Word: oilmen
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Dates: during 1970-1979
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...those sectors of the U.S. economy that are in trouble and of participating heavily in those that are still flourishing. As a major regional market and processing center for the farm belt, it is riding with wheat and other farm products in their continuing record prosperity and with Kansas oilmen in the higher prices for their petroleum...
Though the first of the new deep wells came in more than two years ago, no one outside Mexico paid much attention until last month, when an ARCO executive mentioned the find to Presidential Assistant L. William Seidman. Ever since, oilmen have been trying to estimate the size of the discovery, with no help from Mexican officials, who insist that they just do not know. Some skeptics place the reserves as low as 1 billion bbl., which would have significance only to Mexico. But other estimates, including the one now accepted in Washington, cluster around 15 billion bbl. If that...
...violence in Boston schools, he unwisely said that he disagreed with the court-ordered busing that caused the strife, thus appearing to ally himself with the white demonstrators (see story page 22). Then, asked whether he favored phasing out the controversial oil-depletion allowance, which gives tax breaks to oilmen, Ford forthrightly replied: "The answer is yes." Next day, jogged by angry Congressmen from oil states, Ford explained that he was for ending the allowance only if price controls were lifted from domestic...
Today's technology has unlocked the sea depths, opening a new store of treasures. Oilmen can locate oil, drill and cap wells under the enormous pressures of 700 ft. of water. Mining companies know how to sweep minerals off the cold, abyssal plains 20,000 ft. down...
...industry objected almost immediately. Having found rich deposits of oil and natural gas way beyond the three-or even twelve-mile limit, oilmen wanted the new laws to extend national ocean rights out to the edge of the continental shelf. Energy needs, they argued through the Interior Department, should take precedence over defense considerations...