Word: oilmen
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...billion, helping mightily to offset the cost of imports. The U.S. exports more wheat, corn and other coarse grains (barley, oats, sorghum) than all the rest of the world combined. Pat Benedict and farmers like him are America's best hope to counter the trade challenge presented by the oilmen of Araby and the energetic manufacturers of Japan. U.S. food exports would be higher still were it not for a variety of barriers: outrageous quotas that keep Japanese consumers from buying as much U.S. beef and fruit as they would like, variable tariffs that hold the prices of American foodstuffs...
Discoveries in the southeast region of Mexico particularly excite U.S. oilmen. The country has recently revised its estimates of proven reserves* from 14 billion bbl. to 20 billion bbl., which would put it in a league with Venezuela, and officials are happily suggesting that the total may be as high as 200 billion bbl. If so, that would put Mexico in a class with the present leading oil country, Saudi Arabia, which has proven reserves in the area of 180 billion...
...hundred miles west, hotshot Sunday evening gamblers were eagerly rolling dice at Atlantic City's new casinos. Although none of them knew it, at that same moment Texaco oilmen at sea on a drilling rig, which was moored in 432 ft. of water near the edge of the U.S. continental shelf, were playing for much higher stakes. Aboard the Ocean Victory, they nervously awaited the results of a test detonation 14,000 ft. below the ocean floor that could tell the outcome of their $30 million search for oil and natural...
...Justice Department have pursued their parallel investigations into the new-for-old and the daisy-chain swindles. Investigators for the House Subcommittee on Energy and Power are looking into the possibility that there might have been outright collusion between some of the probers and the probed, even though oilmen argue that the delays were probably caused by DOE understaffing and inefficiency. Says Michael Barrett, a subcommittee counsel: "Some of these cases were ready to go two years ago, and we certainly intend to look at the practices of the Houston DOE office...
...incurable gamblers that they are, oilmen seldom quit. Shell is moving its rig southward and, along with a group of 18 partners, will sink a second well, to a planned 16,000 ft. Mobil, Exxon and Texaco are pressing ahead with test borings of their own. They recognize that a few disappointments should not cause them to give up the search at sea. So far, only two test wells-the Conoco and Shell dry holes-have been drilled to completion in the Baltimore Canyon. By comparison, at least eleven were sunk into Alaska's North Slope before a good...