Word: oilmen
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...rural outposts. Colorado, Montana, Utah and Wyoming contain 48% of the nation's proven coal reserves, 15% of its oil and 10% of its natural gas. Many geologists believe that these estimates substantially understate the area's true energy wealth. Rising prices make it worthwhile for oilmen to drill into sites that previously were considered too risky or too costly to develop. Some experts figure that new oil finds in the four-state region could add about 50% to the nation's 29 billion bbl. of "proven" reserves and 40% to the 212 trillion...
...accept all the blame for Watergate. Republican enemies of Connally point to a tape played during his 1975 trial on charges of accepting money from milk producers in return for higher price supports. Though hard to decipher, it seemed to record Connally and Nixon discussing a large contribution from oilmen. But the tape was virtually unintelligible and little was made of it at the time. Connally has denied that the conversation had anything to do with...
...fundamental difficulty is that the U.S. cannot import enough oil right now to fill its needs. Imports are running about 8 million bbl. a day?roughly half of U.S. consumption, up 3% just since late April ?but oilmen estimate that they need an other 500,000 to 1 million to assure an even flow of all products through their refineries. The prime reason for the shortage is that the other members of OPEC have never increased production enough to make up for the curtailment of supplies from Iran. The situation raises two questions: 1) Which products should be rushed...
...Oilmen have been trying to build up stocks of crude, so that they can assure a continued flow of supplies and guard against another interruption like that caused by the Iranian revolt. Two weeks ago, Schlesinger accused them of being "unduly conservative," and even threatened to take crude away from some refiners and give it to others who would process it faster. That sounded like an endorsement of the conspiracy theory that oilmen are deliberately withholding supplies to force up prices?or at the very least take advantage of the higher prices sure to come...
...enough. His reason: if he did that, the refiners might retaliate by importing less oil. Startled reporters asked if the Government was yielding to oil-company blackmail. No, no, said Schlesinger, no company had made any such threat; he was merely worried that he has no authority to force oilmen to import as much crude as they can find...