Word: oilmen
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Dates: during 1980-1989
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Inflation leaps, the dollar sags and U.S. oilmen scream...
...farm land that stretch out south of Cheboygan. Ernest Hemingway set some of the action for his Nick Adams stories in this area. Noted until now for little more than its austere beauty and fine lake fishing, the region these days features increasingly frequent sightings of Texas and Oklahoma oilmen in boots and cowboy hats, and New York and Dallas bankers in Brooks Brothers suits. "I don't think anyone is being too optimistic," says the state's Lieutenant Governor, James Brickley. "I find oil people generally to be cautious. But there is definitely an optimism here...
...company inventories around the world are now swelling with a surplus of excess production that oilmen estimate may amount to as much as 1 million to 2 million bbl. of daily output. The situation is particularly pronounced in the U.S., where petroleum consumption dropped by 5.2% in the first quarter, after declining by 8% last year...
...with the Western Overthrust Belt, which stretches through the Intermountain West from Canada to the Rio Grande, the Eastern strip takes its name from the geological folding and overlapping that occur when mountain ranges are forced upward through sedimentary rock. Some oilmen estimate that such formations in the Western Overthrust states could hold as much as 13 billion bbl. of crude, or more than two-thirds of the amount that might be contained in the Alaskan North Slope...
...when the lease expired, a new minister had taken over and he refused to renew it. The indignant oilmen thereupon protested to the local American ambassador, who informed the Justice Department. The department in turn obtained a federal court injunction in 1979 preventing the men from violating the Corrupt Practices Act, which was by then...