the 987-ft. tanker Exxon Valdez headed out through Prince...