Word: oilmen
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Last week oilmen, who so far have lost $44 million in interest payments on their lease purchases, were back in business. A federal appeals court threw out the lower-court decision, declaring that the lease sales did not breach any environmental law and that the district-court judge had overstepped his authority. Delighted oilmen predicted that test drilling might start as soon as year's end. The decision presumably will also encourage oil companies to bid on leases scheduled for sale early next year on two other geologically promising areas of the outer continental shelf: Georges Bank off Massachusetts...
...Raceway (Alabama), Maverick (Colorado) and Fas Gas (Texas). What gasoline men describe as "the Taj Mahal of the self-service" is also an independent: a place in Las Vegas called Terrible Herbst that features 48 pumps, all run by a staff of two. The stations of the future, some oilmen say, may be somewhat like those run by an outfit in Brussels called Nafta, where a motorist punches his credit card number into a computer, then fills up his tank from an overhead nozzle. The computer then charges the amount of the customer's purchase to his bank account...
Almost totally unnoticed amid the debate over Alaskan oil and the Administration's energy program has been some encouraging news. Spurred on by the prospect of higher prices, oilmen have sharply stepped up the pace of exploration in the Lower 48 states. New wells are being sunk at the highest rate in nearly two decades. More than 2,000 drilling rigs-meaning just about every one available-are now boring for gas and oil on shore, v. an average of only 975 six years...
...long run, of course, Washington is right: U.S. supplies are definitely being depleted. Still, the upsurge in drilling suggests that oilmen have a point in maintaining that more reserves can be found-provided the price is right. In the 1950s, when oil and gas prices were relatively high, drilling activity was intense. But then Government imposed tight ceilings on the cost of oil and so-called interstate gas, with the now familiar result: the major oil companies began to import cheaper fuel from the Middle East, and domestic exploration declined. What convinced many oilmen that domestic exploration would again...
There were old railroad money and new fast-food money, Saudi sheiks and Japanese transistor magnates, Texas oilmen and British noblemen, not to mention the usual clutch of Whitneys and Vanderbilts. Around the barns of the great breeding farms-Spendthrift, Claiborne and the like-and under the canopies covering the caviar at auction-weekend parties, the talk was peppered with the names of sires: What A Pleasure, Round Table, Sir Ivor, Northern Dancer. A casual comment about one filly brought the quick question: "How was she bred, ma'am?" The equally quick answer: "By Secretariat out of Crimson Saint...