Word: oilmen
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...accusing oilmen of trying to subvert Congress against the will of the people. In fact, Congress was never as opposed to the windfall tax as people had at first thought, and some form of tax seems almost certain to pass...
...Oilmen now hope that a big new play will develop in some fairly promising areas of Oklahoma, Texas and, most important, the so-called Overthrust Belt in the foothills of the Rockies. Says Joseph Reid, president of The Superior Oil Co.: "The price for new gas and oil is such that people can afford to take more risks and drill deeper than when prices were cheaper. We are drilling in places where we previously would not have drilled. What was uneconomical is now economical...
...question is whether there is much domestic oil left to be discovered. Oilmen say there is, but the odds are against them. With fully 507,034 operating oil wells dotting the landscape, the U.S. is the most explored region on earth. Last year companies and wildcatters drilled 48,573 new wells around the country, but discoveries were disappointing...
People may not like it, but the U.S. badly needs the Sisters, the big independents and the wildcatters. The world requires more oil, and surely nobody knows how to find the crude better than oilmen do. Energy Secretary Schlesinger, who came into office both suspicious and wary of the industry, has since grown to appreciate the difficulties of the business. Says he: "The companies do a reasonably good job, far better than people are willing to recognize." In dealing with the OPEC countries, he continues, "the only alternative would be a Government purchasing monopoly, and the overall performance of federal...
...embarrassment of riches comes when oilmen are battling to keep as much as possible of the increased profit that will begin flowing to the industry at the end of the month, when Jimmy Carter starts phasing out domestic crude oil price controls. As a result of controls, the average price of crude in the U.S. is $9.45 per bbl., vs. the world level of $14.55; removing the ceiling will increase oil company revenues by perhaps as much as $ 13 billion over the next 28 months...