Word: oilmen
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Dates: during 1970-1979
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Almost totally unnoticed amid the debate over Alaskan oil and the Administration's energy program has been some encouraging news. Spurred on by the prospect of higher prices, oilmen have sharply stepped up the pace of exploration in the Lower 48 states. New wells are being sunk at the highest rate in nearly two decades. More than 2,000 drilling rigs-meaning just about every one available-are now boring for gas and oil on shore, v. an average of only 975 six years...
...long run, of course, Washington is right: U.S. supplies are definitely being depleted. Still, the upsurge in drilling suggests that oilmen have a point in maintaining that more reserves can be found-provided the price is right. In the 1950s, when oil and gas prices were relatively high, drilling activity was intense. But then Government imposed tight ceilings on the cost of oil and so-called interstate gas, with the now familiar result: the major oil companies began to import cheaper fuel from the Middle East, and domestic exploration declined. What convinced many oilmen that domestic exploration would again...
There were old railroad money and new fast-food money, Saudi sheiks and Japanese transistor magnates, Texas oilmen and British noblemen, not to mention the usual clutch of Whitneys and Vanderbilts. Around the barns of the great breeding farms-Spendthrift, Claiborne and the like-and under the canopies covering the caviar at auction-weekend parties, the talk was peppered with the names of sires: What A Pleasure, Round Table, Sir Ivor, Northern Dancer. A casual comment about one filly brought the quick question: "How was she bred, ma'am?" The equally quick answer: "By Secretariat out of Crimson Saint...
...Democrats would prefer that the money be used to pare payroll taxes or increase revenue sharing to states and cities. Republican Greenspan would push for greater decontrol of prices despite congressional antipathy toward oil companies. Greenspan believes that the very existence of a price-regulating bureaucracy creates uncertainty for oilmen and inhibits investment for increasing production...
Probable Output. As a rule, oilmen use two basic figures in assessing world oil potential: proven reserves and possible, or probable, reserves. Proven reserves are figured by many oil geologists at 640 billion bbl., almost a 30-year supply at current consumption rates-but despite the name they are scarcely "proven" in the sense that a proposition in Euclidean geometry is; they are really only estimates based on the best available evidence. To determine proven reserves, geologists study earth strata by drilling for rock and fluid samplings. Often calculations predict probable output by comparing it with production from similar fields...