Word: oilmen
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Dates: during 1980-1989
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OPEC was founded, modeled on the Texas Railroad Commission and shaped by oilmen who were educated...
...well is one of the more than 1,000 new discoveries in the so-called Austin chalk, a complex geological stratum that lies between Houston and Austin. Oilmen have long suspected that the area held many "sweet pots" of oil and natural gas, but they always lacked the incentive and technology to find them. Now better seismic analysis and the skyrocketing price of crude have made it profitable to search out smaller deposits. Hamlets in the area like Old Dime Box and La Grange have turned into boomtowns. In Giddings, the epicenter of the oilfield, houses that rented...
This is Oklahoma City (pop. 378,000), an amalgam of cowboys and oilmen, of good-ole-boy morality and Bible-thumping religion. Adultery and homosexuality are still on the statute books as illegal; so too is public drinking...
...President-elect, though, also faces a darker side of the energy situation. Total U.S. crude oil consumption this year is about 16.8 million bbl. per day, and 6.7 million bbl. of that is imported. Despite their heavy drilling, oilmen are finding fewer gushers. By 1990, U.S. oil production will have diminished by about 20% from current levels. Thus, the U.S. will continue for most of the decade to be vulnerable to Middle East petroleum cutoffs and exorbitant OPEC price demands...
...concepts that the U.S. will have to produce, rather than conserve, its way to energy sufficiency and that the free market, rather than the Federal Government, should play the main role in developing future energy sources. "I would get the Government out of the energy industry and turn oilmen loose in the marketplace," Reagan told campaign rallies. The new Administration, therefore, expects to emphasize production by decontrolling natural gas prices before 1985, when controls are due to languish anyway, and to maintain the timetable set up by the Carter Administration for phasing out oil price regulations by the fall...